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Lifecycle Cost Analysis
An important question for any fleet manager is "When should we replace our vehicles?" In the past, many managers have followed rules of thumb and replaced vehicles on a set schedule. This approach, however, does not ensure optimal financial and environmental performance for all vehicles. Some vehicles may be replaced too soon, resulting in increased capital expenses, or too late, resulting in higher than necessary maintenance and repair costs, as well as higher emissions.
When it comes to purchasing, there may be a number of vehicles that meet a fleet’s functional requirements, but which have different capital costs, fuel efficiency and environmental performance. How does a fleet manager decide?
A key part of the solution is lifecycle analysis. This is a way to compare the capital and operating costs of a vehicle, along with its environmental impact, for the whole of its life. The analysis also provides optimal timing for replacement, based on anticipated use.
E3 Fleet has developed a lifecycle analysis tool, available here free for download. We also offer custom lifecycle assessment services. for details.
For more on vehicle purchasing strategies, E3 Fleet members can consult the E3 Fleet Handbook.