How to reduce total cost of ownership?
There are many ways to reduce fleet total cost of ownership. First and foremost, fleet managers should focus on effectively tracking TCO variables such as downtime, maintenance and repair needs, as well as operating costs. As a result of accurate tracking, fleet managers can reduce TCO using the detailed information provided.
In general, some of the most effective ways to reduce total cost of ownership include:
- Acquiring the right vehicles for your business and industry
- Implementing new technology that will assist in reducing day-to-day operating expenses
- Investing in eco-friendly vehicles
- Performing preventative maintenance on fleet vehicles
- Replacing older fleet vehicles before resale value and maintenance costs are significantly impacted by the vehicle’s age