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Vincentric released an updated Electric Vehicle (EV) Cost of Ownership Analysis for 2024 today in which the company found that 20 of 41 (49%) EVs studied had lower total cost of ownership over five years than their gasoline counterparts.
The Vincentric study analyzed eight cost factors that comprise a vehicle’s cost of ownership: depreciation, fees & taxes, financing, fuel, insurance, maintenance, opportunity cost, and repairs.
As expected, the biggest strengths of EVs were their fuel and maintenance costs. All 41 EVs had lower fuel costs than their gasoline alternatives, while 37 of 41 EVs had lower maintenance costs than their Internal Combustion Engine (ICE) alternatives.
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Car prices, both new and used, are finally coming down as pandemic-related challenges are drifting further in our rearview mirrors. Unfortunately, customers aren’t able to enjoy that reduction in prices as much as they should, since insurance costs are getting quickly out of hand.
New cars are the ones doing the most damage in terms of soaring insurance costs, which jumped 22% since this time last year. That’s the largest insurance cost increase since the 1970s. Insurance now represents more than a quarter of a new compact car’s total cost of ownership (which includes the cost of the car, fuel, routine maintenance, depreciation, and insurance) in 2024, at 26%, per data cited from Kelley Blue Book by Reuters.
via The Drive
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Bad roads aren’t just an annoyance. They can wreak havoc on tires, suspension systems, and can cause vibrations that loosen cosmetic components. With 94.78 percent of its roads meeting the acceptable quality standard, Idaho was found to have the best roads in the country.
The states with the best roads likely invest more in highway maintenance. Tennessee, for example, funds its highway improvements with vehicle excise taxes, and the burden of paying for roadwork is shared by federal, state, and local governments. The state has managed to go 45 years without needing to borrow money for road construction, indicating that its funding is stable and robust.
via Autoblog
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The U.S. government has reimbursed auto dealers for more than $580 million in advance point-of-sale consumer electric vehicle (EV) tax credit payments since Jan. 1, the Treasury said on Friday.
Prior to 2024, U.S. auto buyers could only take advantage of the new EV credit of up to $7,500 or the $4,000 used EV credit when they filed tax returns the following year. Treasury said more than 85,000 of the time of sale tax reports were for new EVs, with over 90% of those including advance payments request for $7,500. More than 15,000 time of sale reports were for used EVs, with about 75% including advanced payments requests for $4,000.
via Reuters
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By Bob Gonke, Vice President, Client Management, Wheels
As a long-standing participant of the NAFA Institute & Expo (I&E), Wheels is poised to lead the charge for our fellow fleet professionals to profit from the invaluable knowledge to be gained at this year’s events in San Antonio.
Wheels is not merely a participant; we’re woven into the fabric of NAFA I&E with a unique blend of educational sessions and hospitality.
As attendees navigate the wealth of information available, they’ll also enjoy the casual gathering at our coffee bars within our expo floor booth #1757.
Wheels’ education sessions and networking opportunities are specifically developed to provide fleet professionals with the proper fleet management tools, meaningful knowledge, and valuable connections.
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By Kam Thandi
Delaying collision repairs prolongs downtime, leading to cascading effects on operational efficiency and customer service.
Fleet managers should develop a proactive vehicle incident plan to handle collisions and minimize their impact on operations effectively.
This plan should include protocols for reporting accidents, assessing damage, and initiating repairs with shops promptly. Ensure that you have a vast network of repair shops for various needs and vehicle types, including EV-certified repair shops.
With ServiceUp, fleet managers can streamline the repair process, improve efficiency, and focus on core business operations with confidence, knowing that their vehicles are in capable hands.
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Work Truck Solutions®, a leading authority on commercial vehicles, released their Q1, 2024 Commercial Vehicle Market Analysis, highlighting numerous key industry trends.
On-lot new vehicle inventory per dealer continues an upward trend, registering an increase of 12.7% QoQ and a very significant 93.1% YoY jump.
“As we unveil our Q1 2024 data findings, it’s clear there is improved availability of new work trucks, vans and SUVs, which is welcome news to buyers after the last few years of restricted commercial vehicle inventory,” said Aaron Johnson, CEO of Work Truck Solutions.
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