While ownership costs had been trending upward for the yr, they dipped barely within the third quarter. This will likely partly be resulting from the numerous MY24 vehicle models added to the Vincentric database, which contributes to cost factor fluctuations.
Credit: Vincentric LLC
Welcome to the most recent installment of Fleet Data Depot, which provides snapshots of data, trends, and evaluation relevant to the fleet market.
On this edition, the entire cost of ownership experts at Vincentric deliver one other quarterly update on per-mile ownership costs for fleets over the previous 12 months. These fleet cost-per-mile calculations are for the third quarter of 2023, July 1 to Sept. 30.
This evaluation is predicated on vehicles driven 20,000 miles per yr for a three-year window. As usual, Vincentric calculates its standard eight cost elements: depreciation, financing, fees and taxes, fuel, insurance, maintenance, opportunity cost, and repairs.
Cost Per Mile Decreases
Ownership costs for luxury passenger cars and SUVs dipped within the third quarter after a gradual rise all year long.
Credit: Vincentric LLC
In comparison with last quarter’s evaluation, fleet cost per mile for many vehicle categories decreased barely within the third quarter, while the Pickups and SUVs categories remained the identical:
- Luxury Automotive: decreased by ~2.4%
- Luxury SUVs: decreased by ~1.7%
- Passenger Cars: decreased by ~1.5%
- Pickups: 0% change
- SUVs: 0% change
These decreases in cost per mile over the past quarter were primarily brought on by substantial decreases in opportunity costs, Vincentric said. The chance costs for every vehicle category decreased by roughly 75% this quarter.
Vincentric reports that its data source for opportunity costs adjusted its methodology, which resulted in a major decrease in savings rate of interest since last quarter, which is probably going the major cause for the decrease in overall opportunity costs.
Cost per mile can be affected by the addition of latest vehicle models introduced into Vincentric’s database from its data provider every month. Because these charts show the common cost per mile for overall categories resembling Luxury SUVs, adding to the entire variety of vehicles in a category may also cause fluctuations in cost per mile on a month-to-month basis.
Since last quarter, Vincentric has begun adding numerous MY24 vehicles, which contributes to cost factor fluctuations.
This Article First Appeared At www.automotive-fleet.com
