Vehicle resale is an important part of fleet management. No matter how vehicles are used, maintenance will eventually outweigh the costs of replacement. When this happens, the vehicle’s value will reflect the attention and care given to its use — something many managers and owners overlook until it’s too late.
To most effectively maintain peak performance and low costs, fleet managers have to balance use with overall vehicle value. This may look different for every company, but there are several general maintenance tips that apply to every fleet. See how you can retain fleet resale value for your vehicles with the suggestions below.
1. Keep up with preventative maintenance
The better the vehicle runs, the more value it retains. From the moment you acquire a new vehicle, it’s important to create and follow a preventative maintenance schedule. Regular oil changes can keep engines running smoothly, limiting wear and extending lifetime use. Tire maintenance reduces mileage and supports overall vehicle performance. Regular inspections can help you catch any potential problems before they cause severe damage. By keeping a close eye on your vehicles, you can extend vehicle life and maintain your vehicle’s value until it’s time to sell.
2. Create interior maintenance guidelines
Fleet vehicles often see a lot of wear from work use, but also from poor driver maintenance. Smoking, stains, and easily prevented damage are the last things a manager wants to lose value to, but are far too common with work vehicles. To prevent these problems, create a strict policy for fleet vehicle use. Outline the acceptable uses and driver actions to give employees a clear understanding of your expectations. With a strong policy, you can avoid these careless damages and maintain high resale value.
3. Limit personal use
When a fleet vehicle is driven for personal use, this additional use accounts for an average of 15-18% of the mileage gained during its service life. This means that personal use can account for an average of five months of a work vehicle’s average 33-month service life. Personal use often limits company control over vehicle use, so fleet managers may lose value to underreported mileage, unauthorized uses (such as ridesharing work or use by family drivers), and poor maintenance. Limiting personal use can significantly improve value and limit costly damages.
How do you maintain resale value for fleet vehicles?