3 Signs You Need To Upgrade Your Truck


When is it time to upgrade or expand your trucking fleet? Here are a few signs you need to call your finance company and your supplier.

Signs You Need To Upgrade Your Trucking Fleet
Like a network of veins and arteries, more than 800,000 kilometres worth of roads criss-cross and stretch throughout the wide expanse of Australia. It's a fitting image, given that the freight transport industry that relies on this network is very much the lifeline of the Australian economy.

The groceries that we buy, the consumer products we pamper ourselves with, even the material we build our homes from - all of it has to be transported from somewhere first. It's no wonder Australian Industry Group has noted that any growth experienced by the transport sector tends to be mirrored by the Australian GDP.

However, in order to make sure Australian consumers remain well-supplied with goods and the economy keeps on trucking - pardon the pun - the transport industry needs to stay on its toes. That means recognising when it's time to upgrade your trucking fleet.

You're losing money through the pump

Fuel costs may have recently dipped, but they're still on an upward trajectory and well above what they were 20, 10 or even five years ago. The World Bank measured the price of diesel in Australia at US$1.57 per litre in 2012, its most recent statistic. In 2008, this was 94 cents per litre, while a decade prior it was a mere 45 cents. You're paying higher fuel costs, which means it's more important than ever to make sure your trucks are fuel efficient.

With the right type of equipment finance, you can lease or purchase trucks with engine sizes to match your operating requirements, or even upgrade to more fuel-efficient trucks that save money while lowering your carbon footprint.

Your fleet is getting on in years

Diesel trucks are known for being longer-lasting than their regular counterparts, able to rack up many hundreds of thousands of kilometres. However, given that mainland Australia's surface area is estimated by Geoscience Australia at over 7.6 million square kilometres - and the widespread nature of Australia's cities - it won't be long before your fleet starts experiencing significant wear and tear.

Rather than suffering repeated breakdowns and frequent defect notices, you could finance a brand-new truck and avoid the hassle of expensive repairs.

Business is expanding

Ferrier Hodgson's Transport and Logistics Insights report from 2014 predicted that the sector would undergo huge growth over the next few decades - freight task was predicted to double by 2030 and increase threefold by 2050. It's likely your own business has already experienced this growth first-hand, or is about to.

You'll need finance to expand your current fleet. If you've got equipment that is soon to be out of date, this could be a chance to kill two birds with one stone. With sale-back finance, you can sell your existing trucks and rent them back, while using the sale proceeds to buy new trucks.

Regardless of the size or age of your vehicle fleet, Classic Funding Group can assist you with smart finance solutions to ensure your business has the equipment to run smoothly for the long haul – pardon the pun.

Contact our vehicle finance experts now on 1300 780 895