5 Ways Commercial Truck Trailer Upgrades Improve ROI
Truck trailers are a good investment on any given day. And with some cheap truck upgrades, you can get more return on investment than you imagined.
Commercial truck trailers have, for many decades, been an investment for anyone who decides to buy them. From the moment you drive them off the lot, these vehicles have the potential to rake in profits for you.
Apart from having a good resale value, you can also use them to run several businesses. The only issue is that you need substantial capital in order to acquire them. Yet getting a loan to purchase one is often worth it.
What’s more, you can get more value from your trailer truck if you choose to upgrade it. When you give your trailers the best truck upgrades, you are guaranteed to get a higher return on investment (ROI) from them.
Truck upgrades involve modifying several aspects of it to change its outlook, performance and overall feel. It could include:
- Replacing the tyres with the latest, high-performing ones
- Getting a new grill
- Adding the latest brake systems
- Truck interior upgrades
- Adding new sidesteps
- Tinting the windows
- Adding new paint, Plasti-Dip or wrap
Ultimately, getting upgrades means you will end up with a different machine that will provide you with a higher ROI. So, how exactly will this happen?
We’ll talk about five ways in this article.
The 5 Ways
Way #1 – Lower Fuel Consumption
In Australia, the average truck consumes about 20,000 gallons of fuel every year. That costs a substantial amount of money if you think about it. And as a truck business owner, this will definitely take a nice chunk out of your yearly income and revenue.
That’s why you should look into upgrading your truck’s engine and other parts.
Doing so can massively increase its fuel efficiency. As a result, it will consume less fuel, which reduces your operating costs.
In the end, you will have more money for every trip. You will also have more money to take home at the end of the year.
Way #2 – Minimised Need to Buy New Trucks
The more you use your trailer truck, the less efficient it becomes. It will become slower and cover less distance than it used to in a fixed period of time. And sometimes, it may even break down suddenly and stop working.
Whenever this happens, an option to consider is to replace it with another truck so as to remain in business. This may cost you several tens of thousand dollars as trucks are expensive vehicles.
If you keep doing this over the years, the total costs may accumulate to millions of dollars. But if you upgrade your trucks before they become worn out, you can minimise costs.
That’s because instead of constantly buying new trucks, you can just upgrade its worn out and faulty parts. This will make your trucks last longer and will only cost you a fraction of the cost of a new truck.
Way #3 – Increased Resale Value
This is by far, the most common reason to upgrade your trailer trucks.
As you know, an old trailer does not have the same resale value it had years ago today. And even if you’ve only had your trailer for a couple of years, its resale value is not the same as it was a year ago.
The value of your truck plummets when you factor in the wear and tear that it has endured over the years. And this affects its resale price.
So, the only way to sell an old truck for a good price is to make it as good as new. Upgrades you can consider involve its engine and certain interior and exterior parts. It gives the old vehicle a new look and feel and also improves its efficiency.
All these contribute to a higher resale price. In fact, you may even get more than you expect if the upgrade is carried out properly.
So, if you’re looking to resell an old truck for a good price, your best bet is to upgrade it before selling. This will bring you a much improved return on investment.
Way #4 – Lower Maintenance Costs
Trucks tend to break down from time to time as they get older. And the older a truck is, the more frequently it’ll have issues and the more it’s going to require maintenance. What’s more, truck maintenance can cost a substantial amount of money, especially if done often.
So, if you upgrade your old trucks, they’re going to break down less. They’ll also need less maintenance.
But which parts should you upgrade if maintenance is a concern?
Well, old trucks typically have worn out brake systems, transmissions and tyres. By upgrading these parts, a truck will be able to withstand continuous operations better, especially during long travels.
This will lessen how much you need to carry out maintenance on them. And in the end, it will reduce your maintenance costs.
Way #5 – Minimised Risk of Costly Accidents and Lawsuits
Truck accidents happen more often than you would think or imagine. And when they do, losses are incurred.
To start with, you’ll need to pay for the repair of the damaged trucks. If the truck was ferrying some goods, that’s another loss.
And sometimes, lawsuits are involved as a result of truck accidents. When this happens, the losses could amount to thousands of dollars. If you also factor in the hospital bills of an injured employee, you may as well close up shop.
But if you upgrade your trailer trucks, you can avoid these accidents.
Why is that?
The truth is that trailer truck accidents happen mostly to trucks with outdated systems. These vehicles don’t have modern safety features that will prevent avoidable accidents.
So, if you upgrade your truck to have modern safety features, you’ll boost your chances of avoiding these accidents that will put a huge dent in your business’s bank account.
Get More Value From Your Truck Trailer
Truck trailers are assets because they offer a good return on investment. However, owning one doesn’t mean you cannot get more value out of it than expected. Upgrading several aspects of the truck will make this happen.
To start with, upgrading your truck can reduce fuel and maintenance costs. It can also minimise risks as well as the need to buy new trucks suddenly. Also, it can increase its resale value, which fetches you more money when you sell it.
If you need more guidance in buying the right heavy-duty truck and getting more ROI from it, visit Truck Dealers Australia.