5 tips on how to make your truck resellable

Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
Our authors
, updated on November 25th, 2021       

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Giving your commercial truck an upgrade can not only increase its resellable appeal, but it can also make your vehicles economically productive. Trucks are an investment when it comes to any trucking business. However, your trusted means of operation can be reduced to being worthless if not taken care of properly. These 5 tips on how to upgrade your truck to improve its ROI will keep increase the longevity of your business.

Give your truck some Trucking Loving Care (TLC)

When you first buy your truck that is fresh out the box with gleaming steal you take measure to make it stay in mint condition. However, once it has spent a few years hard at work these maintenance measures slips away. Give your truck some TLC, which will see you reaping the rewards in terms of your ROI. Choose to invest in new parts that will see it running at its prime without compromising your business. You will also reap the benefits when it comes to reselling it due to the constant upkeeping of it. Bring your truck into the 21st century with technology There have been a range of upgrades to safety technology that trucks can invest in. Although you might not see immediate returns on your investment, it is a worthwhile investment that can save you millions from accidents and employee injuries. A recent report by the Department of Infrastructure and Regional Development showed that 216 people died from 197 fatal crashes that involved heavy trucks and buses on Australian roads. An accident caused by your truck fleet can result in an extensive amount of money being lost in terms of repairs to damages and pay outs.

Adding a new edition to the family can be costly

Buying a new truck that you think can increase productivity in your business can be costly. In Australia the average fleet size ranges from 75 to 100 vehicles. It’s advisable that instead of you using this money to buy a new truck its best to invest in good quality parts that can increase the longevity of your fleet. The one question that can save you from buying another edition to your fleet is to ask yourself if you really need it. Take time to go through your fleet and see how many trucks you have that are doing the same job. If you hardly make use of some, know when it is time to let go. That way you can generate more income.

Invest in equipment that will take care of your truck

Taking out a loan to buy equipment that will protect or better aid your commercial truck is a must. Insuring your vehicles will not only increase the lifespan of your truck, but it will also make it a perfect when the time for reselling it comes. Premature wear and tear can be costly to any businesses ROI, as it becomes an unexpected cost.

Handle with care

Commercial trucks are soft giants in the sense that if you do not handle them with care they break down quickly. The way a truck is handled on a road accounts for whether you will lose or gain money. Taking extra precaution with your truck that is travelling in hazardous conditions such as bad weather, slippery roads, and potholes can prevent premature wear and tear. The general rule of thumb is that if you take care of your commercial truck fleet, it will take care of you.

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