Runzheimer, a business vehicle technology and solutions provider, released its Vehicle Capital Costs Trend Report this week, and its comprehensive data suggests that this will be the case.
The increase in vehicle costs is something businesses with fleet programs will need to consider when planning budgets for the coming year. Below you will find some key findings from the report:
- The overall average price of a new vehicle will increase moderately over the next 12 months by 1% to 2%.
- As inventory in the used vehicle market steadily increases, residual values will decrease over the next 12 months by 2% to 3.5%.
- Depreciation is expected to increase 1% to 1.5%.