GE Capital Fleet Services Study Finds Recent Increase in Fleet Car Maintenance Costs
GE Capital Fleet Services Study Finds Recent Increase in Fleet Car Maintenance Costs
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- GE Capital Fleet Services today announced the results of its 18th annual fleet passenger car maintenance study, which found that overall fleet car maintenance costs increased by seven percent in 2012 compared to 2011. Although scheduled maintenance costs increased, overall car maintenance costs were down 1.5 percent from 2010 due to vehicle replacement initiatives.
The study is based on a survey of actual maintenance expenses incurred by more than 32,000 passenger cars from January 1 to December 31, 2012. Research found that while monthly preventive maintenance expenses rose four percent in 2012, younger fleet age helped offset increased parts and labor costs. Overall, average car maintenance costs rose from $49.20 to $52.66 per vehicle each month. Key factors referenced in the study that influenced maintenance costs include:
Increased preventive maintenance expense - Costs for oil changes increased by $5 from the previous year. However, oil change frequency decreased, from 7,752 to 8,850 miles, lessening the total impact of the cost increase.
Increased average tire expense -The cost per tire increased by eight percent and replacementtire costs increased by 15 percent due to higher manufacturing costs, larger rim diameters and limited availability in the retail market.
Improvement in overall vehicle quality - Overall vehicle quality continued to improve across the industry, resulting in longer lasting parts and less frequent maintenance requirements.
"While we expect passenger car maintenance expenses to rise slightly in 2013, improvements in vehicle quality will present opportunities for fleet maintenance savings in years ahead," said Eric Strom, maintenance and safety product manager for GE Capital Fleet Services. "As cost savings remain the largest area of focus for both fleet and executive management, we're committed to working with customers to identify and reduce costs across their vehicle fleets."
About GE Capital, Fleet Services
GE Capital, Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Mexico, Europe, Japan, Australia and New Zealand. Visit the web site at gefleet.com or follow the company's eco news and updates via Twitter (@GEFleetSvcs)
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital). GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Allison Perkins, 203-229-1447
allison.perkins@ge.com
or
GE Capital, Fleet Services
Sherri Ruesink, 952-828-2875
sherri.ruesink@ge.com
KEYWORDS: United States North America Connecticut Minnesota
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