Fleetio makes it easy to project when your vehicles should be replaced by enabling you to create/validate replacement policies, connect those policies to vehicle records, and then use utilization calculations to determine when the asset will reach its end of life.
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Create or Validate Company Replacement Policies
Use our Optimal Replacement Analysis tool to determine the best time to replace an asset based on its lowest cost of ownership. If you already have historical costs tracked in Fleetio, use the Cost Comparison by Year in Service Report to determine expected costs over the life of a vehicle.
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Add Lifecycle Details to your Vehicles
Once you've determined replacement policies, add in-service and replacement information to the Lifecycle Details section of the Vehicle Overview page in order to enable lifecycle visualizations and replacement projections. Fleetio uses this information to calculate precise utilization and replacement metrics. These data fields are available to add via Import, or by editing a Vehicle record:
IMPORTANT: Both In-Service Meter/Date and Estimated Replacement Meter/Date must be present for associated visualizations and calculations to work.
NOTE: If there is any data in the Out-of-Service Date or Out-of-Service Odometer fields it will prevent the visualizations from being displayed even if the other required information is present. If the Out-of-Service data is added via an Import, it cannot be removed in bulk.
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Use the Utilization Summary Report to View Replacement and Utilization Metrics
Once your vehicles have their lifecycle details filled out, navigate to the Utilization Summary Report to see when each asset is projected to be replaced based on its average usage over a certain time frame. You can also see whether your vehicles are being over or under-utilized.
TIP: Utilization calculation requires two Meter Entries within any given time range. Learn more in the Meter Usage: Average Usage per Day and Utilization Summary article.
