Miles Matter: How Tracking Mileage and Depreciation Keeps Your Trucking Business in Top Gear

As an owner-operator, your truck is more than just a vehicle—it’s your livelihood, your office, and, in a lot of ways, your partner on the road. Every mile you drive adds wear and tear to this critical asset, and ignoring that reality can mean costly surprises later on. So, let's dive into why tracking mileage and depreciation is as important as checking your fuel gauge—and how it can set you up for a profitable future.

1. Understanding the Value of Depreciation

• Why It Matters: Trucks, just like cars, lose value over time. The more miles you clock, the more wear and tear you’re adding, which reduces your truck’s market value. But here’s the thing: tracking depreciation isn't just about future resale value. It’s about understanding your real operating costs right now.

• Actionable Tip: Start with a simple record of your truck’s current value and calculate its depreciation rate based on the industry average. Knowing this can help you forecast future costs and even determine what rates you need to set to cover that “invisible” expense.

2. How Mileage Impacts Maintenance Costs

• Watch Out: Every mile means a little closer to new tires, oil changes, and other preventive maintenance. It might seem small, but these things add up faster than you think, especially if you’re putting in long hauls.

• Actionable Tip: Try using an app to track mileage and set reminders for routine maintenance. That way, you’re not caught off guard, and you can budget in advance, turning maintenance into a regular, manageable expense rather than a sudden emergency.

3. Set Up a Mileage-Based Savings Plan

• The Strategy: Saving for truck repairs and eventual replacement is a lot easier when you connect your savings to your actual mileage. The more you drive, the more you should save!

• Actionable Tip: Set aside a small percentage of every job based on your total mileage. If you save, say, 5 cents per mile, you’ll have funds ready for when repairs inevitably come up—or even for a truck upgrade down the road.

4. Track Mileage to Optimize Your Routes and Profits

• Double Benefit: Tracking your mileage not only helps you understand depreciation, but it also gives you insight into your most efficient routes. By knowing your regular routes and fuel usage, you can cut down on unnecessary miles, saving wear and tear and reducing fuel costs.

• Actionable Tip: Review your trip records every month and look for trends in high-mileage, low-reward routes. Sometimes, rerouting or rethinking your approach can lead to a big boost in profitability.

Mileage isn’t just a number on your odometer—it’s a powerful indicator of where your business is going and how you can keep it running profitably for years to come. By tracking and understanding mileage and depreciation, you’re building a foundation for long-term success and resilience in the trucking world. So start small, keep it consistent, and let your records steer you toward a future that’s as solid as your rig.