Interest Rate Drop Keeps Fleet Costs Steady
Decreases in finance and fuel costs kept TCO flat in the third quarter, partially offset by higher maintenance costs.

After 10 months of steady rises, ownership costs have been held in check through the third quarter.
Source: Vincentric
Welcome to the latest installment of Fleet Data Depot, which provides snapshots of information, trends, and analysis relevant to the fleet market.
The total cost of ownership (TCO) experts at Vincentric deliver another quarterly update on ownership costs for fleets. These fleet cost-per-mile calculations are for the third quarter of 2024.
This analysis is based on vehicles driven 20,000 miles per year for three years. As usual, Vincentric calculates its standard eight cost elements: depreciation, financing, fees and taxes, fuel, insurance, maintenance, opportunity cost, and repairs.
Ownership Costs Remain Flat in Q3
The Fleet Cost per Mile for each vehicle category either decreased slightly or remained the same for this quarter:
Luxury Cars: No change
Luxury SUVs: No change
Passenger Cars: decreased ~1.5%
Pickups: No change
SUVs: decreased ~1.1%
This follows the second quarter, in which ownership costs were also flat, after 10 months of cost increases.
In Q3, every vehicle category saw a 3% to 5% decrease in the finance cost category due to a steady decrease in interest rates throughout this year and a 3% to 5% decrease in the fuel category due to lower fuel prices since June.

Luxury cars and SUVs experienced even more significant fleet spikes through Q1, but have decreased and leveled off since.
Source: Vincentric
Conversely, every vehicle category saw a maintenance category cost increase of 2% to 6%. Vincentric attributes this in part to refreshed maintenance data since last quarter, which includes updates to labor times and parts prices that affect maintenance costs.
Additionally, Vincentric reports it is still receiving MY-25 vehicles from its data provider, which affects the costs for all vehicle categories. Of note is a slight increase in depreciation for all vehicle categories except Passenger Cars.
More Operations

Fleet Has a Talent Pipeline Problem. What Comes Next? | AF News Recap
Where will fleet’s next generation of leaders come from? This week, we’re looking at the industry’s talent pipeline, what certification can add to a fleet career, how to build an award-worthy track record, and the return of Automotive Fleet’s Personal Use Survey.
Read More →
Smith System Launches Driver Risk Management Program
Fleets have more driver data than ever, but identifying risky behavior doesn't necessarily correct it. Smith System's new Driver Risk Management program combines monitoring, training, and follow-up coaching to help fleets connect risk signals with driver intervention.
Read More →
Automotive Fleet Opens 2026 Personal Use Survey for Commercial Fleet Managers
Less than two weeks left! Commercial and corporate fleet managers are invited to share how their organizations handle company vehicle personal-use policies, charges, and driver eligibility.
Read More →
From AI Prompts to AI-Generated Safety Songs | AF News Recap
Can better prompts make AI more useful for fleet managers? This week, we’re breaking down smarter fleet analysis, an AI-assisted experiment that turned safety training into music, and what happened to fuel prices in August.
Read More →
How to Write Better AI Prompts for Fleet Analysis
Include these six elements in your fleet prompts to generate more relevant analysis and accurate answers.
Read More →
Fleet Meets: Eric Kilgore
This edition of the Fleet Meets series features one of the industry's best leaders driving multi-market and national operations.
Read More →
Why Reactive Fleet Management Is Becoming Too Expensive to Sustain
Research highlights a growing need for proactive management strategies to address rising costs in fleet operations effectively.
Read More →
What Your Fleet KPIs Aren’t Telling You
Tracking fleet metrics is only useful when the data leads to better decisions. This guide helps fleet leaders assess cost, utilization, and downtime more accurately, identify performance gaps, and prioritize the actions that can improve operational results.
Read More →
Hidden in Plain Sight: Fleet Compliance Risks
Fleet compliance isn't just about having policies — it's about consistently enforcing them. This practical guide reveals six hidden compliance risks common in public sector and shared fleet operations and outlines proven strategies to improve visibility, accountability, and audit readiness
Read More →
Turning Fleet Payment Data into Executive Insights
Does data alone drive results in operations?
Read More →