If you make repairs only when your truck breaks down then you aren’t running your truck, it’s running you. Preventative maintenance (PM) done on a regular basis and performed properly puts you in charge. PM can be expensive, but neglect is even more costly. Systematic PM saves you money in the long run by reducing the chances of equipment failure on the road and reducing time lost to repairs.
So how much should you really be putting away for maintenance? When a major engine repair can cost $22,000, it’s hard to determine how much you should save. Every good PM schedule begins with establishing a maintenance escrow savings account. Here is our recommended maintenance escrow savings schedule:
| Maintenance Escrow Savings Scheudule |
| Age of Truck |
Maintenance Savings |
| New |
5 cents per mile |
| 1 year old or 150,000 miles |
6 cents per mile |
| 2 years old or 300,000 miles |
7 cents per mile |
| 3 years old or 450,000 miles |
8 cents per mile |
| 4 years old or 600,000 miles |
10 cents per mile |
| 5+ years old or 750,000+ miles |
15 cents per mile |
|
*If you are spending more than 13-14 cents per mile on maintenance, it might be a good time to look into investing in a new truck. Check out our “Upgrade vs Rebuild” article to see a payment and maintenance cost analysis.
If you follow this schedule, you should be prepared with the appropriate funds to perform routine PM and pay for those unplanned costs that always seem to pop up. If you save too much and don’t have to use it, it’s money in the bank! Save for maintenance and it will save you time and money in the long run.