Driving your truck is expensive, and with new fuel taxes and tolls being passed and considered in all directions, the costs just keep rising.
Several states across the country are looking at new tax hikes to help balance their budgets for reasons ranging from loss of funds from more fuel-efficient vehicles and infrastructure in need of repair. Those states include Utah, which just passed a tax reform that includes an increase to the fuel tax, including on diesel and Oregon that is adding $0.02 to their gas tax on January 1, 2020. Missouri and Virginia are also considering raising their fuel taxes both to cover transportation needs. A group of 12 Northeast and Mid-Atlantic states have created a regional program that is looking to increase their gas tax $0.05-$0.17/gallon to help fight climate change. Add to that Connecticut’s proposed new toll plan that is currently only looking to target trucks. All of this adds up to higher expenses for those in the trucking industry.
Talks about raising gas taxes, tolls, per-mile charges, and other ways for state governments to cover their rising costs won’t end and are out of your control. Trucking companies can benefit from considering ways that are within their control to save on fuel and cover your fuel costs on an ongoing basis. Here are five things to consider:
- Ensure your truck is running efficiently.There are many things you can do to your truck to increase its efficiency, including maintaining proper tire pressure, optimizing the weight of your equipment by using components that are made of lighter materials, and are fuel-efficient, and reducing the trailer gap.
- Use fuel cards that can save you money every time you fuel up.There are several ways you can get a fuel card for no additional cost, and using one can save you money every time you fuel up. Some invoice factoring companies will even load your funds right on the card, saving you time in addition to saving you money.
- Avoid routes and times with high levels of traffic. Thereare several apps available that can help you plan your route to avoid traffic, and keeping in mind rush hour and other factors that can cause high levels of traffic can help lower your fuel costs.
- Download apps that can show you fuel prices on your route. There are several apps that are available on the Apple App Store and Google Play that are free and will quickly get you access to fuel prices, route information, and more. Some of the apps include Fuelbook, Road Hunter, and Trucker Tools.
- Consider financing options such as fuel advances and Invoice Factoring Financing.Exploring ways to cover your increasing fuel expenses is essential as well, and finding the right finical partner can be critical. Looking for a financial partner that specializes in the trucking industry can be a real asset to your business. Some of their financing options can include fuel advances, which will advance funds to you for fuel even before you deliver the load. Additionally, Invoice Factoring Financing will allow you to be paid within hours of delivering your load, taking the guesswork out of when you will be paid, and providing immediate funds to cover fuel and other expenses.
If you are looking for a partner to help you save time and money to help offset your rising expenses, give the trucking industry experts at Tetra Capital a call today at (801) 676-0182. We would be happy to discuss options to fit your business needs.