With the Federal Reserve poised to raise interest rates for the first time in almost a decade, many in trucking are worried that financing for new truck purchases is about to get more expensive.

Yet Mike Spence, senior VP of fleet services for leasing firm Fleet Advantage, believes the efficiency potential of new truck models – particularly in terms of better fuel economyand lower maintenance costs – still far outweigh any near-term increase in the cost of borrowing money.

“A 1% rise in interest rates would increase a monthly [truck] payment by about $60 a month for an asset costing $115,000 on a five-year term, or about $3,600 over the term,” he told Fleet Owner.

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