Parts and labor costs for truck maintenance and repairs declined in the fourth quarter of 2024.
Parts and labor costs dropped 1.6% quarter over quarter in Q4, following an increase in Q3, according to a March 9 report by the American Trucking Association, which comprised data from more than 5,000 service locations. The decline aligns with the expected slowdown in service activity after higher pre-holiday freight volumes.
Parts costs decreased 1.5% in Q4, while labor expenses fell 1.9%. Year over year, total costs were down 1.6%, with truck parts falling 2% and labor declining 0.9%. The decrease in costs suggests a stabilizing supply chain and improved workforce retention, factors that could contribute to sustained cost efficiency for fleets and service providers, according to the report.
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