How much does vehicle tracking cost in 2023?

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How much does vehicle tracking cost in 2023?

Did you know that cutting-edge fleet vehicle tracking systems (also known as telematics) can not only deliver benefits like real-time monitoring, better workforce management, and performance improvements, but that a robust vehicle tracking solution also doesn’t need to cost your business a fortune? Commercial vehicle tracking can cost businesses as little as £5.99+VAT per vehicle, per month for a self-fit vehicle tracking device.

As with most things, however the exact cost of a vehicle tracking system will depend on a variety of factors. That’s why when you’re trawling the market for the best deals, it’s important to look beyond the advertised monthly rate(s) and upfront costs and consider any hidden fees and what features you’re getting for your money.

For example, does the price include installation, easy-to-use software, a full range of features, and customer support? The best vehicle tracking providers often roll all of this into one clear monthly fee whereas some less than scrupulous providers might charge extra.

Continue reading for an idea of how the size of your fleet might influence the cost of your commercial fleet tracking system.

What influences the cost of vehicle tracking?

As we’ve already mentioned, the cost of a vehicle tracking system is influenced greatly by a variety of factors that might or might not apply to your situation. These include:

• The size of your fleet
• The type of vehicles you want to track (i.e., EVs, petrol cars, large lorries)
• The provider that you choose
• Whether you purchase or lease tracking systems
• Installation options (i.e., professional vs. DIY)
• Ongoing maintenance

By far the biggest influencer of the cost of a vehicle tracking system is the size of your fleet. This affects the total cost of vehicle tracking in two ways.

The first way is obvious: the more vehicles that you track, the more that you’ll pay. On top of this, however, the more vehicles you track, the more likely you are to need more advanced features like live tracking, detailed reporting, and vehicle health monitoring, connected dash cams and this will cost more money on a per-vehicle basis.

Additional costs of vehicle tracking

Vehicle tracking costs is a very broad area and this makes it very difficult to quantify exactly how much a system is likely to cost a business. On top of the base cost for the units themselves, whether you lease or buy them, there are a range of additional costs that must be factored in. These include:

Installation

If you opt for a hardwired vehicle tracking device, this can be both time consuming and complicated. That’s why most fleet managers will opt to pay a professional installer to do this for them. You can expect to pay £75 or more per vehicle to have a system installed and linked up with any relevant cloud-based software.

Data charges

Vehicle tracking systems work by using the mobile data network via an onboard SIM. As such, you could be charged for data roaming. This could be a fixed monthly price, a cost per unit of data, or an additional charge for exceeding a pre-determined limit.

Similarly, your data costs might be included in your standard monthly fee paid to your vehicle tracking provider. That’s why it’s important to shop around and compare what’s available, including hidden and additional costs such as data charges.

System updates

It’s important to ensure that your vehicle tracking system is kept fully up-to-date, and this can be costly. It’s a good idea to check how often the vehicle tracking system that you’re using will require updates and consider the logistics of doing this.

Software updates are often easier to implement and can be done over the air.

Vehicle tracking can save your business money

While it’s true that a vehicle tracking system will cost you money, you can often offset this cost and even see a return on your investment through the cost savings that a good vehicle tracking solution can deliver.

That’s why the popularity of vehicle tracking continues to grow; they save businesses money. Here’s how they do:

Fuel cost savings

Even a relatively simple vehicle tracking system will enable you to keep track of where your vehicle are, and where they have been. This helps prevent unnecessary journeys and out of hours use. More advanced systems will also enable you to train your drivers to drive more economically with driver behaviour scoring, driving further fuel savings.

Lower insurance premiums

A fleet tracking system will help you to manage your drivers better by identifying potentially dangerous driving habits such as speeding and giving fleet managers the opportunity to step in. Over time, this can help to bring down your insurance premiums.

Less admin work

A vehicle tracking system means that time-consuming admin work such as mileage forms, managing expense receipts, and chasing down drivers for information are things of the past. Instead, data is automatically collected by the vehicle tracking system and distributed to the teams that need it.

Trakm8 advanced vehicle tracking

Trakm8 offers a range of advanced hardware and software products to help you manage your fleet more effectively and save money. Our innovative vehicle tracking products can save you as much as 50% on vehicle insurance premiums, up to 12% on fuel costs and reduced vehicle maintenance costs.

We’ve worked hard to develop some of the most advanced devices and fleet management software on the market, and we’ve ensured that all our systems are quick to install and simple to use. With Trakm8, you can start tracking real-time vehicle data and transforming your fleet management immediately.

Based in Coleshill, UK, Trakm8 proudly holds the ‘Made in Britain’ marque. Get in touch to find out how Trakm8 can help you manage and optimise your fleet.