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Title: A Model For Optimum Vehicle Replacement
Author: William B. Withers
Source: American Gas Association 1973
Year Published: 1973
Abstract: The problem of minimizing the overall costs of vehicle ownership is basically one of finding the optimum tune span for the life of the itypical vehicle. As the vehicle ages, stationary costs (loss in trade-in value, insurance, licenses, etc.) per unit time decrease, but rolling costs (fuel, repairs, supplies, etc.) per unit of use increase. These costs, together with the first cost of the vehicle, comprise the total cost of vehicle ownership, itself a variable dependent on vehicle life. At some optimum life span, therefore, this total cost can be bought to a minimum per unit of use (or per unit of time). Any utility having a fleet of similar vehicles already has a large bodv of statistical information with which to describe these cost curves from its own accounts. This paper describes a mathematical model which computes such optimum ownership times and costs.

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