What is the Cost of ELDs?
The cost of electronic logging devices (ELDs) has significantly lowered over the years since their introduction into the shipping industry. 20 years ago when first implemented, a single device could cost $2,500. Since those days, developments in technology have made them more of a cost-effective solution for a wide range of businesses.
Why Prices Have Dropped for ELDs
Even though trucking fleets needed to pay significantly more for ELDs when they came onto the scene, they were willing to invest in this innovative technology to further improve the efficiency of their operations, enhance communications, and maximize overall drive time.
As the technology continued to develop over the years, ELD prices subsequently dripped, with smartphone and tablet compatibility helping reduce up-front costs. Lower hardware costs have also contributed to the decrease in ELD prices.
As of today, the average price of an ELD is about $495 per truck according to the FMCSA, with a range of $165 to $832 per truck annually. This makes ELDs much less of a cost factor than other expenses such as fuel, tractor-trailer equipment, permitting costs, and liability insurance.
Fears That ELDs Would Put Owners and Operators Out of Business
There are a few myths responsible for causing trucking owners and operators to worry that ELDs might put them out of business. One of these is the misconception that ELDs are expensive, which as discussed is one myth. The other falsities include the idea that ELDs result in a potential loss of driving hours and the belief that the Strict Hours of Service regulations compliance requirements are too stringent.
The fact is that a majority of commercial truck drivers that have adopted ELD systems have never returned to paper logbooks following implementation. Many trucking fleet owners and operators have also reported that ELDs have helped increase time on the road, with e-logs providing more accuracy than their traditional counterparts. Paper logs have also historically required drivers to round up to the nearest 15 minutes, making them overall a more inaccurate way to track hours.
Increase Accuracy and Spend Less
Contrary to what many companies might believe, ELDs have significantly helped maximize the efficiency and cost-effectiveness of trucking operations. Owners and operators can benefit from greater accuracy of tracked driving hours, while paying less than they used to for better technology.
Using ELDs, trucking fleets can also experience better communications while making sure they aren’t distracted when on the road, without the need for interaction or logging in while driving.
If you want an efficient ELD solution for your trucking fleet without paying too much, turn to TheTMS for reliable ELDs that can improve your operations. We have the innovative technology needed to keep your operations consistently efficient and inexpensive while maximizing your hours.