How much does it cost to own and operate a trucking company? These questions not only decide the health of the industry, but they can also be informative to the wages and well-being of the driver.

The American Transportation Research Institute (ATRI) recently released their 2024 Analysis of the Operational Costs of Trucking, a report that gives us the most recent dive into the data related to the expenditures required to keep our trucks on the road.

According to the ATRI, the overall marginal costs of operating a truck rose to $2.27 per mile in 2023, which was a record high. This is only a 0.8% increase over the operating costs in 2022. When controlling for a fuel cost, however, the marginal costs can be calculated up to $1.716 per mile, or a 6.6% rise.

The news is mixed, however, due to competing interests in the trucking industry. While operating a truck became more expensive for trucking companies, the news for drivers was positive. Truck driver wages rose 7.6% to an average of $0.779 per mile.

While some trucking companies will find any rise in cost to be difficult to swallow, the rise in wages for drivers is a positive development. Wage increases, and additional benefits, help keep drivers in the seats and goes towards fixing an issue of alleged “truck driver shortages”. This is the most necessary cost of operations, and well-paid drivers are the backbone of the industry.

Other rising costs may be more difficult to accept. Truck and trailer payments grew by 8.8% to $0.36 per mile, so the vehicles themselves are not getting cheaper. Similarly, repair and maintenance costs grew by 3.1% to $0.202 per mile. To these issues, hopefully new developments in technology such as electric engines with less wear-and-tear will reduce costs.

Insurance premiums also rose by 12.5% to $0.099, the highest jump in the last few years.

These rising costs made profitability more difficult to maintain for many trucking companies and owner-operators.