Fleet Advantage’s quarterly Truck Lifecycle Data Index shows that in the second quarter of 2016, replacing 2011 model-year trucks with 2017 models will save fleets around $18,861 in the first 12 months of operation.

This is over $700 more in savings over the first quarter numbers, reflecting a 9% increase. Rising fuel prices over the past few months contributed to the increased savings realized by the more fuel efficient 2017 models.

While the biggest benefits are seen by replacing the older models, replacing a 2015 model-year day cab with a 2017 model will still net $5,964 in savings over 12 months. The savings calculations are based on an operation running 100,000 miles per year and were compiled from Fleet Advantage’s’ ATLAAS analytics software.

“It’s clear that upgrading to a new truck provides significant benefits for fleet managers looking to strengthen their bottom line, and that fleets utilizing a shorter vehicle lifecycle will secure a competitive advantage.” said Brian McMahon, data analyst at Fleet Advantage. “First-year savings are impressive and rise exponentially when multiplied across dozens of truck units.”

The report also shows that fleets can see emissions and fuel usage reductions of 14% when replacing 2011 models with the latest trucks.