Small-business owners are taking a more cautious approach to expansion, and vehicle purchases are showing signs of slowing alongside broader business investment.

According to the National Federation of Independent Business (NFIB), 20% of small-business owners who made capital expenditures in the past six months reported purchasing or leasing vehicles. That's down from 22% a year earlier and 23% two years ago.

The findings are part of NFIB's September 2026 Small Business Economic Trends report, released October 13, which found that business optimism slipped as owners continued to face hiring challenges, inflation, and higher borrowing costs.

The NFIB Small Business Optimism Index declined 0.8 points to 97.9, just below its 52-year average of 98.0. The Uncertainty Index increased one point to 90, well above its historical average of 68.

“Small business optimism stayed near the long-term average in September as Main Street owners remain uncertain about business conditions,” said NFIB Chief Economist Bill Dunkelberg. “Small business owners are proceeding with caution as they interpret how rising costs, interest rates, and the difficulty in finding qualified employees are impacting their business.”

Vehicle Purchases and Capital Spending Slow

Vehicle purchasing is one part of a broader slowdown in small-business capital investment. Overall, 51% of small-business owners reported making capital expenditures during the previous six months, down two percentage points from August.

Among those making investments, 32% purchased new equipment, while 20% acquired vehicles and 16% improved or expanded their facilities.

Looking ahead, a seasonally adjusted 22% of owners plan to make capital expenditures over the next six months, down two points from August. Only 7% of owners said September was a good time to expand their business, a five-point decline from the previous month.

For businesses that depend on vehicles for deliveries, service calls, construction, or other daily operations, those investment decisions can affect how fleets are maintained and when vehicles are replaced.

Delaying a vehicle purchase may help preserve cash in the short term, but keeping an aging vehicle in service can also bring additional maintenance expenses and downtime. The decision often comes down to whether the existing vehicle can continue meeting the needs of the business.

Fuel and Operating Costs Continue to Pressure Profits

Inflation remained the second-largest concern among small-business owners in September, with 20% identifying it as their single most important problem, up four points from August.

For businesses operating vehicles, those pressures extend beyond the price of fuel. One Pennsylvania transportation business owner described the challenge in the survey: “Fuel costs are hurting our profits. All costs have gone up: oil, parts, equipment, and health insurance.”

A Georgia retailer also pointed to the impact of transportation costs on both the business and its customers, noting, “Fuel prices are killing us on our delivery trucks, as well as fuel surcharges on all freight coming into the store. They also reduce the amount of disposable income our customers have to spend at our store.”

The report found that a seasonally adjusted net 31% of owners had raised their average selling prices, unchanged from August. Another net 31% plan to increase prices over the next three months, up three points.

That creates a difficult balance for businesses with vehicle-dependent operations. Higher operating expenses may require price adjustments, but passing those costs along can become more challenging when customers are watching their own spending.

Among owners reporting lower profits, 34% cited weaker sales and 24% pointed to rising material costs.

Hiring Challenges Remain a Barrier to Growth

Finding qualified employees continues to be the biggest concern for small-business owners. In September, 26% identified labor quality or availability as their single most important problem, up three points from August and marking the third consecutive month it topped the list.

According to NFIB, 32% of owners reported job openings they could not fill, while 87% of those hiring or attempting to hire said they received few or no qualified applicants.

For businesses that rely on drivers, technicians, and other employees who operate company vehicles, staffing shortages can limit the ability to take on additional work, even when vehicles are available.

One Maine service business owner summed it up: “Our business could increase if we were able to hire skilled labor.”

Compensation is another consideration. A seasonally adjusted net 28% of owners reported raising employee compensation during the previous three months, while a net 20% plan to increase compensation over the next three months.

Borrowing Costs and Supply Chain Challenges Add to the Equation

Financing remains another factor for small businesses considering vehicle and equipment purchases. A net 8% of owners reported paying a higher interest rate on their most recent loan, up four points from August and the highest reading since June 2025. The average interest rate on short-maturity business loans reached 8.2% in September, up from 7.5% in August.

Although these figures represent broader small-business borrowing rather than vehicle-specific financing, they provide context for owners weighing the cost of new investments.

Supply chain challenges also remain widespread. NFIB found that 62% of owners experienced some degree of supply chain disruption, including 7% reporting significant impacts, 21% moderate impacts, and 34% mild impacts.

For vehicle-dependent businesses, parts availability, equipment delivery schedules, and supplier reliability can all influence operating costs and vehicle uptime.

What This Means for Small Business Fleets

The September survey shows that small-business owners are approaching expansion more carefully, while vehicle acquisition activity has declined compared with the previous two years.

That doesn't necessarily mean every business should delay replacing or adding vehicles. For some, an aging truck or van may be costing more in repairs and lost productivity than a replacement would cost to finance. Others may have vehicles sitting idle because staffing levels or customer demand have changed. The challenge is knowing the difference.

Before making the next vehicle purchase, small-business owners can benefit from looking at how often existing vehicles are used, what they're costing to maintain, and whether the business has the employees and workload to justify additional capacity.

The NFIB report doesn't directly measure fleet replacement plans, but its findings offer a useful reminder that vehicle decisions don't happen in a vacuum. Hiring, fuel costs, financing, and customer demand all play a role in determining what a business can afford and what it needs to keep moving.

Source: NFIB Small Business Economic Trends, September 2026, released October 13, 2026.