<p>One of the main challenges faced by mining companies is determining the optimal replacement time for their production assets. Research has shown that several replacement models are significantly affected by factors such as acquisition, operational, and maintenance costs. This study aims to propose a practical replacement model to determine the optimal replacement time for an open-pit mine haul truck and to identify and observe the behaviors of its key influencing factors. A total cost of ownership minimization approach was used by collecting 60-month operational, maintenance, and purchase cost data of a collaborating mine’s truck. The cost present value estimation and extrapolation served as a foundation for life cycle model development. The model revealed that the economic replacement for the open-pit haul truck is 72 months, with an optimal replacement range of 11 months (67–77 months) where no significant increase in the economic replacement cost is recorded. Sensitivity analyses revealed that a decrease in the operating and maintenance expenses and an increase in the purchase price extended the economic replacement time. A regression analysis confirmed the results of the sensitivity analyses and ranked the operating, purchase, and maintenance expenses as the most impactful truck optimal replacement time factors in descending order. This study contributes to the mining industry by providing a practical tool for haul truck replacement decision-making from a holistic financial perspective and highlights the importance of controlling operational and maintenance costs to optimize truck life cycle management.</p>