Epsilon Ltd., a prominent logistics company, recently upgraded its fleet of vehicles to enhance operational efficiency and reliability. The fleet, comprising 10 identical vehicles, was purchased for a total cost of $500,000 on January 1, 20X1. Each vehicle is expected to have a useful life of 5 years with a salvage value of $10,000.

Epsilon Ltd. intends to employ the group depreciation method for the fleet to streamline its accounting processes. Calculate the depreciation expense for the fleet using the group depreciation method for the first year. Additionally, discuss the advantages and limitations of utilizing the group depreciation method for Epsilon Ltd.'s diverse fleet of vehicles.