The Cost Per Mile of Driving Calculator helps you determine the actual expense of operating a vehicle per mile. Beyond just the fuel cost, it also factors in depreciation and routine maintenance, providing a more complete picture of your driving expenses. Whether for budgeting, ride-sharing, or delivery work, knowing your cost per mile is essential.
Formula
The formula used is:
Cost Per Mile = Cost of Gas divided by Miles Per Gallon plus Car Value divided by 25,000 multiplied by 0.03 plus 0.05
This accounts for fuel, depreciation, and a fixed maintenance estimate.
How to Use
- Enter the current cost of gas per gallon.
- Enter your vehicle’s average miles per gallon (MPG).
- Enter your car’s current market value.
- Click the "Calculate" button.
- The calculator will display your estimated cost per mile.
Example
Let’s say gas costs $4.00 per gallon, your car gets 25 MPG, and your car is worth $20,000.
Fuel cost per mile = 4.00 ÷ 25 = $0.16
Depreciation = (20000 ÷ 25000) × 0.03 = $0.024
Add maintenance ($0.05)
Total cost per mile = $0.16 + $0.024 + $0.05 = $0.234
FAQs
- What is the purpose of this calculator?
It helps determine how much you spend for each mile you drive, considering fuel, depreciation, and maintenance. - Is this only for gas vehicles?
Yes, this specific version is tailored to gasoline-powered cars. - What does the “car value” input represent?
It’s the current market value of your vehicle, used to estimate depreciation. - How is depreciation calculated?
It's estimated as a small portion (0.03) of your car value over a 25,000-mile period. - Why is maintenance a fixed cost?
Maintenance is averaged to $0.05/mile for simplicity, covering oil changes, tires, etc. - Can I use this calculator for electric vehicles?
Not directly—EVs would require different assumptions and inputs. - Is 0.03 a standard depreciation rate?
It’s a commonly used general estimate for wear and tear over 25,000 miles. - How accurate is this calculator?
It provides a reasonable estimate, though actual costs can vary by vehicle and location. - Can it be used for business mileage reimbursement?
Yes, it can help determine fair mileage rates for personal vehicle use in business. - Does this include insurance or registration costs?
No, those are not included in this basic model. - How can I improve my cost per mile?
Drive more efficiently, maintain your car regularly, and choose a fuel-efficient vehicle. - Can I change the maintenance estimate?
Not in this version, but the script can be modified to allow user input for that. - Why is MPG important in this calculation?
Higher MPG means lower fuel cost per mile, directly affecting the result. - Is this calculation good for long-distance travel?
Yes, it helps plan and budget for long trips by estimating total driving costs. - What if I don’t know my MPG?
You can find it in your vehicle manual or online by searching your car’s make and model. - Does this account for tire wear?
Tire wear is roughly included in the general maintenance estimate. - Can this be used for delivery drivers?
Absolutely, it’s great for delivery, gig, or ride-share drivers tracking costs. - Should I update car value regularly?
Yes, update the value every few months to get a more accurate result. - Why is cost per mile important?
It helps you make informed decisions about car usage, budgeting, or pricing services. - Can this help compare vehicles?
Yes, compare different MPG and car values to see which vehicle is more cost-efficient.
Conclusion
Understanding your cost per mile is crucial for budgeting, business, or managing transportation expenses. The Cost Per Mile of Driving Calculator provides a simple yet comprehensive estimate that includes fuel, depreciation, and maintenance. Whether you're a casual driver or someone who drives for work, this tool helps you stay informed and financially smart about your travel habits.