Car Ownership Cost Calculator (Total Cost per Mile)
Enter the purchase price, expected resale value and running costs.
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Yearly cost breakdown
Car Ownership Cost Calculator (Total Cost per Mile) by TheCalcTools
How the Car Ownership Cost Calculator (Total Cost per Mile) works
Depreciation, the value the car loses, is usually the largest cost of a newer car. Add fuel (miles ÷ mpg × price), insurance, maintenance, registration and finance interest for the full picture.
AAA’s yearly ‘Your Driving Costs’ study is a useful benchmark for typical figures in the US.
The formula
Worked example
Using the default values shown in the calculator:
| Purchase price | $32000 |
|---|---|
| Expected resale value | $16000 |
| Years of ownership | 5 |
| Miles per year | 12000 |
| Fuel economy (mpg) | 30 |
| Fuel price per gallon | $3.5 |
| Insurance per year | $1600 |
| Maintenance and tires per year | $900 |
| Registration, tax and parking per year | $400 |
| Total finance interest | $3500 |
- Losing 16,000 over 5 years plus running costs: $8,200 a year ($683 a month).
- That is $0.68 a mile.
Result:
| Cost per year | $8,200 |
|---|---|
| Per month | $683 |
| Per mile | $0.68 |
| Total over ownership | $41,000 |
| Depreciation per year | $3,200 |
Frequently asked questions
Why is cost per mile useful?
It shows what each trip really costs, for comparing driving with transit, ride-hailing or a cheaper car.
Sources and further reading
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This calculator gives estimates for information only. Check important results independently before you rely on them. See our disclaimer.