Enter the total distance travelled per month, cost per mile for driving, percentage of time you are carpooling, and the number of people in the carpool into the calculator to determine the monthly carpool savings.
Carpool Savings Formula
The following formula is used to calculate the monthly savings from carpooling.
CS = (D * C * P) / N
Variables:
- CS is the monthly carpool savings ($)
- D is the total distance travelled per month (miles)
- C is the cost per mile for driving (including gas, maintenance, etc.) ($)
- P is the percentage of time you are carpooling (decimal)
- N is the number of people in the carpool
To calculate the monthly carpool savings, multiply the total distance travelled per month by the cost per mile for driving. Multiply this result by the percentage of time you are carpooling. Then divide this result by the number of people in the carpool.
What is a Carpool Savings?
Carpool savings refer to the financial benefits derived from sharing a car journey with others. By traveling together, individuals can split the costs of gas, tolls, and parking, resulting in significant savings compared to driving alone. Additionally, carpooling can reduce wear and tear on personal vehicles, lower carbon emissions, and decrease traffic congestion, providing both personal and societal benefits.
How to Calculate Carpool Savings?
The following steps outline how to calculate the Carpool Savings.
- First, determine the total distance travelled per month (D) in miles.
- Next, determine the cost per mile for driving (C) including gas, maintenance, etc. in dollars ($).
- Next, determine the percentage of time you are carpooling (P) as a decimal.
- Finally, determine the number of people in the carpool (N).
- Use the formula CS = (D * C * P) / N to calculate the monthly carpool savings.
Example Problem:
Use the following variables as an example problem to test your knowledge.
total distance travelled per month (D) = 500 miles
cost per mile for driving (C) = $0.25
percentage of time you are carpooling (P) = 0.75
number of people in the carpool (N) = 4
