Enter your car’s MPG, the cost of gas, and the car’s value into the calculator to estimate the cost per mile of driving.
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Cost Per Mile of Driving Formula
The following equation is used to calculate the Cost Per Mile of Driving.
CPMd = CG / MPG + (CV/25000*.03) + .05
- Where CPMd is the cost per mile of driving ($/mile)
- CG is the cost of gas ($/gallon)
- MPG is the miles per gallon of the car (aka fuel efficiency)
- CV is the car value ($)
This formula takes into account the cost of gas, the cost of maintenance, insurance, and the cost of depreciation.
What is the Cost Per Mile of Driving ?
The average cost per mile of driving a car is $0.58, according to the U.S. Department of Energy (DOE). The DOE estimates that the average driver covers 13,500 miles per year. With that in mind, your total annual cost for driving would be around $7,800.
That’s based on the average cost of owning and operating a vehicle, including depreciation, insurance and maintenance costs, plus fuel and oil expenses.
The most significant expense incurred over time when you own a vehicle is depreciation — or a drop in value. The average car depreciates by 15% after the first year of ownership and by about 60% over five years. You can expect to lose about 10% of your vehicle’s value each year after that if it’s only used for commuting or traveling around town.
Auto insurance costs vary from state to state and depend on many factors like your location, age, and credit score, but you can expect to pay an average rate of $1,500 every year.
Maintenance doesn’t come around as often as gas does, so it’s easy to forget about when calculating driving costs. However, it can add up quickly — routine maintenance such as oil changes, tire rotations, and fluid changes can range from $500 to $1000 per year or $0.03 to $0.05 per mile driven, while more extensive repairs such as replacing brakes or suspension parts can cost hundreds or thousands of dollars more.