Cost Per Mile Calculator
Find your true cost to drive per mile by combining fuel, maintenance, insurance and depreciation.
Cost per mile$0.600
Total annual cost$7,200.00
Cost per month$600.00
Cost per mile = total yearly running costs ÷ miles driven per year, where the running costs add up fuel, maintenance, insurance and depreciation. With $2,000 fuel + $800 maintenance + $1,400 insurance + $3,000 depreciation = $7,200 a year over 12,000 miles: $7,200 ÷ 12,000 = $0.60 per mile (about $600 a month). Including depreciation gives the true cost of ownership, not just the cost of gas.
Educational estimate only — not professional advice.
Questions
How do I calculate the cost per mile to drive?
Add your yearly fuel, maintenance, insurance and depreciation, then divide by the miles you drive in a year. $7,200 of costs over 12,000 miles is $0.60 per mile.
Why include depreciation in cost per mile?
Depreciation is usually the single biggest expense of owning a car. Leaving it out understates the real cost of every mile — fuel alone is only part of the picture.