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Car Cost Per Mile Calculator

See what your car really costs for every mile you drive. Add fuel or charging, insurance, maintenance, tires, depreciation, fees and loan interest, and get cost per mile, per month and per year with a full breakdown.

Last updated:

Driving and fuel
mpg
$/gal
mi/kWh
$/kWh
Yearly running costs
$
$
$

Set price ÷ years it lasts.

$
$
Depreciation and financing
$
$
$

0 if paid in cash.

%
years
Enter your values to see the result.
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How to use the Car Cost Per Mile Calculator

  1. Enter your annual miles and fuel economy with the fuel price (or mi/kWh and electricity price).
  2. Add yearly costs: insurance, maintenance, tires, registration, parking and tolls.
  3. Enter the purchase price, expected resale value and how long you'll keep the car.
  4. Add the loan amount, APR and term if you financed it.
  5. Read the cost per mile and check the breakdown to see which costs matter most.

Cost per mile formula

Cost per mile = total annual cost ÷ annual miles, where total annual cost = fuel + maintenance + tires + insurance + registration + depreciation + loan interest + parking and tolls.

  • Fuel: miles ÷ mpg × price per gallon (EV: miles ÷ mi/kWh × price per kWh).
  • Depreciation: (purchase price − resale value) ÷ years owned.
  • Loan interest: monthly payment = P × r ÷ (1 − (1 + r)−n); total interest = payment × n − P, spread evenly over the loan term.

Example with the defaults: fuel $1,457, maintenance $900, tires $200, depreciation $3,000, insurance $1,800, fees $250 and interest about $940 → about $8,547 a year, or $0.71 per mile at 12,000 miles.

Fuel cost per mile at a glance

Fuel economy$3.00/gal$3.50/gal$4.00/gal$5.00/gal
15 mpg$0.200$0.233$0.267$0.333
20 mpg$0.150$0.175$0.200$0.250
25 mpg$0.120$0.140$0.160$0.200
30 mpg$0.100$0.117$0.133$0.167
40 mpg$0.075$0.088$0.100$0.125
50 mpg$0.060$0.070$0.080$0.100

Frequently asked questions

How do I calculate my car's cost per mile?

Add up everything the car costs in a year (fuel, insurance, maintenance, tires, registration, depreciation, loan interest, parking) and divide by the miles you drive that year. For example, $8,400 a year ÷ 12,000 miles = $0.70 per mile.

What is the biggest cost of owning a car?

For most newer cars it is depreciation, the value the car loses each year, followed by fuel and insurance. For older paid-off cars, depreciation is small and fuel, insurance and repairs dominate.

How do I calculate fuel cost per mile?

Divide the fuel price by your miles per gallon. At $3.40 per gallon and 28 mpg, fuel costs 3.40 ÷ 28 = $0.121 per mile. For an EV, divide the electricity price by miles per kWh: $0.17 ÷ 3.5 = $0.049 per mile.

Why does cost per mile go down when I drive more?

Fixed costs such as insurance, registration, loan interest and most depreciation are paid whether you drive or not, so spreading them over more miles lowers the cost of each mile. Running costs like fuel and tires grow with every mile.

What is the IRS standard mileage rate?

The IRS business standard mileage rate is 70 cents per mile for 2025. It is meant to cover the full cost of operating a car for business, including depreciation, insurance, fuel and maintenance.

Should loan principal be included in cost per mile?

No. Loan principal pays for the car itself, which is already counted through depreciation. Only the interest is an extra cost, so this calculator adds the average yearly interest instead of the full payment.

How can I lower my car's cost per mile?

Keep a reliable car longer so depreciation slows, shop around for insurance, keep tires inflated and service on schedule, drive smoothly to improve mpg, and pay cash or refinance to cut interest.

Are all the tools on FreeToolCabin tested for quality and accuracy?

Yes! Every tool on our site undergoes automated Q/A testing in real browser environments to ensure high precision, correct output, and zero errors. If you happen to spot a bug or have a suggestion, please contact us at [email protected] and our team will review it right away.

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