True Cost per Mile of a Car

All costs included, what every mile really costs you — depreciation, fuel, insurance and maintenance.

Formula

Total cost over the period = Depreciation + Interest cost + Fuel / energy + Insurance + Maintenance

Assumptions

Constant annual depreciation and insurance/maintenance costs as you entered them: an order of magnitude, not a quote. It does not replace real market values or local prices.

How to read it

In the US, AAA puts the full cost of an average new car at roughly $0.80 per mile at 15,000 miles a year; the IRS standard rate is about $0.70 per mile for business use. If your figure is far from that, double-check the depreciation and insurance you entered.

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