Cost Per Mile Calculator

Cost per mile calculator gives you an easy way to estimate how much money you spend for each mile you drive your vehicle. It helps users make informed decisions related to car expenditures and plan their budget accordingly.

Calculate Your Cost-Per-Mile:

You don’t need to indulge in manual calculations now, just enter a few inputs and leave the rest to do the tool. 

What to Enter?

• First, enter the cost of gas per gallon ($/gallon) & miles per gallon
• Next, enter the car’s value in its respective field

What will you Get?

• Cost-per-mile: The exact cost-per-mile of driving along with step-by-step calculations

What is Cost Per Mile?

“The cost per mile is defined as how much it costs you to travel a certain distance in your vehicle”

Formula:

Here is the simple cost per mile formula to calculate your cost-per-mile:

$$ \text{CPM} = \frac{\text{CG}}{\text{MPG}} + \frac{\text{CV}}{25000} \cdot 0.03 + 0.05 $$

Where,

• CPM – Cost per mile of driving ($/mile)
• CG – Cost of gas ($/gallon)
• MPG – Miles per gallon of the car (aka fuel efficiency)
• CV – Car value ($)

How to Calculate Cost Per Mile?

We recommend you use the cost per mile calculator for best results. But if you want to calculate it on your own, stick to the following example for manual calculations.

Example:

Let's say you have the following values:

• Cost of Gas (CG) = $3.50 per gallon
• Miles per Gallon (MPG) = 25 miles
• Car's Value (CV) = $20,000

You want to calculate the cost per mile to drive, so use the formula:

$$ \text{CPMd} = \frac{\text{CG}}{\text{MPG}} + \frac{\text{CV}}{25000} \cdot 0.03 + 0.05 $$

Now, enter these values into the formula:

$$ \text{CPMd} = \frac{3.50}{25} + \frac{20,000}{25,000} \cdot 0.03 + 0.05 $$

Let's calculate it step by step:

1. Calculate the first part: $$ \frac{3.50}{25} = 0.14 $$

2. Calculate the second part: $$ \frac{20,000}{25,000} \cdot 0.03 = 0.024 $$

3. Add the parts together: $$ 0.14 + 0.024 + 0.05 = 0.214 $$

So, the cost-per-mile to drive (CPM) is approximately $0.214 per mile. This means that for every mile you drive, it costs you approximately 21.4 cents.

Tips to Reduce Cost-Per-Mile:

There are many ways to reduce your cost per mile. Here are some of the most practical ways:

• Drive more fuel-efficiently: This means things like avoiding sudden acceleration and braking, keeping your tires properly inflated, and driving at a moderate speed.
• Reduce your vehicle's weight: The more weight your vehicle is carrying, the more fuel it will use. Remove any unnecessary weight from your vehicle, such as cargo boxes, roof racks, and heavy tools.
• Maintain your vehicle properly: Get regular oil changes and tune-ups, and keep your air filter clean on a regular basis. A well-maintained vehicle will get better fuel economy.
• Consider alternative transportation options: If you live in a city with good public transportation, or if you have a short commute, consider taking public transportation, biking, or walking instead of driving.
• Minimizing air conditioning usage: Air conditioning can use a lot of fuel, so only use it when you really need to. If you are driving on a hot day, try to open the windows and drive with the air conditioning off for as long as possible. If you must use air conditioning, set the temperature as high as you can comfortably tolerate. Every degree you raise the temperature can save you fuel.

By following these tips, you can reduce your fuel consumption and save money on your cost per mile.

FAQs:

Why is Cost Per Mile Important?

Cost-per-mile is important because it can help you to:

• Track your spending
• Identify areas to save money
• Make informed decisions
• Budget for transportation expenses

How Much Does 1 Mile Cost?

According to the U.S. Department of Energy, the average cost per mile in the United States is $0.58. This is based on the assumption that you are driving a car that gets 25 miles per gallon and that you are paying $3.50 per gallon of gas.

References:

Wikipedia.org: Car costs, Calculate cost per mile