# Cost Per Mile Calculator

## Table of Content

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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.

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: $$0.14 + 0.024 + 0.05 = 0.214$$

## References:

Wikipedia.org: Car costs, Calculate cost per mile ### Alan Walker

Studies mathematics sciences, and Technology. Tech geek and a content writer. Wikipedia addict who wants to know everything. Loves traveling, nature, reading. Math and Technology have done their part, and now it's the time for us to get benefits.