Cost Per Mile Calculator

Cost Per Mile Calculator

Use this calculator to estimate the total cost of driving a car for each mile.

How to Calculate Cost Per Mile?

You can calculate the cost per mile by using the following formula:

Cost Per Mile Driving = CG/MPG+(CV/25000∗.03)+.05

Where;

• CG = Cost of Gas
• MPG = Miles per Gallon
• CV = Car Value

Example (Cost Per Mile):

What would be the cost per mile of driving for a vehicle whose value is $30,000, and cover 20 miles per single gallon of fuel? (Considering the Gallon cost as $4.50)

Solution:

Data Given:

• CG = $4.50 per gallon
• MPG = 20 miles per gallon
• CV = $30,000

Calculation:

Using the cost per mile formula:

Cost Per Mile = CG/MPG + (CV/25000 * 0.03) + 0.05

Substituting the values:

Cost Per Mile = 4.50/20 + (30000/25000 * 0.03) + 0.05

Cost Per Mile = 0.225 + (1.2 * 0.03) + 0.05

Cost Per Mile = 0.225 + 0.036 + 0.05

Cost Per Mile = 0.311