How Much Your Car Is Costing You Per Mile

Chris Adam
lechatnoir / Getty Images
lechatnoir / Getty Images

One of the advantages of working remotely is the presumed cost savings. That includes money saved on childcare, eating lunch out, a work wardrobe and commuting.

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Just how much does it cost to commute — or even just to drive your car anywhere? According to the U.S. Department of Energy, the average cost per mile of driving a car is $0.58, per the Calculator Academy. The DOE estimates the average driver covers about 13,500 miles per year – which means the total annual cost for driving is around $7,800.

It’s important to remember that number is based on the average cost of owning and operating a vehicle — including depreciation, maintenance, insurance and fuel and oil expenses.

If you’re looking to figure out how much your car is costing you per mile, there’s a simple calculator from the Calculator Academy. You can use the basic version by entering the following pieces of information: cost of gas, MPG of car and car value.

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How To Calculate the Cost of Driving (Per Mile)

The cost per mile of driving is calculated using the following equation: CPMd=CG/MPG+(CV/25000*.03)+.05. Here’s what each part means:

  • CPMd is the cost per mile of driving.

  • CG is the cost of gas.

  • MPG is the miles per gallon of the car (fuel efficiency).

  • CV is the car value.

The formula takes into account the cost of gas, the cost of maintenance, cost of depreciation and insurance.

There are, of course, ways to help cut down the costs of driving and get the most out of your fuel. Here a few suggestions from AARP:

  • Driving slower can improve your fuel economy.

  • Making sure your tires are filled up helps maintain better fuel economy.

  • Keeping your car clean on the outside can help improve your fuel economy, since a mud-caked car can get you fewer miles per gallon.

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This article originally appeared on GOBankingRates.com: How Much Your Car Is Costing You Per Mile

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