Cost per mile calculator

Cost per mile is the total cost of owning and driving a vehicle divided by the miles you drive in the same period. It combines fuel or charging with maintenance, insurance, parking, tolls, and (in the full version) depreciation, so you see what each mile really costs rather than just what you pay at the pump.

Add up everything you spent on the vehicle in a period, then divide by the miles driven in that period. For example, $356 of fuel, insurance, maintenance and parking over 1,000 miles is about $0.36 per mile. The calculator above does the same arithmetic from your monthly inputs.

Divide your electricity price per kWh by your efficiency in miles per kWh to get the energy cost per mile, then add maintenance, insurance and other costs the same way as for a gas car. At $0.17/kWh and 3.5 mi/kWh, charging costs about $0.05 per mile. Home charging is usually the cheapest; public fast charging narrows the gap with gas.

A complete cost per mile should, because depreciation is often one of the largest costs and never arrives as a bill. This quick calculator leaves it out to stay simple. TORQ Track adds estimated depreciation when it calculates your cost per mile from your logged expenses.

There is no universal number. It depends on the vehicle, your local fuel and insurance prices, and how many miles you drive, because fixed costs spread out over more miles. The most useful benchmark is your own number tracked over time.

The IRS standard mileage rate is a flat per-mile deduction set by the IRS for business driving. Your cost per mile is what your vehicle actually costs you. Comparing the two shows whether the standard rate or actual expenses gives you the larger deduction. Confirm your situation with a tax professional.