Use this free cost per mile calculator to see exactly how much it costs to drive your vehicle. Choose between a simple fuel cost per mile calculation - just enter your fuel price and MPG - or a full total operating cost breakdown that adds depreciation, insurance, and maintenance to figure cost per mile accurately. Perfect for budgeting, mileage reimbursement, and comparing vehicles.
Depreciation CPM = Annual depreciation / Annual miles
Insurance CPM = Annual insurance / Annual miles
Maintenance CPM = Annual maintenance / Annual miles
Total CPM = Fuel CPM + Depreciation CPM + Insurance CPM + Maintenance CPM
Use these benchmarks to put your results in context. The IRS 2024 business mileage rate of $0.67/mile is designed to cover average expenses for a typical American driver.
| Vehicle type | MPG (approx.) | Fuel CPM at $3.50/gal | Est. total CPM |
|---|---|---|---|
| Full-size pickup truck | 18 | $0.194 | $0.65-$0.80 |
| Midsize sedan | 30 | $0.117 | $0.45-$0.60 |
| Compact car | 36 | $0.097 | $0.40-$0.55 |
| Hybrid (e.g. Prius) | 52 | $0.067 | $0.35-$0.45 |
| Plug-in hybrid (EV mode) | 60+ | $0.05+ | $0.30-$0.40 |
| IRS standard rate (2024) | - | - | $0.670 |
Depreciation - the loss in vehicle value over time - is typically the single largest component of total cost per mile for most vehicles. A new car loses roughly 15-20% of its value in the first year. On a $35,000 vehicle, that is $5,250-$7,000 in year one, or $0.35-$0.47/mile at 15,000 miles. This dwarfs the fuel cost in many cases.
Fuel cost per mile scales directly with fuel price. A 20% rise in gas prices causes a proportional 20% rise in fuel cost per mile regardless of MPG. The only way to reduce your sensitivity to fuel prices is to drive a more efficient vehicle.
If your employer reimburses you per mile driven, knowing your actual cost per mile helps you verify whether the IRS standard rate covers your true costs, and negotiate a fair reimbursement rate.