Car Cost of Ownership Calculator
Total up depreciation, fuel, insurance, maintenance and financing over the years you own a car.
About the Car Cost of Ownership Calculator
Enter the price, how long you'll keep the car and its resale value, yearly miles, fuel economy and price, insurance, maintenance, other costs and the loan rate. The calculator gives the total cost, the monthly cost and the cost per mile.
The purchase price is only part of a car's cost. Depreciation is usually the largest single cost in the first years, followed by fuel and insurance. Comparing total cost per mile (or km) is the fairest way to compare cars, including electric versus petrol.
The formula
Total = depreciation + fuel + insurance + maintenance + fees + interest
Worked example
A 35,000 car kept 5 years and sold for 45% of its price, 12,000 miles a year at 30 mpg and 3.20 a gallon, with insurance, servicing and a 6.5% loan
- Depreciation alone: 35,000 × 55% = 19,250
- Total cost about 46,739
- About 779 a month, 0.78 a mile
Things to keep in mind
- Loan interest assumes the full price is financed over up to 5 years.
Questions people ask
Is buying used cheaper overall?
Usually, because the first owner absorbs the steepest depreciation.
What does the AAA estimate?
AAA's 'Your Driving Costs' study publishes US averages each year.