True Car Cost Calculator
Your car payment is only part of what your car costs. Find the true annual cost and cost per mile.
True annual cost
$8,400
Cost per mile
$0.7
IRS standard rate 67¢/mi in 2024
Total cost over ownership
$42,000
Annual depreciation
$3,000
Updates instantly · formula shown below
How to use this true car cost calculator
- Enter purchase price and expected resale value.
- Gather annual costs for insurance, fuel and maintenance.
- Enter annual mileage to calculate cost per mile.
Formula
Annual cost = depreciation + insurance + fuel + maintenance. Depreciation = (purchase − resale) ÷ years.
About the True Car Cost Calculator
Most people budget the car payment but forget depreciation, insurance, fuel and maintenance often cost 2× more than the payment. A $500/month payment on a $30,000 car typically carries another $700/month in ownership costs — $1,200/month total.
Frequently asked questions
+What is the average true cost of car ownership?
AAA estimates $10,000–$12,000/year for the average new car — $0.70–$0.85/mile at 12,000 miles/year.
+Is buying used always cheaper?
Usually — steepest depreciation happens in years 1–3. A 3-year-old car cuts ownership cost by 30–40% with similar reliability.
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