How to find out how much it costs to own a car

One of the biggest expenses is transportation. It's how you get from home to work, to school, to the grocery store or to the cinema, and it costs you money. Have you ever calculated how much it costs to operate your car?

Calculating the cost of running your car is a great idea to help keep track of your finances. There are factors in the game that you may not consider other than paying for your car, such as:

• The cost of refueling at a gas station
• Insurance fees
• Maintenance and repair cost
• Parking fee
• Registration cost

Your car loan or lease payment is not a true reflection of the cost of driving because it can vary greatly depending on your choice of car, the amount of your down payment, and variables such as depreciation and condition, so it will not be included in the calculation.

You will learn how to divide the cost of driving by the cost per day and the cost per mile. This can help you figure out how much you can afford to pay for a car, rent, or other monthly expenses.

Part 1 of 5: Determine Your Fuel Costs

Step 1: Fill the tank with fuel. Fill the tank with as much fuel as needed to make the handle on the gas station pump click.

• Don't top up the tank and don't round to the nearest dollar.

• This is your base fuel level for all your calculations.

Step 2. Note the odometer reading.. Write down the odometer reading before you leave the fuel pump so you don't forget and write down an inaccurate number later.

• Let's take 10,000 miles as an example.

Step 3: Drive normally until it's time to fill up again. For the most accurate calculation, use at least ¾ tank of fuel. In this way, anomalies such as idling over long periods of time are better averaged out.

Step 4: Fill up the tank. Prime again in the same way as in step 1 without topping up after the pump turns off.

Step 5: Write down notes. Note the number of gallons filled with fuel, the cost per gallon filled, and the current odometer reading.

• Use the full number on the pump, including all numbers after the decimal point, for the most accurate calculation.

• The gas station receipt will also show the number of gallons.

Step 6: Calculate Distance. Subtract the initial odometer reading from the final odometer reading.

• This is the distance you have traveled between gas stations.

• Let's take a hypothetical number of 10,400 miles as your second refueling odometer reading.

• 10,400 10,000 minus 400 equals XNUMX miles on a single tank.

Step 7: Calculate Efficiency. Divide the odometer reading by the number of gallons you used on your second fill up.

• This calculation will give you the fuel efficiency of your vehicle for that refueling.

• Let's say you bought 20 gallons of fuel at your second gas station.

• 400 miles divided by 20 gallons equals 20 miles per gallon.

Step 8: Calculate cost per mile. Divide the fuel cost per gallon by the number of miles per gallon.

• For example, assuming that each hypothetical gallon of fuel costs $3, divide it by 20 miles.

• Your fuel cost is $15 per mile.

• Functions: Track your fuel consumption and fuel economy after 3 or more fill-ups to get a more accurate average fuel cost per mile. Occasional idling, a high percentage of city driving, or long trips can distort the true reflection of your driving habits.

Step 9: Calculate your monthly fuel cost. Keep track of the number of miles you drive in a typical month. Calculate your average monthly fuel cost by multiplying the cost per mile by the distance you drive in a month.

• The typical driver drives 1,000 miles per month.

• 1,000 miles multiplied by 15 cents per mile equals $150 in fuel costs per month.

Part 2 of 5. Calculating the cost of insurance, registration and parking

Step 1: Make up the bills. Prepare invoices for car registration, insurance and parking.

• If you have a monthly or annual parking space at home and at work, use both.

• Add up the bills for the annual cost.

• If your bills are monthly, multiply them by 12 to find the annual cost.

• There are huge differences in costs depending on the type of vehicle you drive, the use of your vehicle, and your location.

• As a hypothetical number, let's say that the total cost of insurance, registration, and parking is $2,400 per year.

Part 3 of 5: Calculating Repair and Maintenance Costs

Step 1. Add invoices. Add up your repair bills and maintenance costs for the last year.

Step 2: Be careful. Include oil changes, tire repairs and replacements, mechanical repairs, and any government or emissions inspection fees you paid.

Check the maintenance schedule for your specific vehicle to find out how much it costs each year to run it.

Assume that the total cost of repairs is $1,000 per year.

Part 4 of 5: Calculate the daily cost of driving

Step 1: Determine your average mileage. Find your average monthly mileage and multiply it by 12.

• Most drivers average 12,000 miles a year.

Step 2: Calculate the total fuel cost. Multiply the number of miles traveled by the cost per mile.

• Using your previous example, 12,000 miles multiplied by $15 per mile is $1,800 of fuel per year.

Step 3: Calculate the total. Add up the annual registration, insurance and parking costs, repair costs, and annual fuel costs.

• For example, $1,000 for repairs, $1,800 for fuel, and $2,400 for registration, insurance, and parking equals $5,200 per year for driving costs.

Step 4: Calculate your daily cost. Divide the annual cost of driving by 365 days of the year.

• Your hypothetical daily driving costs are $14.25 per day.

Part 5 of 5: Calculate the cost of a driving mile

Step 1: Calculate cost per mile. Divide your total annual driving expenses by the number of miles you drive in a year.

• If you drive 12,000 miles per year and your annual expenses are $5,200, your cost per mile traveled is $43 per mile.

You can also enter your specific vehicle into AvtoTachki's maintenance schedule to find out how much your vehicle's regular maintenance and various services cost. It's a handy tool to use when you're doing comparison shopping and want to know if one car is worth significantly more than others you're considering.