How do you calculate the cost per mile?

How do you calculate the cost per mile?

Calculating cost per mile becomes a simple equation once you know your mileage and total expenses. Divide your total expenses by the total number of miles driven, and the result is your cost per mile. For example, the USPS drives 1.2 billion miles every year, with annual costs totaling $82.2 billion.

How do you calculate true cost?

Determine the total hours you plan on working for the year, subtract non-billable time (such as bookkeeping, billing and upgrading skills) from your total hours to find your billable hours for the year. Calculate your total annual cost by adding your annual overhead and labor costs, including salaries and benefits.

How do you calculate average fixed cost per mile?

To calculate your cost per mile, simply divide your total expenses for the month by the total number of miles you have driven that month. For example, if your expenses totaled $3,000 and you drove 10,000 miles, your cost per mile is $0.30.

How much is the average cost per mile?

Fuel costs an average of 10.72 cents a mile, though that expenditure varies widely based on the vehicle’s fuel efficiency. Electric vehicle owners pay an average of 3.66 cents a mile traveled, compared with 15.81 cents a mile for pickup truck owners. Maintenance and repair costs work out to 9.55 cents a mile.

How much should I pay per mile?

58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021, 18 cents per mile driven for medical, or moving purposes for qualified active-duty members of the Armed Forces, up 2 cents from the rate for 2021 and.

How do I calculate travel costs?

Add up Your Trip Cost Take the mileage of the total distance of your trip and divide it by your miles per gallon to get the number of gallons of gas you will need on your journey. Then multiply that figure by the current gas price, and the result is the estimated cost of gas for your road trip.