How do I calculate my cost per mile?

How do I calculate my 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 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 gas cost per mile?

What is it costing you in gas per mile? Enter the price per gallon. Gas rate = price per gallon divided by miles per gallon = price per mile.

How much does a mile cost?

According to the Internal Revenue Service, a mile costs $0.53.

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.

How is transportation cost calculated?

Calculating your transportation costs

1. Calculating the total sales revenue. Revenue refers to the total value of the sales you’ve made within a given period. …
2. Transportation-level costs. …
3. Flexibility and speed. …
4. Distance. …
5. Weight, volume, and density of shipments. …
6. Fuel costs. …
7. Seasonal demand. …
8. Service level costs.