How do you work out cost per mile?

How do you work out 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 does a car cost per mile UK?

How much does it cost per mile to run a car in the UK? The cost to drive a car has risen to around 47p per mile, which we calculate by dividing average annual car running costs of £3,556 by average car mileage of 7,600 miles per year.

What 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 does a mile of petrol cost UK?

How much is petrol per mile? On a per mile basis, the fuel costs around 20.1 pence per mile for a petrol car; the fuel costs around 17.9 pence per mile for a diesel car.

How much is wear and tear on a car per mile?

How much does it cost to drive my car? These are average numbers based on a 3 year old car….Cost of Wear and Tear on a Vehicle Per Mile: A handy chart.

How much should I charge per mile UK?

The 2021 rates are: 45p per mile for cars and vans for the first 10,000 business miles travelled (25 pence over 10,000 miles) 24p per mile for motorcycles. 20p per mile for cycles.

What is average cost of petrol per mile?

Petrol: Urban driving: 19p per mile. Motorway driving: 13p per mile. Urban driving: 16p per mile.

Is 58 cents a mile good?

The standard mileage rate increased to 58 cents per mile in 2019. This is a huge increase from 2018’s rate of 54.5 cents per mile….Mileage rates: the good news and the bad news.

What is the average cost per mile in 2021?

Beginning on January 1, 2021, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven, down 1.5 cents from the 2020 rate. 16 cents per mile driven for medical* or moving purposes, down 1 cent from the 2020 rate.

How do I calculate wear and tear on my car?

1. Fuel + oil changes + new tires + other maintenance/repairs + depreciation = wear and tear per mile.
2. Avg. …
3. Oil change cost / mileage = cost per mile.
4. Tire cost / 60,000 miles = cost per mile.
5. Annual spend / miles per year = cost per mile.
6. (Vehicle cost – trade-in value) / expected mileage = cost per mile.

What is the UK mileage rate for 2020?

As a result, the current AMAP rates are 45p per mile for the first 10,000 miles and 25p per mile thereafter….Historical HMRC AMAP rates.

What does 45p a mile cover?

The 45p per mile mileage allowance covers all costs you incur in your business driving such as fuel and maintenance, depreciation, insurance and road tax. The allowance only covers driving that you did for business purposes, and you can’t claim personal driving expenses.

Is 45p a mile enough?

Emilia Shovelin, at This is Money, replies: For employees who rely on their own car for work, the 45 pence per mile allowance is usually sufficient for covering petrol costs, insurance, and maintenance.