What is the average cost per mile to drive?

What is the average cost per mile to drive?

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.

What is the IRD mileage rate for 2022?

Use it for the business portion of the first 14,000 kilometres travelled by the vehicle in a year….The table of rates for the 2021-2022 income year.

Vehicle type	Tier 1 rate per km	Tier 2 rate per km
Petrol or diesel	83 cents	31 cents
Petrol hybrid	83 cents	18 cents
Electric	83 cents	10 cents

What is the cost of 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.

Modle	Explorer
Average Miles per year	15,000
Average Maintenance & Repairs in Year 3 of Ownership	$ 2,919
Annual Depreciation in Year 3	$ 2,449
Total Cost Per Mile	$ 0.35 per mile

How do I calculate my car 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.

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.

Mileage purpose	2019	2018
Business	58 cents/mile	54.5 cents/mile
Medical	20 cents/mile	18 cents/mile
Charitable	14 cents/mile	14 cents/mile

What is the IRS mileage rate for 2021 NZ?

IRD mileage reimbursement rates

	2020 year	2021 year
Vehicle type	Tier One rate	Tier One rate
Petrol or diesel	82 cents	79 cents
Petrol hybrid	82 cents	79 cents
Electric	82 cents	79 cents

How much mileage can I claim NZ?

The claim will be limited to 25% of the vehicle running costs as a business expense. However, you may be asked to substantiate the percentage claimed. Before the 2018 income year, if the kilometre rates are used, the claim will be limited to 5,000 kilometres.

How much of my car can I write off for business?

To compute the deduction for business use of your car using Standard Mileage method, simply multiply your business miles by the amount per mile allotted by the IRS. For tax year 2021, that amount is 56 cents per mile. In the example above, the deduction turns out to be $2,800 (5,000 miles x $. 56 = $2,800).