Total Car Ownership Cost Calculator
Calculate the true total cost of owning a car including purchase price, fuel, insurance, maintenance, and depreciation over time.
The sticker price of a car is only the beginning. Total Cost of Ownership (TCO) adds every dollar you’ll spend over your ownership period — and the results are often eye-opening. A cheaper car can easily cost more to own than a more expensive one.
Formula: TCO = Purchase Price + Financing Cost + Insurance + Fuel + Maintenance + Registration + Depreciation Loss
Annual TCO: Annual TCO = TCO ÷ Years of Ownership
Cost per mile: Cost per Mile = Annual TCO ÷ Annual Miles Driven
What each variable means:
- Financing Cost: total interest paid over the loan term (use the amortization formula or loan calculator).
- Depreciation Loss: Purchase Price − Estimated Resale Value. New cars lose 15–25% of value in year one alone.
- Fuel Cost: (Annual Miles ÷ MPG) × Price per Gallon.
- Maintenance: oil changes, tires, brakes, scheduled services. Budget $1,000–$2,500/year for most vehicles.
- Insurance: varies hugely by driver age, location, and vehicle type.
Worked example: $35,000 car, financed over 5 years at 6% APR, driven 12,000 miles/year.
- Financing cost: ~$5,600 total interest
- Depreciation: $35,000 − $18,000 resale = $17,000 over 5 years
- Fuel (28 MPG, $3.50/gal): $1,500/year × 5 = $7,500
- Insurance: $1,800/year × 5 = $9,000
- Maintenance: $1,200/year × 5 = $6,000
5-Year TCO = $35,000 + $5,600 + $17,000 + $7,500 + $9,000 + $6,000 = $80,100 Cost per mile = $80,100 ÷ 60,000 = $1.34/mile
Typical range: $0.60–$1.50 per mile depending on vehicle class.
How we build and check this calculator
This calculator runs entirely in your browser, so the numbers you enter stay on your device. The math behind it is written by hand and tested against worked examples and standard references before the page goes live.
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