Free total cost tool

Car Ownership Cost Calculator — True Cost Per Year & Mile

The sticker price is only the beginning. Add depreciation, fuel, insurance, maintenance and financing to see what your car really costs.

5-year total cost Cost per mile Visual breakdown 100% free

Calculate Your True Cost of Ownership

Every major cost category, one honest number.

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Total 5-year ownership cost
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$0 per mile · $0 per month
Resale value after 5 yrs$0
Net cost (total − resale)$0
Depreciation is usually the biggest cost — often more than fuel and insurance combined. Keeping a car longer slashes cost per mile dramatically.

What Does It Really Cost to Own a Car?

AAA estimates the average new car costs roughly $10,000–$12,000 per year all-in. The purchase price is just the entry ticket — depreciation, fuel, insurance, maintenance and interest pile on for years.

The 5 Cost Buckets

  • Depreciation (~40%): the biggest cost, front-loaded in years 1–3.
  • Fuel (~20%): driven by MPG and miles — the easiest lever to pull.
  • Insurance (~15%): shop annually; loyalty rarely pays.
  • Maintenance & repairs (~15%): grows with age — budget more after year 5.
  • Financing (~10%): interest on the loan; shorter terms and bigger down payments shrink it.

How to Cut Ownership Cost

  • Buy 2–3 years used and keep it 8–10 years — the cheapest strategy by far.
  • Choose fuel-efficient, reliable brands with slow depreciation.
  • Drive less, maintain on schedule, and compare insurance yearly.

Your loan payment is usually the biggest slice of ownership cost — get it exact with our auto loan calculator.

Frequently Asked Questions

What is the average cost of owning a car per year?

AAA puts it around $10,000–$12,000/year for a new car, or roughly $0.70–$0.85 per mile including depreciation, fuel, insurance and maintenance.

What is the biggest cost of owning a car?

Depreciation — typically 40%+ of total ownership cost in the first 5 years, more than fuel and insurance combined.

How is cost per mile calculated?

Total ownership cost (including depreciation) divided by miles driven. Driving more spreads fixed costs thinner — but adds fuel and wear.

Is it cheaper to keep an old car or buy new?

Keeping is almost always cheaper per year — a paid-off car’s cost drops to fuel, insurance and maintenance. The math only flips when repair bills exceed ~$3,000/year consistently.

Do EVs cost less to own?

Often yes on running costs — electricity is cheaper than gas and maintenance is lower (no oil, fewer brakes). But faster depreciation and higher insurance can offset it; run the numbers per model.

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