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True monthly cost of owning a car.
The true monthly cost of a car is the payment plus insurance, fuel or charging, maintenance and tires, and other yearly costs such as registration and parking. Dividing the yearly total by miles driven gives the cost per mile. Enter your numbers below.
- Payment
- $550.00
- Insurance
- $160.00
- Fuel
- $121.43
- Maintenance
- $75.00
- Other
- $25.00
- Per year
- $11,177.14
- Cost per mile
- $0.93
- Fuel + maintenance per mile
- $0.20
Estimates for planning and comparison only, not financial, legal or tax advice. Rates, taxes and fees vary by lender, state and credit. Check the final numbers on the signed contract. Nothing you type is sent or saved.
How this calculator works
- Fuel per year = miles ÷ mpg × fuel price (gas), or miles × kWh per mile × price per kWh (electric).
- Monthly cost = payment + insurance + (fuel + maintenance + other per year) ÷ 12.
- Cost per mile = monthly cost × 12 ÷ miles per year.
Assumptions and limits
- Leaves out depreciation, which for most cars is the largest cost of ownership.
- Insurance varies by driver, location and vehicle. Get a quote on the exact VIN before you sign.
True monthly cost: questions
What costs are part of owning a car?
The payment, insurance, fuel or charging, maintenance and tires, registration and taxes, parking and tolls, and depreciation.
Is an electric car cheaper to run?
Often per mile, depending on electricity and gas prices where you live and how much public charging you use. Enter both versions in the calculator to compare.
How much should I spend on a car each month?
There is no single rule. Budget on the total monthly cost, not just the payment, and keep room for repairs and savings.
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