Whether you’re planning a road trip or deciding whether or not to give your friend a ride to the mall, it’s good to know exactly how much the drive will cost you. Let’s say the average car gets 24 miles per gallon, and the average price per gallon is $3.50. That’s about 14 cents per mile.
However, this price doesn’t show the whole picture. There are also costs related to engine wear, oil changes, tires, alignment and other maintenance costs, in addition to insurance, registration and inspections. So, how do we factor in all these expenses?
Luckily, the IRS has already done that for us. Each year, the Internal Revenue Service calculates the average value of one mile driven in the average car so that people who use their vehicle for work can know how much to deduct from their taxes. For 2014, the average cost-per-mile was estimated at 56 cents. So, a quick, say 10-mile drive to the mall and back would be $5.60. Meanwhile, a 200-mile road trip would be $112.
So, the next time you plan on driving somewhere, remember just how much that drive is really costing you.