Lifetime cost per mile

I did some calculations, based on the cost of the car, maintenance, insurance.

The car - assume depreciation to zero after 6 years/100,000 miles. See paragraph below.

The maintenance - I assumed that it would be the residual value of the car after 6 years 100,000 miles.

Insurance - 6 years.

Gas - assume 43 miles per gallon lifetime. Not too optimistic but I don't want to paint too rosy a picture.

Other cost - accident, tire puncture, new 12 V battery, all included in depreciation and/or the 43 miles per gallong.

Tax - not calculated because it is difficult.

Results: My guess is that the Prius III will cost me 31 cents and some tax per mile .

Please show me your calculations.

 

I am not a math major. I am assuming that after 6 years and 100,000 miles, the car would be worth about what I put in as maintenance. That would assume 20 oil changes, three sets of tires, and leaving a small margin for 30K, 60K and 90K mantenance including transmission fluid changes, radiator fluid changes, etc.

In my calculation I did not budget anything for maintenance so I am thinking like I am borrowing money against the car for all maintenance. When the amount of money I borrow is equal to the value of the car - which I assume is 6 years and 100,000 miles, I give the car back to satisfy my debt. That's my unscientific model for "using up the car in 6 years." If you throw in a few car washes, the cost of floor mats, etc, a new 12 volt battery, cabin filters, water pump etc, I figure it is about right.

I see another thread with the calculation of a Prius II that it can go down to 22 cents per dollar.

 

I always think about keeping the car for 200,000 miles but something always happens. Like I got married, I have a family. I am sure by the time the car is 6 years/100,000 miles I'll have to trade up. While I don't need a fancy car to impress people, my clients would probably worry about me if I don't own a respectable clean and modern car.

It's like my business suit.

 

Congratulations. Nice. 28.8 cents per mile. So why am I interested in this number? Say you calculated that it is 30 cents per mile. Then you would not drive another mile to buy gas that is 5 cents cheaper because a 10 gallon fillup saves you 50 cents and driving 1 mile there and 1 mile back actually cost you 60 cents.

Or if you have to drive 10 miles to a movie theater for a date, the tickets better be $6 cheaper because it cost you $3 to get there and $3 to come back.

All these calculations can be done if you know the true cost. If you don't know, you have to trust your gut instincts, which could be wrong.

That dollar cup of coffee, 2.5 miles down the road, actually cost you 2.5 miles there, 2.5 miles back, 5 miles total = $1.5 in gas. So the dollar cup of coffee is actually $2.50 a cup.

The worst number, when I am zipping down the road at 75 miles per hour is really $22.50 dollars an hour. That's after tax. So you add income tax, social security, sales tax (on gas), it is actually $30 dollars an hour.

A lot of people are into hypermiling to squeeze an extra 5 mpg out of the car. I practice smart driving/combining trips etc to save the most money overall.