How to Calculate Your Gas Cost Per Mile

Understanding how much money you spend on fuel for each mile driven offers valuable insight into your vehicle’s operating expenses. This calculation provides a clear financial metric for your transportation costs. It allows for a more precise assessment of your personal or business travel expenses. Determining this figure can inform budgeting and highlight opportunities for savings.

Gathering Essential Data

To calculate your gas cost per mile, collecting accurate data points is the foundational step. Before you begin, gather your starting odometer reading. This initial reading establishes a clear baseline for your measurement.

Next, you will need the ending odometer reading. This should be recorded at your subsequent fuel fill-up or at the conclusion of the specific trip you are analyzing. Keeping your fuel pump receipts is important, as these documents provide critical information: the total number of gallons added to your tank and the total cost of that fuel purchase. Ensure you fill the tank completely to get the most accurate measure of gallons consumed.

Calculating Miles Per Gallon (MPG)

Miles per gallon (MPG) indicates how far your vehicle travels on a single gallon of gasoline. This metric is a direct measure of your vehicle’s fuel efficiency. To determine your MPG, you first subtract the starting odometer reading from the ending odometer reading to find the total miles driven.

Then, divide the total miles driven by the number of gallons of fuel added during that period. For instance, if you drove 300 miles and added 10 gallons of fuel, your MPG would be 300 miles divided by 10 gallons, resulting in 30 MPG. This calculation provides a clear understanding of how efficiently your vehicle consumes fuel. The resulting MPG figure is a necessary component for understanding your per-mile fuel expense.

Determining Gas Cost Per Mile

The gas cost per mile represents the monetary expense incurred for each mile your vehicle travels. This figure provides a direct financial understanding of your fuel consumption. One straightforward method to calculate this is by dividing the total cost of fuel by the total miles driven for a specific period.

For example, if you spent $45 on fuel to travel 300 miles, your gas cost per mile would be $45 divided by 300 miles, equating to $0.15 per mile. An alternative approach utilizes your vehicle’s MPG and the price per gallon. If gasoline costs $3.50 per gallon and your vehicle achieves 30 MPG, dividing $3.50 by 30 MPG yields approximately $0.1167 per mile. Both methods provide the same essential insight into your fuel expenditure, allowing you to express the result as a cost in dollars and cents for each mile traveled.