Car Ownership Cost Calculator
Car Ownership Cost Calculator estimates the total annual cost of owning a car based on purchase price, financing, fuel, insurance, maintenance, and registration fees. Enter the required data and click “Calculate Costs” to see your annual and per-mile costs.
Enter Parameters
How to Use Car Ownership Cost Calculator:
- Enter the car purchase price and down payment.
- Enter the loan interest rate and term (set to 0 if no loan).
- Enter annual mileage, fuel efficiency, and fuel price.
- Enter annual insurance, maintenance, and registration costs.
- Click “Calculate Costs” to see your total annual and per-mile costs.
- Use “Share Result” or “Copy Result” to share or copy the output.
Calculation Details:
The calculator estimates costs using:
- Loan Amount: \\(\text{Purchase Price} – \text{Down Payment}\\)
- Monthly Loan Payment: \\(\text{M} = \text{P} \frac{\text{r}(1+\text{r})^\text{n}}{(1+\text{r})^\text{n} – 1}\\), where \\(\text{P} = \text{Loan Amount}\\), \\(\text{r} = \frac{\text{Interest Rate}}{12 \times 100}\\), \\(\text{n} = \text{Loan Term} \times 12\\)
- Annual Loan Cost: \\(\text{Monthly Payment} \times 12\\)
- Annual Fuel Cost: \\(\frac{\text{Annual Mileage}}{\text{Fuel Efficiency}} \times \text{Fuel Price}\\)
- Total Annual Cost: \\(\text{Loan Cost} + \text{Fuel Cost} + \text{Insurance} + \text{Maintenance} + \text{Registration}\\)
- Monthly Total Cost: \\(\text{Total Annual Cost} \div 12\\)
- Cost per Mile: \\(\text{Total Annual Cost} \div \text{Annual Mileage}\\)
Note: Costs exclude depreciation, parking, or tolls. Actual costs vary by vehicle and location.
Important Notes:
- Assumes fixed-rate loan and stable fuel prices.
- Maintenance costs vary by vehicle age and type (e.g., electric vs. gas).
- High annual costs (e.g., >$20,000) may indicate an expensive vehicle or financing terms.
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