Driving → reality

The true cost of a mile

Fuel is the only cost you watch, because it's the only one that makes you stand in the cold and hand over money. It's rarely more than a quarter of the bill. Depreciation, finance interest, insurance and servicing are quietly charging you by the mile whether you notice or not.

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The car

What you paid for it ($)Drive-away price, including any dealer fees and registration.

$

What it'll be worth when you sell ($)Look up the same model at your end age and mileage. Be pessimistic; the market usually is.

$

Years you'll keep it

Miles driven per year

Finance

Amount financed ($)Leave at zero if you paid cash, but see the note below on what cash costs you.

$

Interest rate (APR %)

Loan term (years)

Costs that arrive whether you drive or not

Insurance per year ($)

$

Motor tax, VED or registration per year ($)

$

Servicing, repairs and testing per year ($)Average it across the whole ownership period. The cheap years pay for the expensive one.

$

Tyres per year ($)A set every three years is a third of a set every year.

$

Costs that scale with driving

Fuel or charging per month ($)Petrol, diesel, home charging, public charging, whatever moves the car.

$

Tolls and parking per month ($)

$

Quick questions

How do I estimate resale value?

Check current listings for your make, model and expected age and mileage on Carzone, Done Deal or AutoTrader. Use a realistic private sale or trade-in figure rather than the optimistic end of the range.

What should I put for servicing and maintenance?

Budget €500-800 a year for a relatively new car in good condition. Older vehicles or those with a history of issues might warrant €1,000-1,500. Average it out honestly.

How do I handle an electric car?

Enter your monthly charging cost in the fuel field. Calculate it from your average kWh per month times your home electricity rate, plus any public charging you use.

Read the full guide to the true cost of car ownership→