What is the true cost of owning a car?

The true ownership cost includes depreciation (typically 15–25% of value in year one), loan interest, insurance, fuel, servicing, tyres, and registration. Most people underestimate depreciation, which is often the largest single cost.

What costs the most when owning a car?

Depreciation is usually the biggest cost — a new car can lose 20–30% of its value in the first year and 50–60% over five years. After depreciation, fuel and insurance are typically the next largest expenses.

How much does a car cost per mile or kilometre?

Total cost per mile typically ranges from $0.25–$0.80 (£0.20–£0.65) depending on vehicle size, fuel type, and local prices. Electric vehicles tend to have lower running costs but higher depreciation on older models.

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Why depreciation dominates

A new car typically loses 20% of its value in year 1 and 40–50% over 5 years. On a £28,000 / $35,000 car that's £14,000 / $17,500 gone before you factor in a single tank of fuel.

This calculator shows you the true monthly cost so you can compare cars honestly — not just by sticker price or payment.

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Why depreciation dominates