Hi,
I was wondering if anyone has any links to useful guides/threads on calculating cost per mile? Im sure this is something Fox has probably got nailed but couldn't find anything specific.
Reason behind asking is currently I use my own vehicle for work and claim mileage. The company have requested we use spare vans where possible to reduce mileage claims (fair enough I guess), however there is no guarantee a van will be available at which point we will be back in our own vehicles and claiming mileage. My gripe is, we only require a second car due to the business use, without that we could quite happily sell one of our cars.
Therefore I am trying to calculate the cost per mile of running our 2006 1.6 Astra.
So far I have calculated the standing costs as -
Insurance £500.00
Tax £175.00
MOT £35.00
Annual Service £150.00
Depreciation (10% of vehicle value) £400.00
Breakdown Cover £82.00
Total Annual Standing Costs £1,342.00
Monthly Cost £111.83
Further to that I want to try and calculate the running costs per mile therefore allowing me to calculate the minimum number of miles I need to claim from the business per month to break even on running costs.
The car generally averages 32mpg (short journeys, city driving) as well as needing to factor in the cost of tyres, wear and tear and consumables.
I hope this makes some sense, if anyone is able to point me in the direction of a reasonable accurate formula for calculation as well as any potential expenses i've missed it would be much appreciated.
Cheers,
Russ
I was wondering if anyone has any links to useful guides/threads on calculating cost per mile? Im sure this is something Fox has probably got nailed but couldn't find anything specific.
Reason behind asking is currently I use my own vehicle for work and claim mileage. The company have requested we use spare vans where possible to reduce mileage claims (fair enough I guess), however there is no guarantee a van will be available at which point we will be back in our own vehicles and claiming mileage. My gripe is, we only require a second car due to the business use, without that we could quite happily sell one of our cars.
Therefore I am trying to calculate the cost per mile of running our 2006 1.6 Astra.
So far I have calculated the standing costs as -
Insurance £500.00
Tax £175.00
MOT £35.00
Annual Service £150.00
Depreciation (10% of vehicle value) £400.00
Breakdown Cover £82.00
Total Annual Standing Costs £1,342.00
Monthly Cost £111.83
Further to that I want to try and calculate the running costs per mile therefore allowing me to calculate the minimum number of miles I need to claim from the business per month to break even on running costs.
The car generally averages 32mpg (short journeys, city driving) as well as needing to factor in the cost of tyres, wear and tear and consumables.
I hope this makes some sense, if anyone is able to point me in the direction of a reasonable accurate formula for calculation as well as any potential expenses i've missed it would be much appreciated.
Cheers,
Russ
