On average I only keep my cars for maybe 2-3 years max so it makes more sense to consider cost per mile based off of depreciation. If I plan to keep it longer I don’t look at the costs as long as I can get my use out of it.
i do not factor in standard maintenance/operating costs(oil, fuel, wipers, etc). I also don’t factor in taxes either due to the fact I’ll be paying it on every single vehicle I buy.
I do factor in repairs that otherwise render the vehicle inoperable.
For example my 91 Corvette was $6500. Did a water pump, belts, headlight motor, new seats. My cost at this point is 7400 plus tax/reg and some small stuff. All in I’m just over 8k. But using the $7400 figure as a starting point, I figure I can probably realistically move this car at $6000. $1400 loss over 1600 miles = $0.88 a mile. Ideally if I can reach 25¢ or lower I would consider it money well spent.
My purchased new 2017 Outback depreciated $11,500 over 3 years/59k miles. 19¢ a mile. I can live with that.
my Maserati on the other hand - depreciation and maintenance cost me $11500 over 9,000 miles/1 year. That’s $1.27 a mile in a short amount of time.
what I’m not factoring in to 88¢ Is that it also keeps miles off my Tacoma which will indirectly lower my overall costs - although I probably won’t ever see it.