1. What is Rental Vs Mileage Comparison?

This calculator compares the cost of renting a vehicle versus using your personal vehicle based on mileage and your personal cost per mile. It helps determine which option is more economical for your specific situation.

2. How Does the Calculator Work?

The calculator uses the following equation:

Where:

• \( \text{Rental Cost} \) — Total cost to rent the vehicle (USD)
• \( \text{Mileage} \) — Expected miles to be driven (miles)
• \( \text{Personal Cost} \) — Your cost per mile for your personal vehicle (USD/mile)

Explanation: A positive result means using your personal vehicle is cheaper, while a negative result means renting is cheaper.

3. Importance of Cost Comparison

Details: Comparing these costs helps make informed financial decisions about vehicle usage, especially for trips where both options are feasible.

4. Using the Calculator

Tips: Enter the total rental cost in USD, expected mileage in miles, and your personal vehicle cost per mile. All values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: What should be included in personal cost per mile?
A: Include fuel, maintenance, depreciation, insurance, and other variable costs associated with driving your vehicle.

Q2: How accurate is this comparison?
A: It provides a basic comparison. For precise calculations, consider all potential costs like parking, tolls, and time value.

Q3: Should I include fixed costs in personal cost?
A: Only include variable costs that change with mileage (like fuel and maintenance), not fixed costs like insurance you'd pay anyway.

Q4: What about rental insurance?
A: Include any additional insurance costs in the rental cost if you plan to purchase it.

Q5: How does this apply to business trips?
A: The same calculation applies, but check if your employer reimburses mileage at a different rate than your actual cost.