Cost-Per-Mile Worksheet
Knowing your cost per mile is the single most important number for an owner-operator. It tells you the minimum rate you need to break even on every load. Use this free worksheet to figure out yours.
Step 1: Add Up Your Monthly Fixed Costs
Fixed costs stay about the same no matter how many miles you drive.
| Fixed cost | Your monthly amount |
|---|---|
| Truck payment or lease | $ |
| Trailer payment or lease | $ |
| Insurance (liability, cargo, physical damage) | $ |
| Permits, registration, and plates (yearly cost ÷ 12) | $ |
| Phone, ELD, and software | $ |
| Accounting and other business fees | $ |
| Total fixed costs | $ |
Step 2: Add Up Your Monthly Variable Costs
Variable costs go up and down with the miles you drive.
| Variable cost | Your monthly amount |
|---|---|
| Fuel | $ |
| Maintenance and repairs | $ |
| Tires | $ |
| Tolls and scales | $ |
| Parking and lumper fees | $ |
| Total variable costs | $ |
Step 3: Do the Math
- Total monthly costs = fixed costs + variable costs
- Cost per mile = total monthly costs ÷ total miles driven that month (including empty miles)
- Your target rate = cost per mile + the profit you want to earn per mile
Example
An owner-operator has $9,000 in fixed costs and $12,000 in variable costs in a month, and drives 10,000 total miles.
- Total costs: $9,000 + $12,000 = $21,000
- Cost per mile: $21,000 ÷ 10,000 miles = $2.10 per mile
- To earn $0.50 per mile in profit, the target rate is $2.60 per mile, counting empty miles.
These numbers are only an example. Your costs will be different, so use your own records.
Tips
- Count deadhead (empty) miles. They cost you fuel and time, even if they do not pay.
- Update your numbers every month, especially when fuel prices change.
- Set aside money for taxes and major repairs before you count your profit.
- Visit our Owner-Operator Center and Free Financial Help page for more.
