Cost Comparison Formula:
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The Drive or Fly Calculator helps you compare the total cost of driving versus flying for a trip, considering both direct costs (fuel or airfare) and the value of your time.
The calculator uses the following formula:
Where:
Explanation: The calculator compares the sum of direct costs and time costs for both transportation methods.
Details: Many people only consider direct costs when choosing transportation, but time is often the most valuable resource. This calculator helps make more informed decisions by quantifying both factors.
Tips:
Q1: How should I determine my time value?
A: Many people use their hourly wage. Others may value leisure time differently than work time.
Q2: Should I include hotel costs for overnight driving?
A: Yes, any additional costs associated with one method should be included in that method's total.
Q3: What about wear and tear on my vehicle?
A: The IRS mileage rate includes depreciation - you could use this as a more comprehensive driving cost.
Q4: How accurate are the results?
A: Results depend on accurate inputs. The calculator provides estimates, not guarantees.
Q5: What other factors should I consider?
A: Comfort, environmental impact, luggage needs, and personal preference may also influence your decision.