Work out cost per day of a purchase instantly with clear inputs, formula shown and shareable results.
Cost per day spreads the purchase price plus running costs, less resale value, over the days you will actually use the item. It is the fairest way to compare a cheap item used rarely with an expensive one used daily.
Cost per day
Cost per day = (price - resale + running cost × years) / (years × 365)
Figures are estimates for planning only. Prices, returns, inflation and personal circumstances all change. This is not financial or tax advice — speak to a qualified adviser before making decisions.
Sometimes legitimately — a durable item used daily can cost less per day than a cheap one replaced yearly.
Overestimating years of use. Be honest about how long you will really keep and use the item.