AAA has a fuel calculator: http://fuelcostcalculator.aaa.com/
Gas Buddy will show the places with the cheapest gasoline. Pay attention to prices. The price can vary by as much as a dollar per gallon in remote areas (inside Yosemite NP for example.)
When will you be doing this trip? Gas is now about $3.5 per gallon, but will probably go up in the summer months. Assuming the Mustang gets 20 miles per gallon (a bit generous), you can do your own calculation.
There are many different models of Mustang -- each with different engines that use different amounts of gas. IMO, hiring a Mustang for this drive is a poor choice since the car will be used in 2 ways:
a. Riding along the freeways (motorways) which will be, for the most part, an unattractive experience with lots of wind, dust/sand and sunlight (if you're driving during the day) as well as 'wind noise' -- even if the top is up.
b. Driving from one hotel to the next on the Las Vegas Strip which is often 'slow going' due to the multitude of others doing the same thing.
c. If you stop for lunch or to tour or for a rest during the drives between L.A. and LV, park the car in a place that you can see it as it's likely that the boot will be too small for all of your luggage (the convertible top uses part of the boot space). As a result, there is a possibility that someone could cut into the canvas top and take your possessions if your car is in a car park out of view.
The best way to use a Mustang is in a low-speed environment with lots of views. If it were me, I'd get a conventional car for the drives and hire a Mustang for a day to experience it.
Most of the Mustangs I have seen for standard rental fleet are wimpy with low HPs. It was such a let down the few times we did that. My guess is the gas mileage for the standard fleet 'Stang is no worse than any other similar sized rental.Edited: 1:09 pm, January 03, 2014
You may want to check with the rental company as to what sort of gasoline your Mustang will need. Many models of Mustang require premium (91 Octane) gasoline, which is usually around $0.30 or so higher per gallon than regular gas.
In any case, gas costs vary a lot both by area and over time (i.e prices three days from now could rise or fall 10% or so, though they haven't been changing that quickly lately). Using Google Maps default routes for driving between these cities, you'd be driving around 1400 miles (excluding any driving within the cities). If you get 20 miles per gallon, that's about 70 gallons of gas. I'd figure an average cost of $3.75 per gallon, which means you'd be looking at something like $260.
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