The five-driving test mode is vehicle driving cycles made by the Environment Protection Association (EPA) in the United States of America (U.S.A.) to fully reflect actual driving environments. Recently, fuel consumption value calculated from the adjusted fuel consumption formula has been more effective in reducing the difference from that experienced in real-world driving conditions, than the official fuel efficiency equation used in the past that only considered the driving environment included in FTP and HWFET cycles. There are many factors that bring about divergence between official fuel consumption and that experienced by drivers, such as driving pattern behavior, accumulated mileage, driving environment, and traffic conditions. In this study, we focused on the factor of causing change of fuel efficiency value, calculated according to how many environmental conditions that appear on the real-road are considered, in producing the fuel consumption formula, and that of the vehicle’s accumulated mileage in a 2.0 L gasoline-fueled vehicle. So, the goals of this research are divided into four major areas to investigate divergence in fuel efficiency obtained from different equations, and what factors and how much CO2 and CO emissions that are closely correlated to fuel efficiency change, depending on the cumulative mileage of the vehicle. First, the fuel consumption value calculated from the non-adjusted formula, was compared with that calculated from the corrected fuel consumption formula. Also, how much CO2 concentration levels change as measured during each of the three driving cycles was analyzed as the vehicle ages. In addition, since the US06 driving cycle is divided into city mode and highway mode, how much CO2 and CO production levels change as the engine ages during acceleration periods in each mode was investigated. Finally, the empirical formula was constructed using fuel economy values obtained when the test vehicle reached 6500 km, 15,000 km, and 30,000 km cumulative mileage, to predict how much fuel consumption of city and highway would worsen, when mileage of the vehicle is increased further. When cumulative mileage values set in this study were reached, experiments were performed by placing the vehicle on a chassis dynamometer, in compliance with the carbon balance method. A key result of this study is that fuel economy is affected by various fuel consumption formula, as well as by aging of the engine. In particular, with aging aspects, the effect of an aging engine on fuel efficiency is insignificant, depending on the load and driving situation.