Whether you are paving over your old driveway or laying a new one entirely, asphalt driveways can have significant costs attached to their construction. A standard black asphalt driveway costs between $1 and $5 per square foot, averaging $3.50. You can expect to pay between $500 and $2,500 for a 10 foot by 50 foot driveway. Larger projects may have significantly different numbers attached. For example a ¼ mile driveway can cost $20,000 to $50,000.