In this study, the exergoeconomic analysis of a direct formic acid fuel cell (DFAFC) power system for transportation applications is applied. This analysis covers system components such as compressor, humidifiers, heat exchangers and the cooling system besides the fuel cell stack. The effect of the operating temperature, pressure, current density, anode cathode stoichiometry and reference properties on system are evaluated, to predict the performance as close to real-cases as possible. The exergetic cost of power production is utilized and parametrically investigated regarding the exergy destructions and efficiency of the system. It is found that the optimum conditions for fuel cell operation is 323 K temperature, 3 atm pressure, 303 K reference temperature and 3 anode stoichiometry, respectively. Copyright (C) 2015, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.