1 Asphalt driveway paving costs $2-$6 per square foot installed. 2  For a 500 square foot (50 x 10) driveway this works out to an average cost of $2500. 3  A Macadam driveway, also known as tar and chip, consist of crushed stone or gravel sprayed with liquid asphalt.4  They cost around $2-$5 per square foot. A cost estimate for driveway resealing is between twelve and eighteen cents per square foot. 2  For a 1000 square foot driveway this costs a total of $120-$180. 3  Removing an existing driveway costs $50-$60 per hour. 4  Driveways with slopes, curves, or that are otherwise difficult to surface will cost more in labor.