Your GPS specs should list an accuracy -but note that is best possible.
Will vary with number of satelites and their relative positions.
(6 directly overhead don't give very good triangulation data, whereas several spaced out at 40 deg above the horizon will give dood results.)
The other issue is that the GPS is giving you a "quasi instantaneous speed". It is computing position, then a fixed time later, computing another position, subtracting the 1st from the 2nd, dividing by the time increment. The time increment on all but really crappy GPS will be fairly small, improving the accuracy, but the speed is an average over that increment, and therefore doesn't account for curves (horizontal plane) or hills (which increase distance traveled vertically) except for straight line, point to point. So, if you've got a pretty good gps, a good selection of satelites (a good gps will have a display page to show you relative locations of the satelites it's using), you can assume that the accuracy is pretty close to the specs in the manual. For a straightaway run, it's a good comparison.
Checking my Tacoma and Odyssey odos against mile markers over 10 miles indicates about a 2% average error.