Preheat your oven to 325°F and place racks in the two middle positions. Prepare three 8-inch round cake pans with nonstick baking spray, then a round of parchment paper, and another layer of spray.
In the bowl of your stand mixer, fitted with the whisk attachment, place oil and butter and mix on high for 2 minutes. Reduce the speed to medium and slowly add in sugar. Then return speed to high and mix for an additional 4-5 minutes, until very pale yellow and fluffy.
Next, add eggs one at a time, combining well after each addition, and scraping down the bowl as needed.
Reduce your mixer speed to low and slowly add in flour, baking powder, salt, and baking soda. Mix until just combined, being careful not to overmix.
Lastly, add in sour cream, milk, vanilla, and sprinkles and mix on low until just combined. Turn off mixer.
Evenly divide batter among the three prepared pans. Place in the oven to bake for 18-25 minutes, or until a toothpick inserted into the center of the cake comes out just barely clean. Switch the racks the pans are on halfway through baking. Be careful not to over bake! (Begin checking for doneness around 16 minutes, because everyone’s oven is different.)
Remove the cakes from the oven and cool in the pans for 10 minutes. Then remove cakes from the pan and set on wire racks to cool completely, for about 20 more minutes.