The average monthly cost of owning and running a car has reached €224, according to a new report from Carzone, reports Breaking News.
The findings, based on a survey of 1,000 Irish motorists conducted in November, showed that 54 per cent experienced an increase in insurance premiums last year, and while most looked for better deals, 64 per cent ultimately remained with their current insurer, reports Breaking News.
When it comes to replacing vehicles, cost continues to be the most important consideration. Most buyers expect to spend under €25,000, although average budgets increased by €1,900 compared with last year. Older drivers are willing to spend more, with those aged over 65 planning an average outlay of €30,400.
Second-hand cars continue to dominate sales, but 34 per cent of respondents said their next purchase would be a new car, up from 28 per cent a year ago. The average length of car ownership in Ireland dipped slightly to 5.2 years, reports Breaking News.
Only 10 per cent said their next car would be electric, with lower running costs and reduced environmental impact cited as the main reasons. However, concerns persist, as 71 per cent said there are not enough public charging points and 69 per cent believe electric vehicles remain too expensive.
The survey also found that 29 per cent expect their next car to be diesel, 26 per cent hybrid or plug-in hybrid, and 22 per cent likely to opt for petrol, reports Breaking News.
Despite the arrival of many new manufacturers, particularly from Asia, brand loyalty remains high, with 79 per cent saying they would choose the same brand again.
Even as costs continue to rise, car ownership remains central to everyday life, with 96 per cent saying owning a car is important and 53 per cent describing it as “essential”. Women and people aged over 45 were most likely to consider car ownership essential, reports Breaking News.
According to Conor Faughnan of Carzone: “We’ve seen that the average household is spending approximately 15-20 per cent more of their disposable income on motoring compared to 20 years ago, so it has been a long-term trend. This is driven both by rising costs, and by the types of cars households are purchasing, with trends moving away from hatchbacks to SUV style cars in recent years”, reports Breaking News.
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