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A report from the Economic and Social Research Institute (ESRI) finds that Irish motorists are consistently misjudging the expenses tied to car ownership. The analysis indicates that drivers often overlook crucial costs like insurance and repairs, resulting in an average underestimation of approximately €1,000 per year.
A significant number of drivers in Ireland are underestimating the annual cost of running their cars, according to a recent study by the Economic and Social Research Institute ( ESRI).
The research, which involved over 800 motorists, revealed that while drivers typically estimate their yearly expenses around €2,000, the actual cost is closer to €3,000 - nearly 50% higher. The study highlighted that many drivers fail to consider secondary expenses such as insurance, taxes, and maintenance, leading to this substantial gap in perception.
Furthermore, the data showed that electric vehicle (EV) owners report much lower annual costs (around €1,560) compared to those driving petrol or diesel cars, emphasizing the financial benefits of switching to greener transportation options
Car Costs ESRI Electric Vehicles Motoring Expenses Transport Research
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