A new report from a leading car sales company has examined trends in the Irish motoring market, finding that a staggering number of Irish drivers are finding fuel costs difficult.
According to the latest Motoring Report from car buying experts Carzone, Irish motorists are facing increasing financial pressures with 69% citing fuel costs as their top financial concern when it comes to running a car.
The annual report, which examines trends in the Irish motoring industry, found that a third spend between €201 – €300 per month on running costs and 23% spend upwards of €300 per month to keep their vehicle on the road.
When it comes to running a car, unsurprisingly for 69% of Irish car owners fuel cost is the top financial concern when it comes to running a car. The cost is front of mind for many, 40% say they always check the price of fuel before filling their tank and 41% sometimes check.
A high cost of fuel also means motorists are considering other modes of transport, with almost half of those surveyed (45%) using public transport more often.
Insurance also remains one of the top financial concerns for 65% of motorists and it seems to be on the rise, with insurance premiums increasing for 1 in 3 motorists (36%) this year.
However, savings-savvy car owners are keen to secure the best deal possible, with 78% saying they shopped around for a more competitive quote before buying insurance.
When it comes to their next car purchase, almost half of Irish motorists say that fuel type is now the most important factor when considering their next model.
Increasing costs are already impacting the choice of vehicle for many motorists, with 18% admitting they chose to buy a smaller car to save on running costs (fuel, tax, insurance).
A further 33% said they have already downsized, or plan to downsize the number of cars in their household to cut back costs.
Some key findings from the report include:
- 33% spend between €201 – €300 on running costs per month and 23% spend upwards of €300
- 69% say fuel cost is the top financial concern when it comes to running a car
- 45% are using public transport more often due to fuel costs
- 33% say they have already downsized, or plan to downsize the number of cars in their household to cut back on costs
- 35% of Irish motorists plan to purchase an electric or hybrid model as their next car
- A third (33%) of car buyers had to consider other brands/models due to stock shortages
- 57% chose to purchase hybrid or electric cars because they’re cheaper to run
- Almost half (46%) of Irish motorists intend on using car finance to purchase their next car
- Just over half (57%) of the respondents chose an electric/hybrid car over other fuel types as it is better for the environment
- 71% are cutting back on driving due to the high cost of fuel
- 50% do not believe the Government's target of having 945,000 electric vehicles on Irish roads by 2030 is realistic
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