New research from Outsurance Ireland has indicated that when unforeseen costs are factored in, Irish motorists can expect to spend an average of more than €10,000 a year to keep their petrol or diesel car running.
Using the most popular car in the Republic, the Hyundai Tuscon, as a benchmark, the insurer found that drivers can spend an average of €1,560 annually on fuel alone.
Outsurance’s calculation assumes that the motorist travels 15,000km in the year, the national average driven distance in 2023, according to the Central Statistics Office.
Motorists will also have to fork out €616 for insurance, based on figures from the Central Bank’s 2024 National Claims Information Database, the firm said.
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However, the steepest costs facing motorists relate to depreciation of their vehicle. A Hyundai Tuscon valued at €40,000 will have depreciated in value by around €6,274 in the year, Outsurance said.
Meanwhile, maintenance, which can include unforeseen costs like the replacement of tyres, can cost motorists some €736 on average annually.
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When other outlays like National Car Test (NCT) testing and motor tax are factored in, the average cost of running a car now equates to €865 each month or €28 a day, adding up to €10,373 annually.
“The unforeseen costs of car ownership often catch people off guard,” said Ian Kennedy, chief marketing officer at Outsurance.
“While most motorists factor in fuel and insurance, many overlook the expenses that can significantly add up, like a new set of tyres and tolls.
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“Costs that haven’t been budgeted for can be tricky to deal with considering the impact of inflation on people’s purchasing power.”
Mr Kennedy said motorists can take practical steps to keep their costs down like using fuel price comparison websites and shopping around for car insurance.
“Careful driver behaviour also goes a long way as it helps reduce costs down the line,” he said. “For example, regular harsh braking is only going to mean forking out for a new set of tires faster or clever route planning can also reduce unexpected out-of-pocket expenses.”
