People are 'not aware' of how much their car costs to run

DRIVERS ARE UNDERESTIMATING the cost of running a car by 50%, a new study has found.

The research conducted by the Economic and Social Research Institute (ESRI) found that many drivers overlook substantial costs including insurance, maintenance and parking.

Over 70% of drivers are underestimating their costs, mostly by a substantial amount.

“These findings show that most motorists are not aware of how much their car costs them each year,” said Shane Timmons, co-author of the study.

“When people think about motoring costs, they focus on the most visible expenses, especially fuel, but overlook other costs that add up over time.”

ESRI surveyed over 800 drivers across the country. Participants were first asked to give their best estimate of how much they personally spend each year on owning and running their car.