What's the news?
Carzone.ie, the car-buying expert website, has conducted its ninth annual Motoring Report, looking at all sorts of trends across the automotive industry - and it has concluded that the number one financial concern for Irish motorists is the cost of insurance premiums.
The biannual index revealed that fully 75 per cent of Irish people surveyed (a total of 2,030 motorists) have seen an increase in their insurance premium in the last year, while 33 per cent have downgraded their insurance policy because of the spiralling cost. After insurance, the next biggest fiscal concern was the price of fuel.
Slightly more than a third (37 per cent) of respondents said they spend between €120-€200 running their car each month, while 15 per cent spend in excess of €300 per month keeping their car on the road. Considerably more than half (56 per cent) of people who replied to the survey believe the cost of running their car has increased over the past year.
With the report also compiled by analysing data from the 70 million searches carried out on Carzone.ie from June to November 2017, it's clear to see Irish motorists are starting to consider an electric vehicle. From the survey, 16 per cent said they would consider buying an electric car in the near future, while the number of searches for electric cars on Carzone has increased by more than 180 per cent year-on-year in 2017.
Factors behind this upswing could be the zero per cent rate of Benefit-in-Kind incentive on electric vehicles, to make them more attractive for business, but 'being kind to the environment' was the number one reason given as to why people would switch to an electric car. However, access to charging points continues to be a concern - 82 per cent of respondents say they do not have a charging point at their workplace, while rural dwellers struggle to find them closer to home, with just 30 per cent of those living in the country having a charging station less than 5km away.
Nevertheless, 54 per cent would consider buying a hybrid in the near future, while 69 per cent believe it will be more than 10 years before electric cars make up more than half of the cars sold in Ireland.
Some other trends, then. More than a third (34 per cent) of motorists polled have seen their commute time increase across the past 12 months, with one-in-five spending more than an hour commuting to work each day. Nearly three-quarters (75 per cent) travel to work in their car and 88 per cent use their car every day. Despite the availability of public transport, 69 per cent of those who responded to the survey and who live in an urban area choose to drive to work.
So important is the car to Irish people that 34 per cent plan to buy a brand-new or used car in 2018, with 30 per cent of those buying used opting for newer vehicles on a 151-plate or above. For people who are going to sign on for a shiny new model from a dealership, 35 per cent will use savings for their purchase, 28 per cent will take out a loan from the Credit Union and 17 per cent will use PCP.
The survey further showed that when shopping around for a car, 74 per cent do their research online while 77 per cent bought cars from dealerships. City dwellers change cars more frequently, 20 per cent purchasing a car every three years, while one-in-four rural residents revealed that they update their car every five years. More than half the respondents (58 per cent) consider buying a car from the UK, with more men than women (68- versus 43 per cent) prepared to look across the water for a motor.
When it comes to the cars that people are buying, the Volkswagen Golf remains the favourite for Irish buyers, it being the most searched-for car on the website. The most searched-for new car is the 172 Mercedes E-Class. Black is Ireland's most popular colour choice (31 per cent), following by white (23 per cent) and blue (8 per cent). As the interest in EVs and hybrids grows, the most searched for cars of those types on Carzone are the Hyundai Ioniq and Toyota Auris.
Anything else?
Eoin Lally, operations director for Carzone, said of the report: "This is our ninth edition of the Carzone Motoring Report, where we examine trends and new topics in the Irish motoring industry, such as electric cars and how Brexit may impact car sales in Ireland.
"Rising insurance premiums remain the key concern for drivers, with a third downgrading their policy as a result of these increases. Fuel and motor tax are also amongst the top financial concerns for Irish motorists. However, the outlook for the motoring industry remains positive going in to 2018, with 34 per cent planning to purchase a brand new or used car next year.
"Our research delved into the topic of electric and hybrid cars this year, which revealed that 70 per cent of drivers would consider purchasing an electric or hybrid car in the near future. Irish drivers are becoming more environmentally conscious, with the majority stating that the main incentive to purchase is that it's better for the environment."
To access a full copy of the report, visit: www.carzone.ie/report.