Most drivers underestimate the real costs of running their car, according to the latest study by the Economic and Social Research Institute.
It surveyed a nationally representative sample of more than 800 motorists across Ireland.
The majority of participants (72%) underestimated their annual motoring costs “by a substantial amount”.
They were first asked to give their figure indicating how much they personally spent on owning and running their car (that excludes vehicle purchase and depreciation).
The median estimate was €2,000 per year.
However, actual costs added up to almost €3,000, or 50% higher that the estimate.
Fuel was the largest single reported expense, with a median annual cost of €1,560.
Other expenses included insurance, motor tax, parking, tolls and maintenance.
The annual cost also hugely depends on a vehicle type, researchers found.
Drivers of electric vehicles reported annual running costs close to half those of drivers of petrol or diesel cars, the ESRI said.
Owning an EV costs around €1,560 per year, compared with €2,715 for petrol cars and €3,546 for diesel cars.
“These findings show that most motorists are not aware of how much their car costs them each year,” said Dr Shane Timmons, Senior Research Officer at the ESRI and 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.”
Dr Timmons added that improving awareness of the full cost of car ownership could “help people make more informed transport decisions”.