Motorists in Ireland are most likely to upgrade their cars every three to five years, according to a new consumer survey.
Research by Aviva Insurance found that just over one third (34 per cent) of respondents aim to change their car within this time frame.
However, just over a quarter (26 per cent) of the 879 drivers surveyed throughout the country said they would not change their car unless “absolutely necessary”, with female motorists significantly more likely to hold this view compared to their male counterparts (31 per cent compared to 21 per cent).
The survey also found that men tend to change their cars more frequently, with more than one in 10 men changing every two years or less, compared to one in 20 women.
Julie Frazer from Aviva said the survey results show that affordability, gender and life stage all appear to influence decisions around car purchases.
“While it’s clear that men are more predisposed to changing their car for a newer model more often, younger adults too, particularly those aged 25 to 34, appear to follow this purchasing pattern with a notable one in 10 saying they aim to change their car on an annual basis.
“It’s possible that this age group may have more disposable income and fewer long-term financial commitments. Those aged 35-44 were far less likely to change their car each year, as they are more likely to have mortgage repayments or children’s expenses to consider.”
The survey also pointed towards “affordability” as a primary barrier to purchasing a new car, with 42 per cent of respondents citing it as the only thing stopping them from doing so. However, almost one-third (32 per cent) believe that new cars are a waste of money because of high depreciation.
Ms Frazer continued: “It's evident that while the majority of survey respondents would like to buy brand-new vehicles, affordability remains a significant hurdle. However, the perception of new cars as a poor investment due to depreciation is shared by almost a third of those surveyed. New cars will always lose some of their value the minute they are driven off the forecourt, and this depreciation generally continues over the following years.”
The nationwide survey of 1,000 respondents nationwide (879 drivers) was conducted by iReach Insights on behalf of Aviva.
