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Saving for a car

Get motoring on saving for a car.

Few things in life are as exciting as getting behind the wheel of your new car. After a home, a car is the second biggest purchase most of us are ever likely to make, so it makes sense to invest a little time and effort looking into what you’re going to buy. 

Why it Pays to Save!

  • Discounted price. Whether buying from a small dealership or private party, the more cash you have the better position you’re in to get a good deal.
  • Better finance deals. Some deals, such as 0% finance, are only available if you have a substantial deposit, so it's a good idea to have some money set aside for this.
  • Better chance of getting a mortgage. If you’re looking to take out a mortgage, having a clear history of saving will look better to your bank than having monthly loan repayments.

Simple tips to help you reach your savings goal

Taking the first steps towards saving can sometimes be difficult. Here are a few easy tips to get you saving for your new set of wheels.

  1. Motivate yourself. Pin pictures of your dream car onto an online Pinterest board. Or just stick some pictures of your car onto the kitchen fridge instead!
  2. Have a clear goal. Having a definite goal with a realistic time frame can really help you get motivated. 
  3. Keep your savings separate. Seeing your savings accumulate in a separate account will make you less likely to use your savings for things unrelated to your new car.
  4. Think savings. Make your savings the first thing you pay into each month. Try top up your savings whenever you can.  
  5. Keep an eye your savings. Remember to regularly check in on your savings to see your progress and stay motivated. If you can afford it, save a little bit extra each month. Moving money to your savings account is quick and easy in Open24 Online Banking and our Mobile App


New cars registered in the
105,253 Cars licensed in January 2022
142,376 Cars licensed in January 2021
The number of used cars in 2023 increased by 8%

increase of average car prices

Electric and Hybrid Vehicles combine

for over 50% of new car market

What fuel is most
efficient for you?


per year

If you drive less 
than 15,000km 
/year, choose:

If you drive more 
than 15,000km /year, choose:

%  in fuel cost 
2021 - 2022

Cars registered in January 2016

Band A:
120 or less


Band B:
121 or 140


Bands C,E,F,G:
141 and above

What fuel is most
efficient for you?


per year

If you drive less 
than 15,000km 
/year, choose:

If you drive more 
than 15,000km 
/year, choose:

%  in fuel cost 
2021 - 2022


The less emissions,
the less taxes

Colour trends in 2023

 What else should I save for?

When saving for your new car, remember that there are additional costs associated with running a car that you might want to save up for too. Things like:

  • Car tax: This has to be paid every year no matter how little driving you do.
  • Insurance: Unless you have a few years’ no claims discount, the cost of insurance can easily top €1,000+ a year.
  • Repair costs: If you’re saving up for a second hand car this is particularly important, but don't forget brand new cars can break down too! In either case, it’s always a good idea to have some savings put aside in case you need to get some emergency repairs done.

We're here to help

Give us a call on 0818 50 24 24 or +353 1 212 4101 (from abroad) and our dedicated team will assist you. Lines are open from 9am to 5pm Monday to Friday (excluding Bank Holidays).

Compare Accounts

Not sure which account is right for you? Let us help you with that.

What would you like to do with your account?

How much will you place on deposit?

How would you like to draw down your money?

How would you like to open your account?

Please fill in all the fields above to get started!

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