This study aimed to explore how various factors affect older people's vehicle speed perception to enhance their road safety as pedestrians, focusing on the impact of their cognitive and perceptual abilities on road-crossing decisions. The study evaluated the effects of brightness contrast (high, medium and low), road complexity (high and low) and vehicle travel direction (same and opposite) on speed perception errors in simulated traffic settings. It involved 38 older participants who estimated the speed of a comparison vehicle under two judgement conditions. Findings showed a consistent underestimation of speed in all conditions. A repeated-measure ANOVA revealed that speed perception errors were significantly higher with low brightness contrast, in simpler road environments, with vehicles travelling in the same direction, and when using absolute judgements. These results have practical importance for public safety initiatives, traffic regulation and road design catering to older adults' perceptual needs. They also provide valuable insights for driver training programs for older adults, aimed at enhancing their understanding and management of perceptual biases.