While waiting at a traffic light, drivers' perceived waiting time can differ from the actual waiting time. Through a comprehensive video survey this paper shows that the perceived waiting time depends not only on the actual waiting time but also on other factors such as the number of stops in the queue and the presence of a red wave between adjacent intersections. Both waiting times with very short and very long durations are likely to be overestimated. Compared to a long standstill waiting, moving and stopping several times at the same intersection (due to short signal cycles) lead to lower perceived waiting times. When passing two adjacent intersections, car drivers dislike stopping at both intersections, especially if the second stop is relatively short. Based on the survey results, models are proposed for estimating drivers' perception and their acceptance of waiting time. These models have been validated by a real-world experiment.