How much do you spend on your car?

[cheesycrisps]

Company car scheme is being cancelled so need to look at sorting something out soon. Several options available but I'm interested in how much people spend on their cars each month. Realise I've been paying for my company car through tax but as it's taken at source I haven't really thought about it in ££. Also interested in if you've got a loan, lease PCP or what have you.

I paid cash. If I couldn’t afford it and needed PCP/loan etc I’d go with the cheapest thing that reliable. Maybe 5k for a small car.

I saved and paid cash... If have to get a loan would go cheap

If you are always going to trade your car up to get a new model or whatever each two to three years then do pcp.

If you like to keep a car and look after it for ten years spend around £6k upwards to get a good one that will last you. No older than 12 plate.
If you dont want to/can’t afford to spend a lot just now and don’t mind the thought of repairs every four months, buy something cheap and cheerful - knowing it will always need stuff done and be a bit scruffy or have high milage etc. And have plans for how you’ll manage to commute the day’s it’s in the repair shop.

£280 per month on a 48 month PCP. I traded in my previous car 23 months into the PCP as I wanted something bigger and more powerful.

I bought myself a 2yo Volvo for £15,000, 8 years ago. Still passing its MOT each year without issue.

So that's £1875 a year or about £155 a month I think.....

I'll keep it a couple more years, so it'll be about £100 a month.

I spend £300 pm on pcp, no deposit, 45 months. It works for me because it is actually less than the depreciation on my old cars. I looked at the figures endlessly before taking the plunge (this is the first pcp I have done).

I tend to buy something about a year old and sell when it gets to six years old and the depreciation was more than £300 pm.

I also like it because it means I have to change my car, I haven't always got my arse into gear at the five year point and then had to face big repair bills (like a £1000 cam belt at 90,000 miles because I kept it for another year).

Bought it outright for £1500. Monthly costs are just tax and insurance.

Lease. £269 a month, 8,000 miles, 48 months, full service and maintenance included. £800 deposit and VW matched that. Brand new VW Tiguan Match, cannot recommend leasing enough! I was always that person who wanted to own cars and not lease / finance them but I'll never look back now!

I currently pay £151 pm on a bank loan. I had 1k deposit and the car was 1 year old and 6k.

Next month I'm trading that in (should get 4.5k) and buying a 15k car.
Putting 10k on a bank loan. 225pm for 48 months

I get around 200pm in expenses, which covers most of the cost

Do not get pcp. In my opinion it's the worst option as there is no ownership without the balloon payment and with the ballon Payment you may aswell have bought it with a loan and saved a load on interest.

Lease a car if you don't want to own one
Get a bank loan if you do

That doesn't make any sense Nancy, I get to drive a car that is a couple of trim models up from the one I had previously for less than the monthly cost of depreciation - pcp - I have absolutely no intention of keeping the car at 45 months.

The pcp cost is £300 pm for 45 months. The depreciation on my car cost £320 pm over 60 months.

PCP is virtually the same as leasing in my view, it was cheaper than leasing with a nil deposit.

£300 loan through zopa that is 3 years long. For a 2 year old high spec car, that will be mine at the end of those payments and still worth 10k.

@kitkatbox

Just my opinion on the cars I have looked at.
Some less premium brand cars lose value a lot quicker than premium. So it depends on what car you want.

Secondly lease is 99% of the time cheaper per month than pcp. I don't know what car you have but lease of the same car same age may have been cheaper. Again I don't know what vehicle you have so I'm going off my knowledge only

Thanks
Saving would be my preference but I’ve only got a couple of months until I have to hand my car back.
The issue with leasing and pcp etc is that i do around 18,000 miles a year so I need something reliable and comfortable. most schemes are based on 8000. I’ll get an allowance but have to cover insurance etc

Have just been looking at cars as one of ours died recently. The best deals, surprisingly, seemed to be for cash (we borrowed elsewhere) and there were some pretty good value ex demo cars/pre registered cars around with under 1000 miles on clock for massively less money than brand new ones. I wouldn't touch PCP if you're doing 18000 pa.

@cheesycrisps they always advertise based on 8k as it will show the lowest payment.

You can get a car on PCP/PCH for up to 25k per annum. Just keep in mind this will bump your monthly payment up but this doesn't mean you can't get an affordable car still. I'd definitely recommend a diesel for the mileage you're doing providing it is mainly motorway, A roads etc so you have a good MPG to work with. You want to be looking around 50MPG at least for 18k a year.

I work in the motor industry so I can help decide which car would suit your needs. I've driven them all

Thanks @latheritup have decided to buy something second hand, cheaper first and then I'll trade up when I can. Have found a second hand diesel automatic in a local garage and am going to look at it on Saturday. mpg is 60 so I won't be burning ££ on fuel :)