Do you buy your cars outright or on finance/lease?

[Daddypigsglasses]

I’ve always saved up and brought a nearly new car then run it into the ground. It was instilled into me as a child that borrowing money was bad and this is the way my parents always did it.

I need to replace my car soon and it’s become blindingly obvious to me since my kids started school last year and I began noticing the other parent’s cars that we are the only ones (and I mean only ones) driving around in anything like a 12 year old focus.

Do most other people else get cars on finance? Is it the sensible thing to do? I can’t get my head around it. I’ve got around 8k to spend so likely that would get me a 15 plate decent car, which is still going to be older than everyone else’s!

I’m not usually showy but I seem to have serious envy where the other parents are concerned.

Outright but secondhand. I didn't even know about finance until recently but it sounds too scary!

I buy outright. You buy on finance when you can’t afford a car in my opinion - such a waste of money when you factor in the interest.

i bought a new one recently and paid half on deposit and am paying the second half off in instalments. I will own the whole thing in a few months, less than a year after I bought it.

I asked this question on MN before I did it and lots of people said get finance but I like owning my car and running it into the ground. I did that with my last one and had it for 17 years and it was great - worked out v cheap.

I think finance is good if you want a flashier car than you can really afford and if you do a lot of driving, I get it.

Outright and always have, but these days they are expensive and brand new, but it wasn't always the case. The last X5 I had for 12 years, I don't change them if they are ok.

Outright. I don't like the idea of finance. I have had it before when I had to and it felt like it was always niggling away at the back of my mind.

Finance because I work for a car brand and it's cheaper for me, 6 month contract, no credit check, no deposit just pay X per month then give it back

Outright here too!!

Usually buy outright. I bought my first car with a bank loan and since then have bought them put of savings. We looked at borrowing a couple of years ago but it wasn't cost effective.
Son is an accountant and doesn't think the sums add up on PCP unless you can offset it against tax. I keep hearing that PCP is the next financial problem as people have constant debt with it.

Outright with a part-exchange these days but have used car loans in the past (from my bank rather than financing companies).

I receive a car allowance for work and need to have one that's less than 4 years old, so mine is always on finance as I don't really pay for it in the long run. DPs car we bought outright but with a small bank loan, as its much cheaper than finance interest and meant he could go higher spec straight away rather than saving and car sharing as we work opposite directions.

I think most people have cars on finance now as they like a change every few years, like phone contracts really.

Our current car was almost new (9 months old), we paid half deposit upfront and the rest on 0% finance over three years. We could afford the monthly rate and it was fine - my attitude is very like yours but I wanted a better car!! I probably wouldn't have if there was any interest, or a longer payment period.

Outright , I’ve no interest in whether someone has a better / newer car than me . Our last purchase was new , the one before that was a year old , the two before that were new . I’ve literally just started a savings account for a new one as my current one is knocking on a bit . PCP things wouldn’t work for us as I do way too many miles .

Can I ask how much people spent outright on their cars?

As everyone around my area seemingly has 15-30k cars.
Currently I drive a vauxhall corsa that i own outright but thanks to the low emission zone extension I need to change it. The cost of family cars- even second hand- are so high that I will inevitably need to finance one.

We buy outright and new. I don’t think there’s anything wrong with finance though, providing you can comfortably afford the repayments and you’re not being charged excessive interest. I’m not showy, we don’t have flash cars (I have a VW SUV that was bought last year), we just prefer new for reliability and to get the modern tech. Decide what works best for you though and don’t be swayed by what other people drive, it’s not a competition!

Last 2 have been outright after years stuck in the finance cycle. First one was £5k, current was £13k but got £3k due my old car.

We paid £11.5k in 2018 for a 16 plate Kia Sportage. I wouldn't spend £30k on a car but then I just want to go from A to B safely, reasonably economically, and with plenty of space for people and dogs. The driving 'experience' isn't that important to me so I'm not bothered about bells and whistles.

Outright nearly new with part ex or private sake of old.

I once had a 1 year loan to top up. Never finance.

Outright second hand with part exchange. We would have done finance if we'd needed to, but the interest was so much we just scraped through a few months so we could pay outright.

Have a look at finance deals. I remember getting a 0% finance deal many years ago, but I think that's a thing of the past tbh

Oh and we use a car broker, who is a family friend and mechanic, so we tell him roughly what we want and he goes and finds the best deal, inspects the car, etc. I wouldn't buy brand new as it's not worth the extra to me, but a couple of years old you can get an almost new car at a much lower price.

If you're looking to buy a car outright, don't forget that manufacturers now price their cars for people getting finance. A brand new car is ridiculously expensive as so few people buy outright. Far better to get a second hand car which are more reasonably priced.

Outright nearly new with part exchange. As soon as we buy one we start saving for the next one. Never spent more than about 12-15k but we buy for economy, practicality and reliability.

Same as you OP, buy a really good car outright and drive it to death, then repeat. I have an 07 at the moment, and was wondering for how much longer this morning. It's still running great and sips fuel. If it aint broke don't fix/replace it.
Leases and long payment plans is where madness lies.

You might be in a car a few years old but it's your own not the finance company's property , hold your head up high and go with what you can afford and teach this way of managing your finances to you're DC

Outright. If I can’t afford a car, I won’t get it at all. No way would I get one on finance

I’m in the same situation as @Christmadtree I receive a car allowance and have to have a business suitable car