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Original poster

Opinion on Car Situation Please!

13 replies

over2021 · 14/11/2021 07:28

Current car - 2009, diesel, 110k mileage

I have just been offered an amazing job just within the ULEZ zone. I start end of January. Plan was to look at selling my car and get an electric car on a 2 year lease.

However, engine blew up on car yesterday leaving me with a worthless lump of metal (£3k to fix- not worth much more!)- £250 scrap value.

Lease cars are taking 12-16 weeks to come through so I need to get something else straight away but now feel rushed to make a decision on what (for me!) is a big purchase. For context the lease cost I'm look at is approx £10k over 2 years including maintenance.

I have the following options:

  • buy something cheap (c. £1500) to see me through 6 months and get lease car
  • buy something a bit more reliable (c. £5k) and reconsider lease in about 18 months.
  • forget about the lease and buy something £9kish that will last at least for next 5 years. This option will mean I have to borrow approx £3k on a loan but can reply quickly as new job comes with a big payrise.

I'm not fussed on car status- for me it really is a case of A to B but I have two kids and a 70mile a day round commute. Husband is handy with easy fixes like brake pads etc.

Help!?

OP posts:
MarieG10 · 14/11/2021 07:31

I assume if you buy anything other than electric, you will have hearty ULEZ charges? How much per week would you be paying as this could 8mlact how worth while it would be going electric, ie if you worked from home some days?

If five days a week in ulez I would be inclined to buy something to see you through and order the lease car

Original poster
over2021 · 14/11/2021 07:38

@MarieG10

I assume if you buy anything other than electric, you will have hearty ULEZ charges? How much per week would you be paying as this could 8mlact how worth while it would be going electric, ie if you worked from home some days?

If five days a week in ulez I would be inclined to buy something to see you through and order the lease car

No, lots of petrol cars are ULEZ compliant- pretty much everything since 2006 and a lot of diesels since 2017.

I like the idea of electric but this was on the basis that I'd keep my car until I got one and stomach the £270 a month (£12.50 a day) ULEZ charge for a month or two.

OP posts:
beastlyslumber · 14/11/2021 07:42

I'd go for the lease car, and get something to see me through until it came in. Although I'd probably go for PCP rather than lease, as it gives you more options, especially if anything goes wrong.

Congrats on the new job!

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General money
Geekygeek · 14/11/2021 07:50

You can pick up a second hand Nissan Leaf for < £10k. Great little cars and currently holding their second hand value. So you could always sell it on in 6months if you don’t like it.

AnotherEmma · 14/11/2021 07:57

"forget about the lease and buy something £9kish that will last at least for next 5 years. This option will mean I have to borrow approx £3k on a loan but can reply quickly as new job comes with a big payrise."

This. Almost always makes more financial sense to buy a car outright (even if you need to get a loan) than leasing. Get a used electric car. You might struggle to find one for £9k though.

Does your new job offer a salary sacrifice scheme for buying a car? Some do.

AnotherEmma · 14/11/2021 08:02

How about a Renault Zoe? You should be able to get one that's no more than about 5 years old for your budget.

www.whatcar.com/renault/zoe/hatchback/used-review/n817

beastlyslumber · 14/11/2021 08:03

I think if you have to get into debt to buy a car, you're better off leasing/pcp-ing a new car that meets all your needs, than using car finance or a bank loan for a car that may end up not being right for you. Especially because you want an electric car, which are hard to get second hand in good condition, and expensive to fix if they go wrong.

I agree it might be worth talking to people at your new job regarding salary sacrifice scheme or other transport help. There might be a ride share scheme you could use while waiting for your new car?

BeastOfBODMAS · 14/11/2021 08:05

Assuming the new job comes with a probation period, I would buy a cheap car to see you through that time rather than committing to an expensive lease before you know if you’ll get on with the job!

mafsfan · 14/11/2021 08:06

If you're going electric, you could try somewhere like Onto for an electric car subscription for a few months until your lease comes through. I've not used them but looking into them as we already have one EV and need a second car to get us through a couple of months in the new year.

AnotherEmma · 14/11/2021 08:12

@mafsfan

If you're going electric, you could try somewhere like Onto for an electric car subscription for a few months until your lease comes through. I've not used them but looking into them as we already have one EV and need a second car to get us through a couple of months in the new year.
Never heard of this. Looks like the perfect interim solution for the OP!
PixieDreams · 14/11/2021 08:20

You could contact the lease company as they often have cars which are available right now on a short term basis.

Northernsoullover · 14/11/2021 08:24

I have never thought there is much difference between buying a 1.5k and a car between 4-5k. They both have equal chance of being a complete turkey. I am a firm believer in going high or low and never in between.
Short term leasing does look ideal though.

Beautiful3 · 14/11/2021 08:43
  • buy something cheap (c. £1500) to see me through 6 months and get lease car
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