To ask, if you have a car, how much you pay per month?

[Threeflyingducks]

I've had three cars in my lifetime, each one so far has been budget/secondhand and paid for outright. For the first time I'm looking to buy a car and pay per month (PCP). My days of cheap runarounds are done, I need something that is reliable for high mileage/long journeys and can fit a gaggle of children/friends in when required, with good safety standards.

Having never had a monthly car payment going out I'm a bit daunted tbh, and would appreciate views! I know it's going to be relevant to respective incomes, I'm just curious what other people see as reasonable. I've heard that lots of the very fancy cars on the road are bought by people on very low mileage/leasing so their options are more affordable than they might appear. But then a work colleague proudly told me that his car (a top of the range SUV, to be fair) was 'only' £300 a month and I thought cripes thats more than my half of the mortgage!

I know how much I'll be paying will be skewed by needing to do a lot of miles (unavoidable currently due to rural-ish location and using the car for work) but I'm curious about what people consider a typical range. Right now everything seems like such an indulgent amount, but that's probably because it's not that long since my travel expense was a weekly bus pass!

@TinklyLittleLaugh I understand, it’s not ideal but I bought an absolute lemon unknowingly which proved costly but I was stuck in a position where I had to maintain monthly trips to the garage and was throwing good money after bad. The final straw was the strong smell of petrol which was leaking over the bonnet and I had my keys confiscated by the Peugeot garage. It was a death trap and I was incredibly lucky. I see my monthly payment as peace of mind. It means that we don’t have fancy holidays - camping or the odd travel lodge night away but we are safe.

Ive done PCP and leasing but got fed up off with being stung with charges of 'wear' and tear' when returning the car after its term ended. I have now bought a 2 year old car with cash and pay for fuel and servicing. I'll continue with this car now until electric cars improve and then swap for electric.

I got a personal loan for my Kia. I pay 249 a month and I'll still own it, its mine to do with as I please.
I see people TRASH their pcp cars, do they not realise they'll have to pay for the damage? You can't destroy a car you do not and will not own

Please think twice about PCP, we have had an absolutely nightmare with one recently that my mum has (long story!) I wouldn’t ever get one again, I will be buying out of my PCP as soon as possible.

I got a good deal on a new skoda fabia 3.5 years ago. £1000 dealer deposit and interest free loan. I paid £166 a month and that deal is now up. To have a similar car again will be over £200 so I've refinanced and will continue to pay £166 a month for another three years. I intend then to save that amount for another year to get me a deposit for the next one. We are brainwashed into thinking we always need new. It's like mobile phones. There is nothing wrong with my car - I love it and I'm willing to risk at least another 3 years. My tax is £20 a month and also that will increase with a new car.

£535 per month HP for my car car and £540 per month for my husbands van

Hp mine afterwards 240 per month kia sportage over 5 years

Bloody hell, over a grand a month on two cars! 😨

Not me, by the way, that was to @user76244

413 a month on PCP

We're a 2 car family and have decided that we want to drive a nice car so are willing to meet the cost.

Gosh
So much money.
I thank my lucky stars I’m not hung up on what’s parked outside. My view on cars is that the vast majority stand still for 23hrs a day!
We managed to pay off all debts a few years ago inc’ mortgage. Yet even now, with 2 incomes and zero debt...I simply cannot justify the cost.

I know I’m the odd one here, friends often remind me.

But the PCP approach seems crackers.

I looked at PCP but didn't appear to be such a good deal and id be worried about being asked to cough up for every minute scratch at the end.
We bought a car just now for 15k. 2018. Massive car as family is growing so little choice. Took a 0percent credit card for 10k and the rest on savings. Will be paying back the credit card in the 2yrs or otherwise swap for another or sth.

Loans are so cheap ag the moment! Fund it yourself if you can. We wanted a family car and researched HP and PCP to death. All pur friends have PCP and one of ours works in a dealerships so got them all 'deals'. I couldn't believe the best he could do for us - told us to look at around 300pcm. I also found deals myself for smaller cars at around 200pcm. We have always owned our cars and never had to factor this price in so I found it quite intimidating.

I decided against it in the end. Our friends were very insistent we made an mistake as we had to pay for our own services and MOT. I was like - yes but as long as it costs less than £3600 a year in total then I'll be better off!

Got a Skoda Octvia as it won awards for best family car. It was 7 years old with 45k on the clock. It was also the top of the range model which we thought was clever as the person that owned it before us had made an investment, so they properly looked after it and got it serviced every year. Got it from a dealership with a 12 month warranty. Traded in my car for scrap which gave me a £350 deposit. Car was £7000 so I got a loan for of £7500 (to pay for some other bits too) and pay £165 a month (about £9 interest). Its been 2 years and I have had to pay about 200 for MOT and serving a year, and had some new tyres but that's all. Reckon I save 1/3rd than I would have if i did PCP. After I pay it off in another couple of years it will be mine. And yeah things might go wrong but if they start costing me more than £165 a month average I'll buy a new car.

@user76244
£540 a month for a van! That must be some bloody van...Transporter I’m guessing??

Have a car on lease.

VW Tiguan Match, brand new, £260 pcm including full maintenance and servicing. 10,000 miles a year on a 3 year lease

I always always always owned my cars out right and was one of these people who said "you don't own it in the end!" But I honestly have no regrets. The peace of mind is worth the extra money imo.

Hth

I have a 2016 Peugeot 2008 on PCP £107.99 per month over 4 years. 9k per year mileage.

Absolutely hate it. It’s the worst car I’ve ever driven. Can’t wait to get rid.

Ps. I’ve had it just over 1 year.

id be worried about being asked to cough up for every minute scratch at the end

Don't be. Mine was scratched all over the place when I sent mine back, mostly due to other people's carelessness in car parks but I did back it into the corner of a wall. I thought I would get a big bill, but it was checked by an independent assessor who said it was mostly fair wear and tear and I got a bill for about £60.

£465 a month 😫

Skoda fabia is looking a good bet for me at the moment, especially if I can wait six months and have a decent deposit by then, would be able to do HP or a small loan. Thanks to the posters who've suggested those options. I've had my car keyed twice at work and not having to worry about penalties or excess mileage etc would be good.
My current car has zero bells and whistles but for the last year I've probably spent 25-30hrs a week in it, and with that not likely to change any time soon I'd really like some basic comforts. That and my current car is not likely to last another year, I've looked after it well but the miles definitely rack up and there's only so much you can do.

Hybrid on a lease for 2yrs, 8k miles per year. £194pm.
We've only just switched to leasing, I like it, I can see us sticking with it. Previously we bought second hand cars for £5k max but we only ended up keeping them for 2-3yrs before expensive repairs would turn up.

Mine's hire purchase and I'll have paid it off in a year from when I bought it. £300/month for a nearly new Golf. I put down a £10k deposit and have been paying off chunks so it will all paid for in a year. Then I hope I'll run it into the ground.

Unfortunately, cars are like the Sam Vimes boots analogy. Something like BMW is a big initial outlay. But if you look after it will do a couple of hundred thousand miles no problem.

As I said upthread, DD1 drives our 17 year old BMW that has passed from DH to me, to DS1, to her and is still a good looking car, full leather seats etc. Loads of miles on the clock and DH has just spent a few hundred pounds and a few days sorting out some niggles. But now it’s good for a few more years.

I have a lease car as I must have a reliable car for work (NHS) I can't afford to keep having my old bangers break down.
Its a second hand lease car with the option of buying after 2 years, very nice, excellently looked after prior to delivery.
I pay £130 a month, tax is covered but you need to do your own MOTs. I'm going to buy it after the 2 years with a car loan.

£499 a month for 2 year old car I got last year. It's hire purchase though. Love it. Jeep grand Cherokee. It's so expensive but best car I've had so far.