Sell or Keep Current Car?

[1415isgreat]

Hi,

I currently have a BMW X1 bought in Sept 23 and has mostly been reliable for me. Bought for 11.4k and is 2015 reg (auto - if thats relevant). I wanted to sell it by the summer and move towards a leased or financed vehicle. However, start of April my timing chain broke and the car cost me £2450 in repairs.

The garage advised to use the car for a while rather than selling it as have spent a lot of money. My husband thinks the same and I agree to an extent, but part of me also feels that once there is a major expense, there is also usually little little expenses that just pop up after. I guess I am just asking for suggestions - would it make sense to sell the car and accept that I have lost quite a bit of money - or keep the car for longer?

Keep it. You're throwing money away on a leased vehicle.

Keep it, leased is just another way of saying rented

Yes you might get other problems with the car

If you own it outright then the repairs should be cheaper than the lease over a year

Cars a very expensive no matter what you do

Thank you Yeah, I mean I hadn’t decided on a finance or a lease but definitely wanted a newer car (less problems) or even buying another car outright.

I guess I was just more conflicted on whether to keep or sell my current car as last month I just purchased a new battery, the month before I had another cost.

I'd never have a leased vehicle. My car is a 2017 plate and even if it costs me once a year, it will definitely be less than a lease will cost

It is 10 years old, but it's a good make so should last longer. What mileage do you do annually ?

but leasing a car means you never own it, it's like renting a house

if you can't afford to buy a car outright, would you be better getting finance for one ? at least you then own it at the end.

So what will a new car cost V possible repairs?

My car is 14 years old and with regular service it’s doing fine.

New car will be around £8K I doubt I will be spending £8k - £2K car value on repairs.