Shall I give up and get a lease car?

[shortsaint]

Hi there, having spent over £4k on my 7 yr old car (82K miles) it now needs more work. The work is probably more than the value of the car.

I am despairing, and also have no money left.

Can you give me the pros and cons of a lease car? I can probably scrape £2k for a deposit and about £200 a month. But I don’t like doing this as I’m beholden for life. I have always managed to buy outright (usually low mileage, 2 yr old type cars). I’m on my second Qashqai and I love it but no longer… Thank you!

https://www.moneysavingexpert.com/loans/personal-car-loans/#prosncons

I have the same dilemma. I'm hoping Martin Lewis can help!

Do you need a newish car? I've always bought second hand. I've had my car for 3yrs, it's 2009, has 48k on the clock, passes its MOT every year and cost me £900 to buy.

I'll keep driving it until it gives up as its very cheap motoring.

I have used PLP for a good few years now. I just want the security of knowing I have a reliable car. Ok it’s costly but I’m careful in other ways. I don’t need the stress of worrying about the car.

I am a complete wuss and need security. I do not want anything fancy but just reliable. I also have no mechanic skills. Unfortunately mine is also the ‘family’ car for hols so I need a bit of boot space. I am also short and have really liked the Qashqai for a bit of height! Thanks for your responses!

I don’t know anything about what’s available for your budget, but I’ve loved having cars on a pcp fo the last few years. You get a brand new reliable car, so peace of mind that it will always work an no dreading the outcome of the mot. You get to change it every three years, when I first started , I needed a car big enough for kids and dogs, gradually I’ve gone smaller and now electric and sporty. The balloon payment is often less than the car is worth at the end of the lease so you can use it as deposit for the next car and if the car is worth less than the balloon the finance company take the hit, not you.

I like having a lease car for the peace of mind. I include maintenance in my package so I don't have the worry of a big repair bill. There's no balloon payment at the end as you won't own the car. My old car was a money pit in the end and at least I know what I'm spending each month with no surprises. Have a look at some leasing companies with special deals

I’m on my second Qashqai

There’s your problem, they’re absolute dog shit. Buy a decent Japanese car (other than Nissan) and you should be fine.

This ☝🏽 get a Toyota…even an older one. Make sure it’s not got the 1.2L engine with a wet belt (it’s called a pure tech) and you’re golden.

Thank you (and had no issues at all with my Q until last autumn) What kind of price is it monthly? For an equivalent small SUV? I hear you on Japanese. I wondered about a Kia or Hyundai. I am clueless.

I don't think you'd get much for £200 a month OP. You might get an old car at an independent dealership for that but I doubt you'd get something new enough not to worry about reliability either £200pm

Look at this company I’ve used them a few years ago
https://www.smartlease.co.uk/kia-sportage-gt-line-hybrid-automatic-car-leasing-deals.html

avoid the main dealers as they are hugely expensive

You put down an agreee amount anything between. 3 -6 months rental deposit
and then you make the monthly payments

Kia and Hyundai are South Korean I believe! Not Japanese.

However - @shortsaint You won’t lease a SUV for £200 a month. That’s micro car money I’m afraid.

Id point you in the direction of What Car who do tests and rank second hand cars but I don’t see how you can afford a decent SUV. A bank loan might be better?

Well thank you all. I ended up with a Mazda CX30 - £280 a month so a bit more than I wanted. On a PCP scheme. But 6 yr warranty, 2 free services, no road tax in yr 1 and interest free credit.

Hope I made the right choice!