Help, what are my options with buying cars??

[Bottleofredplease]

My 15 year old car that I've had for 10 years will cost £1200 to fix. It is worth £600. I could really do with a new car. I have no savings. I have always bought second hand but have always had about £2000 to put down then paid the rest on 0% credit cards. Should I be looking at PCP?HP? Or stick with credit card?

I was hoping by now I would be in a better financial position but I'm not

There are the options of leasing and PCP, and although these do have advantages (nice new car, don’t need to worry about MOT or repairs), they can be expensive, especially when you look at what you pay over the term and then don’t own a car at the end of it - but these options do work for a lot of people.

On a purely financial basis, you’re better to buy something older, budget a set amount for maintenance every month and then run it into the ground. If this is what you want to do then see if you can use your credit card for a low fee money transfer, look for something privately for under £1000 and then do just that.

PS n your situation I don’t think committing to a significant monthly payment for 3 years would be a good idea. It doesn’t seem like you can spare the cash if you don’t have anything to save at the end of the month.

I would buy a car for £500 and start saving towards a time when I could afford a more expensive car.
You generally need cash for that though, so would have to use the 0% credit cards for other purchases, to free up the cash ??

There are lots of good cars to be had for under £500, try not to focus too much on age. Just look on gumtree for something deeply untrendy with a not extortionate mileage and service history.

Buy a car for under 1k, if possible from a garage that gives you a 3 month guarantee. Get one with low mileage, cheap to run and a make where spares are easy to source like Ford.