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Original poster

What car does everyone have and how much do you pay a month?

110 replies

greyfox82 · 28/01/2023 07:59

I have a second hand Fiat 500 X and pay £165 a month. I've had quite a few problems with it and am looking to get something else this month. I'm well aware my budget isn't great £200 per month, but just wondered what cars everyone has for this budget and if they are happy with them. I have a toddler, so would need to be four doors. Thanks in advance

OP posts:
IhearyouClemFandango · 28/01/2023 08:31

Why would you buy another of the same when this one is having issues?

We have a Citroen Picasso, bought for 2500. We don’t drive long distances (live on an island) so is fine for now. We are looking into something bigger though, a Touareg, Kia or Discovery most likely.

Witsendwilly · 28/01/2023 08:32

CrapBucket · 28/01/2023 08:19

I wouldn't lease a car as they are so expensive to return. If you have gone over on the mileage or any marks on the bodywork then you get charged an absolute fortune. Plus you don't own them!

I have leased cars and vans for years and never had to pay to return them.

Just look after them and leasing is a very cost effective and hassle free way to run a vehicle (unless you do massive miles, but then you would know that when signing up)

Lasereyes12 · 28/01/2023 08:32

On these threads you always get everyone piling in about buying cars outright. The reality is lots of people do not do this. My theory is if you own outright you have to save then continue to save after buying the car to buy your next one as inevitably it will need replacing one day. So, owning a car continuously costs money.

Have you compared a bank loan APR with car finance? I took a bank loan and bought my car in ‘cash’ as the APR on the loan was lower. Might be something to consider.

IhearyouClemFandango · 28/01/2023 08:32

The only car we have had on lease was a Renault Kadjar, we handed in an old diesel car as per a deal they had and that came in at £200 p/m.

neighboursmustliveon · 28/01/2023 08:33

greyfox82 · 28/01/2023 08:24

@neighboursmustliveon thanks so much for your helpful reply. I've been looking into these and am glad you're happy with them. How long have you had yours?

We got ours at the end of October. We ordered in June though. My brothers is new but the dealership had 3 ready to register so he got lucky.

Original poster
greyfox82 · 28/01/2023 08:34

@Lasereyes12 thanks for your measured reply! Really appreciate it. As you mentioned cars are expensive (I don't have £20k cash spare) and I am well aware I will need to get something second hand. Cars decrease in value so quickly also, that I'm not sure there is a good and bad situation.

OP posts:
hihihibye · 28/01/2023 08:35

Perhaps a bank loan would be better than leasing?

I got a loan for 4 years £330 a month borrowing £15k.

Then you own it at the end? Could be considered more of an asset. I got a 2019 model and hope it will still be worth at least 10k in 4 years.

Original poster
greyfox82 · 28/01/2023 08:35

@Magenta65 hired a Captur on holiday once and loved it. Thanks for your helpful reply. Let
Me know what you settle on xxx

OP posts:
StampOnTheGround · 28/01/2023 08:37

Brand new fiesta (72 plate) £250 a month, my previous one on finance I bought out for £6.5k at the end of the monthly payments and have just sold it for £11k, I barely lost any money on it! Would have happily kept it but 3 doors with a baby in tow was becoming ridiculous. I plan to run this into the ground, so should be buying it out at the end.

WFHbore2023 · 28/01/2023 08:39

We own our current vehicle -T6, so not everyone's cup of tea for an every day car, but years ago we wanted a car which was double the cost of what we had budgeted.

My partner sat down and worked out what it would cost us to lease, finance and pay outright with a bank loan topping up the rest. The bank loan had the lowest interest rate, obviously it was only for half the cost, but it might be worth seeing what you can borrow from you bank for £200 a month repayments.

That way you own the car, and can sell on if needed

Mushroo · 28/01/2023 08:39

Do you have a work car scheme? If so worth taking a look.

My husband is part of the NHS one and you could pick up a small car for under £300pxm but that includes absolutely everything apart from fuel.

Also the website Cazoo is really good at showing and comparing lease costs of cars. Very user friendly.

thirdtimeluckyorwhat · 28/01/2023 08:41

LyingDogsLie1 · 28/01/2023 08:02

A 2015 kuga and pay £0. I don’t understand the obsession with brand new cars. Finance seems like a chain round your neck!

The car was free then was it ?

Original poster
greyfox82 · 28/01/2023 08:43

@hihihibye really helpful. Haven't thought of this. Waiting for a remortgage to go through then will look up my options

OP posts:
thirdtimeluckyorwhat · 28/01/2023 08:43

greyfox82 · 28/01/2023 08:26

Thank you for everyone replying telling me they would never get a car on finance, unfortunately I don't have savings so can't pay a lump out. I'm looking for responses from people who do pay a car on finance, as per the original question.

A loan from your bank should be cheaper than car finance company

featheryfancy · 28/01/2023 08:44

For a Mercedes GLA AMG we pay £260 a month on PCP, over 4 years.
It's gone up in value since we got it.

hihihibye · 28/01/2023 08:47

greyfox82 · 28/01/2023 08:43

@hihihibye really helpful. Haven't thought of this. Waiting for a remortgage to go through then will look up my options

I've always found it works well, if you go for a car that hold its value. I've always gone with Volkswagen Polos, golf's, Tiguan.

My last one was a polo, bought for £7k then sold for £6k 3 years later.

So felt like I barely lost any money on it. Better than your £200 just floating off to the finance company.

Obviously I get the attraction towards the leasing, positives and negative to all options ☺️

Lasereyes12 · 28/01/2023 08:53

Also most new cars lose a high % of their value as soon as you drive them off the forecourt, there is a premium on them being ‘new’. So buying a car that’s a few years old should mean it has lost its biggest lump of depreciation.

I borrowed 7.5k over 5 years to buy my mini although this was last year so interest rates on loans are probably higher now. It was 2.8% APR and costs £130 per month. The advantage is I can sell the car if I ever want to/need to and I’m hoping it will outlast the 5 year loan so I have a bit of equity at the end.

Obviously the downside is I have to pay for any repairs and as the car is 6 years old I’ve had to pay to get a few niggles fixed. So actually if you don’t have the cash saved for unexpected costs, at least with a pcp deal (slightly different to a lease) you know it’s a brand new car so these should be covered under warranty and less likely to happen. I have had brand new cars on pcp in the past and only paid for new tyres and servicing in the few years I owned them. I never had issues returning them either, most garages weren’t bothered about inspecting the car too closely especially if you were going to trade them in for another one.

PurBal · 28/01/2023 08:55

3 yo Ford Focus: £120, however this isn’t a finance deal just a regular loan (normally cheaper than a finance deal). We did put some of our own money in rather than all loan and it’s spread over 8 years. We bought it second hand, we’ve had it a year. (Unhelpfully: we chose this route not because we couldn’t afford the car but because we needed cash flow for other things like renovations on our house and saving up any sum of money on maternity leave with a small child is impossible!)

cctvrec · 28/01/2023 08:55

I bought my pristine ex motability peugeot 5008 with a personal loan because I refused to pay the silly HP and PCP prices. (Had a fantastic rate offered by my bank).
When our elderly car died we couldn't afford to go car less and save to buy a good car outright because public transport sucks rurally and I didn't want another very old car (within our small savings budget) because we'd be spending over £200+ almost every month getting repairs like we had to with our previous car just keeping it on the road. So now we pay £200 in loan repayment and throw in any extra money we have too to make the loan finish up earlier.we've almost halved the repayment time in just one year.

Thatsnotmybee · 28/01/2023 08:55

We got a bank loan as well. 3% APR over 5 years for a 2017 Honda CRV. Think it was £11000 and we pay 179 a month.

Bought gap insurance for about 30 quid to cover us in case it gets written off during the loan term.

I'd never done this before but it's so much better than finance. Like you buying outright wasn't an option for us. Our cars have a habit of dying at the worst possible moment!

heidihigh · 28/01/2023 08:56

I have a Kia ceed and I pay about £220 a month. For the money I pay I think it's a great mid size car, lots of features and plenty of room for a toddler Smile

Original poster
greyfox82 · 28/01/2023 08:57

@Thatsnotmybee yes! I will certainly be taking out GAP insurance.

OP posts:
Wishingforwinter · 28/01/2023 08:57

We have a new style Juke (it's just over a year old) and we pay £250 a month,

it's worth looking at as you may find one within your budget of £200. That £250 is for the top of the range one (heated seats, heated windshield, blind spot detection ect). If you went for a more basic model without some of those features you wouldn't be far off your budget.

BarbaraofSeville · 28/01/2023 08:59

Lasereyes12 · 28/01/2023 08:32

On these threads you always get everyone piling in about buying cars outright. The reality is lots of people do not do this. My theory is if you own outright you have to save then continue to save after buying the car to buy your next one as inevitably it will need replacing one day. So, owning a car continuously costs money.

Have you compared a bank loan APR with car finance? I took a bank loan and bought my car in ‘cash’ as the APR on the loan was lower. Might be something to consider.

But saving for the next car isn't a commitment like a loan or car payment is. You don't have to put the money aside every month.

If you can, you need to break the cycle by keeping a car longer than it takes to pay for it. It can be hard if you don't have much spare money but if it's more a case that you have money but spend it all, it's more a matter of priorities over other spending decisions where every pound you spend on eating out, holidays, grooming. Clothes you don't really need, that sort of thing could be money you could save towards a car.

OP what others pay isn't helpful to you as everyone has different budgets and levels of need for a car. And just because others have a certain level of car payments doesn't mean you should have too.

Original poster
greyfox82 · 28/01/2023 09:00

@Wishingforwinter thank you! I've looked a second hand jukes, as they are a good price point. However, the appeal of a heated windshield may make me want to re look at my budget after the winter I've had in my fiat! Defrosting a car inside and outside in -6 before the nursery run is not fun haha

OP posts: