How much do you pay per month for your car?

[Tannedbaldhead]

Just visited WBAC's website for a valuation. My 5 year old Mini I bought last year dropped £227 a month in value since purchase, the loss of interest on the deposit and cost of financing the balance money is £26 a month.

Add to that front and rear pads and discs along with 4 new tyres (would be plenty of life in all had I a 10,000 mile new car) that I've had to replace and the BMW 135i at £220 a month I considered and bottled out of last year suddenly looks a bargain.

Have seen lease deals on Fiesta St's and Juke Nismo (God forgive me but it's kinda grown on me) that I'm starting to find very tempting.

[Welshbeef]

Tannedbaldhead said:

Just visited WBAC's website for a valuation. My 5 year old Mini I bought last year dropped £227 a month in value since purchase, the loss of interest on the deposit and cost of financing the balance money is £26 a month.

Add to that front and rear pads and discs along with 4 new tyres (would be plenty of life in all had I a 10,000 mile new car) that I've had to replace and the BMW 135i at £220 a month I considered and bottled out of last year suddenly looks a bargain.

Have seen lease deals on Fiesta St's and Juke Nismo (God forgive me but it's kinda grown on me) that I'm starting to find very tempting.

But you run it another year its then utterly in favour of he option you have selected.

[Justin Case]

Payments £0, but depreciation about £85 per month and about another £15 per month for servicing, MOTS, and so far one battery and two tyres. Depreciation on previous cars has been about the same but the repair costs have been higher.

The main saving has been through only having had four cars in the 23 years I have been able to afford something decent (the first bank loan, the others cash) I would probably be on at least my eighth lease car by now if I had gone down that route and still be paying out every month

[gangzoom]

'15 plate Lexus IS300H, and '08 plate BMW 335i. Total payment per month = £0

We are old fashioned and try to buy everything outright, should be able to clear the mortgage in 2 years time, so will be totally debt free soon

[technodup]

Efbe said:

how does that work on insurance and stuff. any complcations when it came to claiming?

Swiftcover use online rather than book values. First offered £1500 and I got them up to £2133. Hassle free so far, payment authorised but still to hit my bank.

It was an 02 A6 Avant so originally a decent car. To get paid to drive it for 24 months is a right result.

[ging84]

my car i now 10 years old
calculation based on what i payed and what it's worth now means it cost me £95 a month in depreciation over 4 years
a lot more than i was expecting on a 6-10 year old car, but still less than half the cost of leasing a new one.
i think i'll go back to shedding

[blank]

Last lease I had was £275 per month for everything except fuel, no deposit. Shame it was an Astra (although top spec GTC).

[Djtemeka]

£417pm for a van 😳

[Welshbeef]

ging84 said:

my car i now 10 years old
calculation based on what i payed and what it's worth now means it cost me £95 a month in depreciation over 4 years
a lot more than i was expecting on a 6-10 year old car, but still less than half the cost of leasing a new one.
i think i'll go back to shedding

So c50% of the lease cost of a brand new car v 10 year old one.

One will have full warranty and likely free service pack, no doubt like for like cheaper VED and certainly better MPG.
I'd wager there is hardly anything in it so you could like for like have a brand new car v a 10 year old.

The thing is if you'd bought it at a very low price then it works out great low depreciation but if its high you need a very long time before it drops potentially way beyond its economical life.

[berlintaxi]

It's all meaningless unless like Get Carter said you factor in your monthly income, otherwise this is pretty much the same as the good lease thread.

[Welshbeef]

berlintaxi said:

It's all meaningless unless like Get Carter said you factor in your monthly income, otherwise this is pretty much the same as the good lease thread.

Though it does kind of give a more or less PCM number for running a car - seems to range from £250-600pcm and that most are sub £400pcm all in even for interesting options.


What % of an individuals income it is is irrelevant as your totally unaware of that persons situation they could be identical to you living hand to mouth way over stretched utterly debt free and self sufficient, massive inheritance/ savings so salary is money to spend on fun things while live off the inheritance.

[berlintaxi]

Welshbeef said:

Though it does kind of give a more or less PCM number for running a car - seems to range from £250-600pcm and that most are sub £400pcm all in even for interesting options.

For the people that have posted, I could go out this morning and sign up to an finance deal costing £1500/month, whether I could afford it or not is a separate debate based on my income, regardless of where it comes from.

[anonymous-user]

I pay 0 p/m for mine but getting my dad to sign up for a new E Class as he needs it for business miles so appx £300 p/m.

Personally I wouldn't lease unless it was just a daily run-about on the cheap, I don't get why people throw away £5-800 p/m and own nothing at the end? Much rather get a personnel loan with that as the repayment and get something a few years older!

So please PH carry on leasing.

[Hol]

Herman Toothrot said:

Hol said:

A guy at work has an M135, that costs him £250pm all in for 10kmiles per annum on a lease. He has about 9months left on the lease.
First big service is 20K, so if its got less miles when he hands it back, he does not pay that either.

Im guessing that, with his second years car tax incuded (and im not sure if he even pays for that and the first years is deffo free), you are probably £60pm (a tank of Petrol) better off than he is every month in comparison.

I bet that 1st sentence is wrong. My money is in his monthly payment being £250 but he forgets to mention the £3000 he gave upfront so really if the cash in total is looked at monthly it's £375 each month. The M135i deal was all over this forum when they 1st came out, it's still a cheap way into a damn fast new car though regardless.

I think that this has been answered by others on here, and theres also an M135 thread someone posted.

I asked him, and you are right, there was a deposit of £1200+ vat (£1,440).
But his monthly payments are £200-ish + vat, (£242 inclusive). He just rounded it up when he told me the first time).

[GreatGranny]

SuperPav said:

Not sure how convoluted an answer you're expecting, but the lease was part of the social trials for. My Electric Avenue:

http://myelectricavenue.info/social-trials


Means I need to fill out a 5 minute online survey every quarter, but gives me a 10,000 miles p.a. lease with little deposit and for only 18 months for little more than it saves me in petrol (I charge at work).

Not sure you can sign up for it still, but might be worth emailing Vicky Reed at fleet drive as she organised the lease.

http://www.fleetdrive.co.uk/reduce-emissions/vicky...


HTH

Cheers :-)

I will have a look at that.
Had one on 7 day test drive last December and was really impressed.
Waiting for dealer to email me some figures so be interseting to compare.

Just had a look and the trials are now fully subscribed which is no surprise.
Oh well, lease deal search time for me.

Edited by GreatGranny on Friday 6th March 09:03

[swanny71]

Hol said:

A guy at work has an M135, that costs him £250pm all in for 10kmiles per annum on a lease. He has about 9months left on the lease.
First big service is 20K, so if its got less miles when he hands it back, he does not pay that either.

Im guessing that, with his second years car tax incuded (and im not sure if he even pays for that and the first years is deffo free), you are probably £60pm (a tank of Petrol) better off than he is every month in comparison.

So the actual figure is £291/month for 2 years? Add in excess mileage charges (because I do 15k/year) and it's well over £100/month more expensive (still ignoring any tyres/servicing for the M135i).

No doubt he got a good deal on a very nice car, but it's way more expensive to run for 2 years (let alone 4 years) than mine has been.

[jdw1234]

Trexthedinosaur said:

I pay 0 p/m for mine but getting my dad to sign up for a new E Class as he needs it for business miles so appx £300 p/m.

Personally I wouldn't lease unless it was just a daily run-about on the cheap, I don't get why people throw away £5-800 p/m and own nothing at the end? Much rather get a personnel loan with that as the repayment and get something a few years older!

So please PH carry on leasing.

You aren't comparing "like-for-like" though.

The only difference with finance and buying outright is the interest charge (ignoring discounts available either for paying cash or a manufacturer incentive to shift metal via finance).

If you bought with cash you are still throwing £5-800 per month away (depreciation still happens), you are just not paying interest on top.

When I say, "I don't like finance", what I am really saying is "I don't want to buy a new car" as I dont want to pay the depreciation over the first 3 years.

The problem with leasing, is that it enables people to expose themselves to levels of depreciation they wouldn't normally suffer. People therefore need to consider if this is impacting their ability to save for the future.

[NerveAgent]

jdw1234 said:

The problem with leasing, is that it enables people to expose themselves to levels of depreciation they wouldn't normally suffer. People therefore need to consider if this is impacting their ability to save for the future.

I think this is the bit that hits the nail on the head.

[Hol]

swanny71 said:

Hol said:

A guy at work has an M135, that costs him £250pm all in for 10kmiles per annum on a lease. He has about 9months left on the lease.
First big service is 20K, so if its got less miles when he hands it back, he does not pay that either.

Im guessing that, with his second years car tax incuded (and im not sure if he even pays for that and the first years is deffo free), you are probably £60pm (a tank of Petrol) better off than he is every month in comparison.

So the actual figure is £291/month for 2 years? Add in excess mileage charges (because I do 15k/year) and it's well over £100/month more expensive (still ignoring any tyres/servicing for the M135i).

No doubt he got a good deal on a very nice car, but it's way more expensive to run for 2 years (let alone 4 years) than mine has been.

Look it it from his viewpoint:
£290 amonth into a 4 year loan would provide him a used £6k car, that he would need to sell on for more than £4k in two years to pay off the remainder of the loan and also cover that two years worth of MOT's and servicing.

[Hol]

NerveAgent said:

jdw1234 said:

The problem with leasing, is that it enables people to expose themselves to levels of depreciation they wouldn't normally suffer. People therefore need to consider if this is impacting their ability to save for the future.

I think this is the bit that hits the nail on the head.

Actually, that should read, the problem with buying any new car.. is depreciation.

One third of the cars purchase cost in the first year of ownership, is a rough rule of thumb.


Hence, preowned one year old cars with nearly two years warrantly remaining are such good value compared to brand new.