How much do you pay per month for your car?
Discussion
I'm too young for a lease deal, but I can easily spend a few hundred a month on my Integra and running the daily.
When I say too young, I don't mean from a legal stand point, I just don't think car finance is wise before a house purchase/kids. I'd probably lease a F31 330d if I was 15 years older.
When I say too young, I don't mean from a legal stand point, I just don't think car finance is wise before a house purchase/kids. I'd probably lease a F31 330d if I was 15 years older.
Deadlysub said:
I own my car outright but I am not in the PH anti finance brigade. If you want a new car finance is a sensible approach as wouldn't put £30k + cash into a car.
I agree. Paying £30k for a Golf or 320D would be a horrible thought.
I mean, you could get a proper car for much less
Interesting thread.
I'm paying £230 for a new A3 on PCP at the moment but I am thinking about getting out of the finance game and just buying a cheaper car for the commute.
Currently mulling the idea of a facelift insignia over as you can get a nearly new car, SRI trim, with sub 20k miles on for less than £10k.
An older car probably wouldn't work for me based on my annual mileage.
I'm paying £230 for a new A3 on PCP at the moment but I am thinking about getting out of the finance game and just buying a cheaper car for the commute.
Currently mulling the idea of a facelift insignia over as you can get a nearly new car, SRI trim, with sub 20k miles on for less than £10k.
An older car probably wouldn't work for me based on my annual mileage.
AgentC said:
I do the same now. Only need a city car so will be picking up another Mii "Sport" at the weekend. £500 deposit and £130 p/m 0% and 3 years servicing.
I don't drink and my brothers/mates spend that, or more, on booze a month! That's how I justify it.
That is £3 cheaper then getting a one day bus pass every day for a month in London! I don't drink and my brothers/mates spend that, or more, on booze a month! That's how I justify it.
OK there's petrol etc on top of that, but the my Mii sips fuel, and I think most would agree the convenience is worth the (minimal) premium
forzaminardi said:
For all the normal non company director goatee-wearers who through extreme poverty are forced to paying for their motoring on a monthly basis via a loan, HP or (God forbid) lease type deal, how much do you pay per month, and what's the car?
And do you think this is more or less than the 'average'?
Any sane, sensible powerfully built, goatee sporting company director would be putting this either through the business or somehow offsetting their tax liabilities probably on a monthly basis too. Including the one man CEO and Owners who've yet to sell out of their local neighbourhoodAnd do you think this is more or less than the 'average'?
But to answer the question, I dont. I've done it before with a variety of cars which all came as having a car allowance, so I either leased or PCPd the following
Vectra in 2003 £172/month. It got clamped and seized when the bank figured out the leasing company werent paying them at all, but had made quite a bit of money from the end customers
Mondeo that replaced it @ £208/month. That was handed over to the same bank more voluntarily
Passat in 2004, 1.9 TDi, 10kpa @ £228/month
Chopped that in for a 520i base spec everything @ £465/month
The iDrive never really worked so I went to a 325i @ £505/month
I was trading up and up every time and the leases were getting longer, so I traded down the E46 in 2007 to an 03 Mondeo, paid off the rolled up finance from 3 leases with a £20k bank load and stuck £6k in the bank
The Mondeo started to fall apart so traded that for a CMAX, £7k from Ford on finance @ £245/pa which went back to them under voluntary termination once I'd paid them half the money
Ever since, I've bought cheaper cars outright. A couple of grand is my spend limit, with that you can get something half decent that might need bits and s
ts doing to it but will be fine for most things I want from itDr Jekyll said:
Deadlysub said:
If you want a new car finance is a sensible approach as wouldn't put £30k + cash into a car.
I'm going to regret asking, but why not?Like DS, I've bought all but one of my cars cash (i.e. paid in full when bought), and the one I financed was paid off within a few months (I wasn't ready to buy a car, but a superb example of something I'd had a casual eye on for a while came up). I'm curious by the steady increase of lease and loan agreements though, and it seems now that most people use this to buy a car and just view it as a 'per month' thing like I would a mortgage. I'm reading the thread with interest as it's something I know very little about (and maybe I should?.. I can't imagine a world without mortgages for example, and they're something I've done a vast amoutn of research into and calculations based around, and I'm very glad of it!).
£175 p/m on a '59 Seat Ibiza Sport.
Paid cash for my previous car, a Clio 172 Cup, had it for around a year and a half but found I was 'wasting' too much cash on reliability issues, keeping it on the road, fixing than actually getting use out of it. So took a finance deal on the Ibiza, 6 months left until it's paid off, and in the 3yrs I've had it it has barely any issues whatsoever.
My fault on the Clio though, lot's of regret, was a proper lemon of a car, put me off buying cheap older cars altogether (£2.5k), but the lesson has been learnt.
Paid cash for my previous car, a Clio 172 Cup, had it for around a year and a half but found I was 'wasting' too much cash on reliability issues, keeping it on the road, fixing than actually getting use out of it. So took a finance deal on the Ibiza, 6 months left until it's paid off, and in the 3yrs I've had it it has barely any issues whatsoever.
My fault on the Clio though, lot's of regret, was a proper lemon of a car, put me off buying cheap older cars altogether (£2.5k), but the lesson has been learnt.
I own outright and I budget £250 a month for maintainance, mods, insurance and tax, plus £70 for fuel. Although I pay the insurance and tax annually so that comes out the budget at the start of the year. I do around 4000 miles per year so that more than covers my costs. Last year my budget was about £700 over and the two before were about £300 under.
Always used to save and own - for the last several years I got paid car allowance so used to just put that aside for the next one. It did mean always owning something under 5 years old though.
Now have a leased M135i at just over £300/mo for 2 years. Before that I owned an ex-demo Fabia vRS for 2 years and the depreciation, servicing and tax cost more than the total amount for my lease (even allowing for a service and tyres).
I do wonder how many of the non-leasers actually bother to total what their cars really cost. Pistonheads even gives you a neat little section to put it all in!
Now have a leased M135i at just over £300/mo for 2 years. Before that I owned an ex-demo Fabia vRS for 2 years and the depreciation, servicing and tax cost more than the total amount for my lease (even allowing for a service and tyres).
I do wonder how many of the non-leasers actually bother to total what their cars really cost. Pistonheads even gives you a neat little section to put it all in!
It's different strokes for different folks.
Some people buy cars on finance because it works better for them, whether it be tax efficient, a business expense, a company car, capital being used more efficiently elsewhere etc. Why buy a new 3 series for £30k when you need this capital for a house deposit, or it's invested for a rainy day earning x% per year?
Others buy cars on finance because unfortunately they know no better and are victims of the dealership hard sell.
It would be interesting to find out what percentage of new cars are sold on finance today versus 10 years ago.
Some people buy cars on finance because it works better for them, whether it be tax efficient, a business expense, a company car, capital being used more efficiently elsewhere etc. Why buy a new 3 series for £30k when you need this capital for a house deposit, or it's invested for a rainy day earning x% per year?
Others buy cars on finance because unfortunately they know no better and are victims of the dealership hard sell.
It would be interesting to find out what percentage of new cars are sold on finance today versus 10 years ago.
I paid £179 a month for my Fiesta Metal (brand new, 24 month term). I was regularly paying £4-500 a month for repairs on my Discovery I had before that, so only paying that much was a relief!
I went the finance route mainly because I was offered a no interest deal, it was a no-brainer. I later put the money I could have used to buy the car outright for a house deposit. One day I may use finance again, but it is currently of no interest to me.
I went the finance route mainly because I was offered a no interest deal, it was a no-brainer. I later put the money I could have used to buy the car outright for a house deposit. One day I may use finance again, but it is currently of no interest to me.
sjg said:
I do wonder how many of the non-leasers actually bother to total what their cars really cost. Pistonheads even gives you a neat little section to put it all in!
It's very useful, yes. Depreciation, tyres, insurance, repairs, MoT and servicing for my daily driver BMW 3 series come to just under £200 a month for my 35k miles a year. My Lotus is £100pcm, although I don't do many miles in it at all. I've never really done any proper maths on leasing or HP, just back of envelope stuff, but I will do when I have the spare time as I'm interested by its popularity.Gassing Station | General Gassing | Top of Page | What's New | My Stuff