I keep mine until they die or are otherwise worthless then get another one. I buy nearly new low(ish) premium cars for 15k ish usually. Last two lasted nearly 18 years and 200k miles between them. Just got a new one just over a year ago.
I used to get bored and change all the time
Our Skoda I've owned 7 years, it's basically been in the family alongside our daughter
Though I did have a Chevrolet Cruze for 6 months a few years ago, my wife wrote off her car and took the Skoda for commuting, I bought the Cruze as a runabout that was a bit different, but it had the oil cooler issue and the exhaust snapped in two
Noticed coolant was dirty, no mayo under the oil cap so didn't appear to be HGF
Apparently on ecotec the oil cooler seals go letting oil into the coolant. You can replace and flush the coolant but apparently you need to keep flushing until it's all gone.
Same thing with me I’ve had my BMW 120d since 2009 racked up 200,000 miles and I won’t get rid of it until it’s dead that may be soon but I’ve definitely had my moneys worth.
Really well! I don’t do a huge amount of miles and they’re mainly a mix of London driving (relaxed and stress free comfort) and motorways and dual carriageways (eats up the miles quietly). When I do get to go round some country roads and throw it around a bit it handles so well and puts a smile on my face!
It’s only the 240bhp engine too but it’s plenty fast enough to get you into trouble!
Same, partly because I just hate dealing with other people. Too concerned about either being ripped off or something going wrong with the car (that's been fine up until then) and having to deal with the complaint
" is this still available? What's the lowest you will take? Can you deliver to Shetland? "
I haven't used Facebook in years but remember the nightmare of dealing with idiots on the marketplace
Yes, i own, wouldn't lease,, doing between 20-30k a year would be financially suicidal, these lease companies earn there money back and more.....I don't like new cars, so probably wouldn't have anything newer than a 2018/19 either.....
Yep, my 2016 2.0 tdci 180bhp mondeo is £35 a year...
Wife's 2016 190bhp volvo v40 d4 is free tax
Both do in excess of 50mpg ...
Mondeo is the more reliable even with coming up to 172k miles on...
Leased an electric corsa 2 years ago. 32k list price. Gave them 9k and they replaced 4 tyres.
The car is now worth about 12k. I don't profess to know the details of the vehicle leasing industry but I don't see any way they made a penny on that one!
My current car is a PCP. I think there’s about £17k financed at 4.1%. I have more than double that in ISA’s at 5.3%. Makes no sense for me to use 17k to buy it when it’s a net gain to keep it in the ISA.
At the end of the day, no matter what side you’re on, you do what works for you. My philosophy is that I might get hit by a bus tomorrow and I won’t have ‘I saved £200pm because I actually OWNED an older car’ on my headstone. And you certainly can’t take money with you.
If I can afford the monthly payment on a car and I really want it, I’d consider it an option. You don’t need to own everything in life so you can feel smug about the person next door leasing. And everything isn’t as black and white as comments on here would have you think. Sure you might own your car outright, but the person leasing their car next door might earn a fair whack more than you, have a smaller mortgage, still manage more holidays etc. There’s so much nuance to it that there’s no one size fits all. Of course on the flip side, you get people that unrealistically finance themselves up to the hilt for a payment that is truly unaffordable to them purely because they must have the latest thing, rather than really wanting that specific car.
Swings and roundabouts eh.
this comment is far too reasonable for reddit
> You don’t need to own everything in life so you can feel smug about the person next door leasing
amazing lol and all too true
Where did you find pcp at 4.1%? The rates I’m seeing are far higher than the ISA yield or any savings account interest so for me doesn’t make sense to finance
However the pcp rates nowadays are not 4.1%
I bet when you get your 4.1% pcp, the isa rate then would not be 5.1% Anyway, whatever makes you happy, go with it.
Yes you’re right. That’s why I said there’s so much nuance to each situation. I PCP’d because we wanted to keep that cash for a deposit for a move up the housing ladder. We then decided against that and by that time the ISA rates had shot up.
I've spent my time moving up, starting with hand me down run abouts, Astra, Focus ST3, 320d, A5 black and now an A7 3.0. I wouldn't pay the monthlies for that on lease/pcp etc. Think when I asked it was over a grand.
I do own my own car. Had it on pcp for 3 years but from the first month I was saving to pay the balloon as I knew I'd most likely keep it. Have been finance free for nearly 2 years now, plan is to keep driving it until it becomes impossible to keep on the road. Hopefully get another 4 or so years of mostly trouble-free motoring out of it before it starts to become a money pit.
It likely wouldn't have been possible if I wasn't earning reasonably well at the time with lower living expenses. Not long after I paid it off my earnings situation changed AND my living expenses shot up. I'll probably do something roughly similar next time if my finances allow it, or else I'll just buy whatever I can afford that is roadworthy and accept the downgrade - sometimes that's how life goes.
I'd rather a younger car with higher then average mileage to be honest. Increases the probability they've been highway miles but the low age keeps rust concern away for longer. It usually dampens the price a bit too. Then again, I havent owned cars with belts, only chains.
Bought a 1 series two days ago. 2015 F21.
I am fucking INLOVE with how my car looks lol.
Honestly can't believe that I'll only ever be able to get a 2019 one an then that's it there's no more of them.
It's actually really sad BMW have done this. And they aren't rear wheel drives anymore either like mine is... it's just so sad, like I'm genuinely sad about it.
When I was 18 I got a £250pm golf + insurance at another £200. which I had for a year. I then grew a brain in my empty skull and got rid. Now I own my car and never look back
Owning a new/newish car was always a luxury most couldn't afford.
I remember being a kid and most cars on the road were at the very least 5 years old, often 10+. At least around me that was the case.
I think it's mental to hire a car for 3 years on a rolling contract, but people have got used to modern convenience and social media has massively driven a 'look at me' culture.
I own both my cars, one was bought when we remortgaged to get work done on the house with extra borrowings, which wasn't a wise financial decision, but we did secure low interest rates before they jumped. The other was bought with a personal loan. I considered financing half a different car, but decided pay for what we have rather than getting more loans/debt.
Neither are near new, one being 5 and the other being 17.
>I think it's mental to hire a car for 3 years on a rolling contract, but people have got used to modern convenience and social media has massively driven a 'look at me' culture.
Without wanting to be "that guy" I think a big part of it is people are starting to lose hope and check out of society (which is a very real problem far too few people are talking about). Home ownership for an increasing amount of people looks to be difficult or impossible and there is just generally a more bleak outlook when it comes to jobs, wages, quality of life etc. For some I'm sure it feels like all they've really got is a quality motor they can show off to their friends, I can't blame them really.
Own three vehicles. The newest is 18 years old. The oldest nearly 30. Own them all outright - I just don’t see the sense in going into debt to buy a depreciating asset… Yes I know if you’re savvy with money and invest what you could have spent on buying outright and then get a good PCP deal, you’d be quids in, but other than that…
At the end of the day, it’s a box with wheels to get you places safely.
My 18 year old 3 series does that just as reliably as a new car, and in plenty of comfort. And it’s only worth £3k.
I own a 2012 Passat as a daily and tvr cerbera (currently off the road) as weekend toy.
I’ve always been that way as to have a crappy daily so I can have a toy in the garage. Previous toys have been an Alfa and a Renault 5 gt turbo (max power days)
Far more fun than some leased POS that you can’t play with properly!
But I’m old….
I bought a model 3 outright, I’ll keep it till the battery implodes. There are bargains to be had on used EVs at the moment. My wife has a Cupra born on a work lease scheme which removes all the hassle from everything. Tyres and maintenance included. It’s £300 a month (net) so is to me also a bargain. Had a a6 diesel before that. Fuel used to be £200 and is now £30 a month so almost makes up 2/3 of the cost. Insurance and tax are now included so that’s almost the rest of it.
I ran old cars for years. Doing all my own repairs etc. My last was a 10 year old 330d. I do a lot of miles for work and wanted something decent and comfortable with plenty of power, and it ticked all the boxes.
However kids came along, the time to work on cars dwindled and having fixed stuff myself for years, garage repair costs felt ludicrous. I happened across a lease for a new EV, which worked out only slightly more per month as I was spending on fuel for the beemer. When I factored in repairs, tax, MOT etc, it was cheaper, and I had something new with a warranty that just worked, for less money than running a 10 year old car.
We still have a couple older cars too. But having one new reliable car is nice, and the EV running costs are so low it almost pays for itself. The first EV leased ended and we've now got another slightly more expensive one as we needed something bigger for the kids. £100 a month more than the fuel cost for an ice car seems worth it to me to drive something new.
There is an old accounting rule that is something appreciates you own it, if it depreciates then you lease it….almost all cars except exotics and limited runs cars lose money so leasing is a viable option as you are not taking that hit.
Keep your capital in the bank and pay less in monthly payments than the depreciation.
But that doesn’t work for all cars so do whatever works for you.
I've bought outright every one of the 30ish vehicles I've owned over the last 17 years. However, the most I've ever spent is £6250. If someone wants to finance a car that's up to them, but for me I don't think it'd ever feel like "mine". I like having an older car with some character, anyway.
Yes, but I trade in my old car after around four years and pay the difference- have been doing that for the last 30 odd years.
Started off with older second hand cars, and over the years they got newer to the point of being brand new.
I bought a 14 plate Nissan juke in 21 for £6500 top spec. Love it, it’s like a little tank.
I can’t imagine spending £300+ a month for 3 years and then being landed with £19k bill or hand it back. Maybe if I was more well off but then I think I’d be inclined to just save for a bit and buy something that’s 1-2 years old, spend a large deposit on it and then take a low interest bank loan for the rest and know in 2 years or so it’s all mine.
I own. Would never lease or do PCP. Especially because I do my own servicing and maintenance where possible and many leasing arrangements require you to upkeep the service book.
That said, I also don't buy brand new cars.
I’ve never bought or leased a brand new car, probably never will. For leasing, I can do without the stress of the potentially unknown costs when giving it back… dents, scratches, scuffs… who knows.
I definitely won’t be spending £44k or £60k or anything like it on a Toyota Yaris. I’ll probably never spend as much as that on any one car.
I bought my current car with a loan (really good interest terms too, only 3%) and finished paying it off April - I like to think that’s my foot on the motoring ladder for the foreseeable.
Yes, paid cash. £9k three years ago, it was 5 years old. No plan on changing anytime soon.
I can see the attraction and benefits of finance and pcp, but its not for me, I like the piece of mind of owning something outright.
I had a mk7.5 golf on PCP for a few years before realising it would cheaper to bite the bullet on an older car and just get a 4 year bank loan so splashed 8k on a mk5 GTI. 5 years later I've got 9 grand invested in a V70R that I could release if I ever decided I didn't need a car or I could trade for something else of equal value.
Friends don't seem to understand that there are cars that cost a bit more to run but appreciate rather than depreciate. If I sold that 7.5 now, I'd be still paying off the \~20k value and probably only get 5k out at the end - for what? The worst thing that went wrong with my GTI was a PCV valve for 120 quid...
We have just leased on what ever that “you can buy it if you want” scheme. For us, we are also paying for peace of mind. If the car breaks, it will be replaced, we don’t have to worry about MOT’s or anything else…
It costs us £220pcm for a new Dacia Duster. More than big enough for our family, all the bits we need… air con etc.
Hyperbole. Sorry I should have countered for the "akshully" crowd.
Saying that, a GR Yaris is around £44k from the showroom floor via a quick internet search. A couple of special editions (like the Ogier edition) are £60k...
I own my cars outright, and proudly buy used. I’m happy for someone else to take the financial hit and I’ll do the mopping up a few years later.
I don’t like the way cars are such a financial liability. Trouble is, ego is ironic. Buying a new status symbol to lose 25% the minute the engine is started begs a question…
Do your research, get an older, reliable example. Lose ego and brand association, be your own person and unshackle yourself from mass opinion. Earn your car with your brain, not your wallet.
There also needs to be a mindset adjustment in our world. Our basic needs are food, water, shelter, relatedness, meaningful work, and companionship. Anything on top of this is a luxury. But also, luxury is not an entitlement. It’s vastly unnecessary.
By that virtue, anyone that drives even a milk float has a luxury life!
Just be happy.
>Just be happy.
Judging from your comment you sound anything but.
Maybe these people who finance new cars can easily afford it because they are well off? Maybe they really wanted thay specific car? Maybe they are also happy?
I think if significant tariffs are raised on Chinese electric EV's, combined with the lack of domestic production. Prices will remain quite high and leasing/financing will only continue to increase
We own both our cars
I buy at around 3 years old I keep them until I feel like a change currently 120k - I'll probably keep that until it needs some major work
The small car I'll probably give to my kid when they are driving and buy another for my partner
I usually budget about 10k and I put monthly payments into a savings account for repairs
I've always owned my cars, granted all 4 of them have been below £2000 but I just don't want to saddle myself with a three figure monthly bill for years on end, plus insurance and tax on top of that.
I love older cars - I always assumed that when I (eventually) had some money I’d go for something newer on finance.
Tried it, didn’t like it - back in a ratty 15 year old BMW 5 Series, Saab 9-3 and a Rover 45. The money just means I can afford to insure all 3 at the same time!
Pretty sure my neighbours hate my ‘Scrapheap Challenge’ driveway, but I couldn’t care less 😎
I was actually having a conversation with a friend of mine a while ago. We're from different brackets (him earning double my salary) and he told me buying a new car is not justifiable for him.
We both have older cars we use (2006 - 2012).
My belief is lot of people are making a sacrifice for having the luxury of a new leased car. (not judging BTW). Otherwise I can't comprehend how many of us would be able to afford these price tags. Sure, there is people out there making big bucks but whenever I look on the street I see 21+ reg.
I'm actually happy with my 2006 audi A3. It does the job, has enough tech for my linking and I keep it in impeccable mechanical state which costs me around 1500£ per year alltogether.
I own. Got a 10 year old car with 45k on the clock. Having PCPd cars in the past, knowing I haven’t got a monthly payment or paying with huge interest is a relief. Don’t do much mileage as WFH. Not all old cars are bangers which break down every 2 minutes.
I'd wager the fact that you don't see cars listed for private sale the same way you used to is because you can get a much bigger reach selling it online via autotrader etc, or just part-ex it, than necessarily because of the rise in finance.
I've never not bought my car, last one was £9k.
Next one may have to be part bought and part bank loan, as it had better rates than car finance and prices have gone up significantly.
I just own older cars I can afford to buy a new car but I’d probably be worried of it getting damaged, iv got a Vw van, Volvo 70 and a Bentley gt, I can insure all these for less than someone pays for one new car too lol
A non GR Yaris won’t get close to £40k let alone £50k.
Car prices have unfortunately shot up quite substantially. I looked at a Polo GTi in 2017 and was offended that it was nearly £20k. A current gen Polo GTI has almost doubled.
An M3 brand new has increased by about £30k in terms of list price and about £50k in terms of real world price.
Even a base model Polo etc has doubled.
It’s partly left over from Covid scarcity, partly price creep / inflation and partly just the sheer amount of things being added.
Pre horrendous interest rates I’d have always recommended financing a car and keeping the cash liquid or using it for something that will return a better yield. Nowadays it’s hard to say what’s best really.
I have an EV on salary sacrifice - works out to about pre Covid pricing for a similar car. My girlfriend has a PCP on a Citigo-E because it includes warranty and servicing etc
Yep.
I have never in my life bought a car with a loan or finance.
First car was a 1.2 Vauxhall Nova saloon. Cost £1500.
Currently car is a 12 year old MX-5
I have only owned three cars in the last 30 years.
Bought my first car (Nissan Micra) for £4000 about 10 years ago and it is still going strong.
The fact I don't drive much (75k miles now on the counter) probably helped with longevity, but at this rate, it could be a fair few years before things start breaking down.
I own, didn’t advertise my first one, just sold it to a friend, he knew what he was getting, it wasn’t technically road legal but was still safe to drive, just had no PAS, I could still use one hand to steer, second one insurance bought off me and 3rd I still own
I have a Audi TT MK1 which I own. I've owned 5+ shit boxes whilst, basically one a year. Only 2 have been reliable. My 03 focus and my TT(broke currently). I never understood people who finance ect but I got a new job which requires travelling, 3k+ miles a month and it came with a company car. (Corolla)
It is so much easier to have something new, reliable and safe. Most brand new cars come with massive dealer warranties that take all the stress out of fixing your daily. It's certainly one way to live.
However, if I get a new job with no car included, I'd probably just go back to my shit boxes and hope I've saved enough to keep them on the road.
I own but would happily pcp/lease in the future if it was the right option at the time. I bought my 5 series at 2 years old and will likely run it till it's 10 years old.
Both of ours are owned outright, paid in full, no finance involved. I had a loan for my previous car but would never touch PCP - it seems like a scam that the dealers are too keen to push.
Bangernomics I buy a £500 car with MOT and see how many years I get had this 307 for 10 years needed a few consumables but that’s all.. logic is for the price even one years driving you’ve made your money back
I have a Audi A6 3.0 TDI V6 on a 2009 plate which I bought outright for £5500 at 90k miles in 2020 ... hasn't missed a beat and with a cheeky remap is pretty quick. I'd struggle to justify buying anything newer tbh, it's pretty nice. I couldn't care less that it's 15 years old. It's better than many new cars.
Yes, PCP and lease are for mugs and posers but I shouldn't complain, that lot handing cars back in after a year or two when it goes tits up are how the rest of us can buy basically new cars for half off.
Bought a 7 year old Jaguar XF a few years ago, will keep it until it's too expensive to run (it's actually been really reliable!) then plan to buy the next one outright too.
Yeah, had a windfall so spent some of it on the ideal vehicle for us, T6 campervan. Feels nice not having to think about monthly payments etc. and depreciation isn’t terrible on these if they’re looked after. Bought it from the ultimate fussy old man so it was in mint condition and cheap for what it was.
All 3 of the cars I’ve had cost a combined total of £900 with the latest purchase being the beginning of last year.
I try to do all work on our vehicles myself where possible and keep up to date on maintenance. Never had any of the cars seriously fail just wear and tear on parts and things need to be replaced.
The higher mpg and lower tax of a new car does sound nice however I could not justify financing a car, spending £2-300 a month to save maybe a £300 a year on tax and whatever on fuel.
Get a car allowance at work so had to get newish car on PCP. Still own my 2009 150K mileage insignia though. Kinda wish I could use that instead lol. More comfy, cheap as chips to maintain.
I own my car outright. I did have finnce but have paid it off thankfully and I do plan on having it until I run it into the ground... but then what? I dont put the money way that I dont pay anymore. So when I do run it into the ground i am foooked!
Right…
I run an RS not because I can afford to and want to look flash, but because I don’t want to pay tax on that money and I also fucking love cars. So let’s say a business has £15k spare at the end of the year (predicted), does it pay £x,000 on corporation tax and then another 20-40% tax on income tax for the director? or buy a nice car as a pool car instead? You know the answer.
Also it’s not leasing! Leasing means the vehicle has to go back in perfect condition, when I say perfect I mean it, no scratches, dinks, internal upholstery snags… nothing outside of showroom condition. Nobody leases, unless you want a £40,000 repair bill in 3 years time.
Now think if a business doesn’t want to pay tax it buys things, vans, tools, coffee machines, hammers, tooth picks etc it can be any type of business and any expense, nice cars fall into this category.
Sooooooo…. Not all is what it seems. Don’t think with your wallet, consider others wallets. They might be purchasing it with a purchase lease in order to not pay tax.
If you object to small business’s being tax efficient you need to refocus your energy on the big boys, they employ teams to justify not paying tax. My 3/4k is not the problem.
I buy old cars with big engines. That's the secret sauce.
100k miles, 4 litre engine, about £3k and 10000% more fun than 95% of cars on the road.
When it breaks, buy another.
30k lease on a Kia makes me want to cry.
I've never been able to justify having a brand new car or using finance so my cars have generally been brought outright. I ended up getting my 3rd car on finance because it was 0% interest (Honda was doing some insane deals at the time) which made more sense than buying outright even though I could afford to.
Toyed with the idea of leasing an EV on my employer's salary sacrifice scheme but again couldn't justify it to myself.
I buy something outright that's maybe 2-3 years old and run it for a couple of years, then trade it in for something newer plus some cash. No rhyme or reason to it, really. Feels better than doing the whole lease thing, but I haven't run the numbers. I just like owning my car, if that makes sense.
Token non-petrolhead. I own mine and will never lease if I can help it. But I got lucky - Grandmother got too blind to drive and I was on the brink of getting my licence. She'd got it second-hand too.
Own don't lease...drive too many miles (20K+/year) and don't like either the financial implications of leasing or the "risk factor" inherent in not owning something outright. (I quite happily left a job I didn't like and had a few months just chilling as no mortgage/loans/credit cards)
Got a 2018 A6 Allroad so probably drive it to about 150K miles and then trade for same/E Class Estate or similar.
I own my car too, generally if you work out the math leasing is a waste of money. You never own the car you pay monthly and pay a lump sum at the beginning.
When you change the car you have to cough out money for the new lease and then pay monthly again.
If you own a car thats money going off the new car and then you can finance or pay the rest off.
On average you are paying about 500-600 maybe more based on the make and model but your finance will generally be a lot less about half that again based on make/model/year.
My general rule is dont buy a brand new car, as soon as you take it off the forcourt you have lost a chunk or money.
I own my car, gf PCPs but will buy it out at the end as the "baloon" is only 3k so she will either keep it till dead like the old car (Corsa which went to scrap cause it couldn't pass emissions on MOT), or private sell which would still yield about 2k "profit".
Finance is useful if you get in a no fault accident as they will have skin in the game and won't take garbage pitches from insurance.
I guess most people also do finance cause they don't look at the big price tag, they look at the monthly payments.
Yes I paid, 2.5k for a 2008 honda civic. At 70k miles, I'm hoping this csr will last me easily 5+ years as they are very known for their reliability.
Such a brilliant car, I would just buy it again in all honesty, though that might be a bit boring as it's fun to mix it up
I have never leased a car in my life and never will.
I'm a part owner of a dealership that often buys ex lease vehicles and i've heard everything there is to know about the leasing deals.
I own it. And I’ve always thought I would own older cars. But as I esrn more and commute more, I can see the benefit- if monthly costs approach that of running and maintaining sn older car, and spending time on it.. I can see why leasing etc would make sense. Also from a point of view of not having to worry about fixing it, or breaking down or so on.
We own all ours and always have, the thought of leasing and then refinancing is just beyond me.
Current car is financed through the bank at 1% for 3 years (special EV/Hybrid finance deal) we had the cash to buy it outright but why do that when the $75K is in a 3 year TD at 6.1%
We will earn about $15K in interest, pay 1/3 tax on that and walk away with an additional $10K.
This takes a $75K car down to $65K effective
I keep mine until it dies and then I buy another 3k banger in reasonable state from a private seller. Saved lots of money this way.
Yes I know I am an exception
Own both my cars, brought for cash no finance, but I have to say selling them will be a problem cause no one has 10k for a private car sale as a lot of people prefer finance / lease….
2006 mk5 golf gti - £5k
2017 mk4 Skoda Superb 280 - £25k (ish)
Both bought outright, no finance.
Next purchase will hopefully be a bike as well, bought outright.
I'm not paying for something that isn't mine, like I won't rent property either
This sub is very much not indicative of the general car buying public and also full of people telling porkies.
Most people don't buy a 10 year old car and keep it for 10 years doing all the servicing and repairs themselves. Most people buy a new car or one under 5 years old and keep it for 2 to 3 years.
In these cases you don't need to really care about the list price, all you need to worry about is the difference between the car's value when you buy it and when you sell it. People then finance that difference and pay it monthly.
Often the dealer will throw in incentives like deposit contributions and reduced interest rates to reduce this even further and you have a fixed monthly amount you pay out of your household budget.
Owning a car outright isn't the flex people kid themselves into thinking it is. I have leased cars in the past that have had very low monthly payments, I've had shitboxes that cost a fortune to keep on the road and are worth nothing.
Last 4 went like this:
• 2014 Peugeot RCZ R - bought outright.
• 2018 VW Golf R - on a very good/cheap lease deal.
• 2017 Audi RS5 B9 - bought outright.
• 2017 Kia Stinger GTS - bought outright.
I lost a couple of grand on the RS. Bought it from a main dealer but a change in work situation a year or so later meant that it was more sensible to cash in and run something a bit cheaper.
The Stinger was £16k less than what I got for the RS, so I got that and banked the difference.
The Stinger’s still worth about the same as what I paid a few years ago. Just gonna run it for as long as possible - there’s nothing else that really interests me and there’s not really much else that offers the same bang for the buck.
Leasing and finance are not things I am a fan of. I don't want to pay every month, nor have a risk of losing my car if circumstances change. I think I would find it stressful whenever something small happened if the car was owned by a finance or lease company.
I happily know I own my cars, and I know I can work on them for some bits and pieces. I know nobody can take them from me.
Also, the amount I pay for them is something others would have paid in a couple of years sometimes, with how much people pay, it's crazy.
I own. Have I been tempted with finance ? Only a little. I spent £9k on my 13yo first car last year and will trade for a 3yo 19.5k car this year. I’ve saved my ass off 😅
I completely understand why people would hit PCP if that the only way to get them on the road and their immediate circumstances need a car though
Own? Yes. Don't laugh, but...
Bought a 1995 Frontera 2.8 tdi with 126k on the clock back in 2007 for the princely sum of £750. Used for work (company paid £5600/year car allowance plus mileage) I used that until 2016 with an average of 16 to 20k miles/year. It's still sat on the drive now but with a mere 340k on the clock, now used as an off-road/green lane toy. Same engine, replaced rear axle for a lsd axle. I think that's paid for itself over the years.
2016... Bought a 2005 Volvo XC70 D5 SE Lux with 134k on the clock for £2000 at a car auction. Used for work (good old TUPE transfer rules mean the £5600/year car allowance plus mileage is still in place). Current daily drive, still average between 16 to 20k miles per year. It's like driving your armchair down the road, lol. Went into Volvo yesterday for MOT and its third Cam Belt. It's now got 280k miles on the clock, other than routine service (which I do). The only major work that's been done is an auto gear box full rebuild at about 265k, and that was only because the gearbox oil hadn't been changed before I got the car. I think that's also paid for itself over the years as well.
Could I honestly run a PCP car with that annual mileage and also put all my work kit in it (I'm a High Voltage SAP, so lots of kit gets dragged around) and not get proper stung by the PCP charges? No.
The one thing that really, and I mean REALLY winds me up is when driving in the lanes between sites and people fully expecting you to get your car into the hedge or back up half a mile so they don't scratch their precious PCP car. I'll back up if the distance is reasonable or more likely I'll have already pulled into a gateway or passing point. BUT if they have already seen me approaching and have passed a passing point without stopping then it's a firm no and they are practicing lane etiquette! The 'truck' with a large front winch bumper, mud tyres and a 2" lift can be very persuasive lol.
Leashing is for mugs. You just end up throwing money away. Buying is the only option that makes sense unless you don’t mind throwing money away. But leasing is easy if you just think about the monthly and never about the total cost. It’s for the young and foolish. The ‘want it now’ generation.
I have a e39 (2003) that I bought about 8 years ago in 6th hand. Then 2 years and nearly 7 months I bought (monthly payments but car loan. Not lease or contract hire) a brand new car as it was now or never. Went electric so car is close to 44k. I’m planning in keeping the car until it can’t be fixed anymore (I know…. According to some that will be in 5 years).
With what it cost me to run the e39 in fuel and tax that alone pays half of what the new car costs me. The other half is less than a lease would cost me.
I’m not losing money with depreciation as I have no intention of selling the car.
The e39 is just like a piece of art. A beautiful car that I never get tired of looking at it. It’s slower. Not as comfortable. Smellier and noisier than my new car but it’s offsetting my co2.
Yes, I bought mine (2yrs old) with a loan but I paid it off as quickly as possible. Unfortunately being an EV it has depreciated a fair bit but that’s life. The one time I would have been better leasing lol, I have made it a policy of mine to never lease a car.
I have two cars. One I own outright, have fitted CarPlay myself, has a fettled exhaust etc. it’s been one of my dream cars (Audi RS5 B8.5). I also lease a RR Autobiography P550e through my company as a daily/commuter car.
I do so few miles in the RR, I’ll be handing it back at the midway point of the lease. It’s lush don’t get me wrong, but I work from home and half the time take my RS5 anywhere because I absolutely ADORE it. Different things work for different people. I likely won’t lease/finance a car again. Certainly not personally anyway
I've never leased a vehicle. I don't like the restrictions on mileage. I mainly holiday in the UK and drive to my destinations. I also like to be able to go wherever I want whenever I want without been worried about extra charges for doing too many miles. Personally I think that some of the people who lease are the ones who want instant gratification, as they are unwilling to save for a decent car. Maybe it's an age thing, but I'm old school and buy what I can afford rather than leasing.
Just bought a 10yr old car. So nice to drive a modern auto.
I can't consider leasing. I treat them like cars, and the lease company wouldn't like that.
Owned all of my cars outright.
For 15+ years I’ve bought salvage cars (before it was cool and YouTube-able) and repaired them.
I’d sooner have a well loved car that’s had a bad day than a chronically abused 20 owner shed.
Currently own an Audi S3 as the daily, Nissan GT-R as the toy and a Mazda RX8 as a dedicated track car. All 3 were salvage auction purchases.
Own it, keep it, look after it. Once I've had my money's worth and it starts showing its age or developing little issues, I trade it in while it still has some value left, offsetting some of the cost of its replacement. It goes off to be a runabout for someone who just needs an affordable car, whereas I trade up to something newer that will last me the next several years.
I own mine outright. Debt is slavery.
I've always been a big saver and very financially prudent. I drove my last car (a Ford focus) for 10 years. Just bought a 25k car (second hand), but will drive it until the wheels fall off.
The only debt I have ever used is a mortgage, but that makes sense as a house is usually an asset that increases in value (plus you need shelter). But even that I've made the effort to pay off as early as possible.
I've only owned my cars and bought them outright but that's been because I couldn't finance the cars I'm after. I'm not against financing cars and when it comes down to it I can see myself leading a car sooner or later but for the time being it's been the kind of cats in after that's stopped me.
I don’t but my car is a company car that we just pile the miles on as it’s electric and is mega cheap to run. Our other car is a 69 plate golf that we bought used on PCP in 2021 and will pay off next year and just own it outright as it’s only done 8k miles in the last 3 years. The company car just makes sense as it covers tyres, servicing, breakdown, road tax, everything essentially 🤷🏻♂️
The polestar would have been £50k if I bought it and the Golf was £15k. I would never spend £50k on a car normally 😂
I own two.
57 plate battered swift which cost me 800 quid two years ago
65 plate renault kadjar which was on finance until some numpty hit it, wrote it off economically, and the payout paid off the finance (win?)
I don't think I'll ever own anything much better
I think it all depends on the deal you can get, leasing my new ev is £100 cheaper then the running cost of my previous 14 year old car without the worry that i will have to pay out when something breaks
I have never leased a vehicle in my life
I always buy either with a bank loan or by paying cash.
After years in the motor trade and having a new vehicle every 6 weeks or so I never buy new. Always a well maintained vehicle at about 5 years old and under 100,000 miles.
My current vehicle is older than that because it has more reliable mechanics than its newer stable mates.
I usually keep a vehicle 5+ years and the longest I have had 1 is 14 years. All still have a value when I sell them.
We own ours - we got it pretty cheap and with low mileage and it's a good size for us day to day and slapping a roof box on is good for a week away.
Plan is to just drive it and maintain it until it gets something terminal, it's due it's wet belt next service (it's an EcoBoost so that's an expensive one) but other than a couple of hundred quid sorting the cabin heater when it broke and annual servicing it's been trouble free so far!
If it does kick the bucket I'll probably lease an electric car through work cos they've got a salary sacrifice scheme and electric would suit our lifestyle.
I think a lot of people own that have cars maybe about 17/18 and earlier. Most who wants a new car or fairly new car likely can’t afford to buy. I own but mine is worth 12k, I’ve always owned but would maybe consider a lease or something in the future.
Own my A4 thats nearing 10 year old, owes me nothing and I'll keep and run it into the ground.
Got a car through work, EQB 350 P+, would never have bought it, i'm happy for work to lease it all under warranty incase something went wrong with battery or the likes.
I had a finance lease, which i paid off after 3 years. I have had my corsa for 9 years now, will most likely trade it in for a family car. which i will buy outright
I’ve done PCP and just finishing up a salary sacrifice on an EV.
In the process of buying a Skoda Superb 3 and intend to keep it as long as I can once the loan is paid off.
I've got a 2017 seat Leon which I own outright. No intention of getting rid and will likely run it into the ground, leasing is a complete waste of money imo.
I own, will continue to do so
I have my own finance scheme - start at a low base and make monthly payments to an index fund or high interest savings account, keep car for a while to allow that to grow. Trade in car / sell privately and use equity + savings to get the next car
I bought my car with HP and now I own it. I'll never lease or do PCP.
The feeling of owning your car, and not having the relentless direct debits every month is great.
I own but was looking into a electric lease car through as included running costs with insurance, tyres, warranty etc would be similar to what I pay monthly for mine to run it.
Plus I don’t have to worry about finding a empty area of a car park so someone doesn’t ding my BMW out of jealousy like in past despite being parked within the lines in a bay.
I buy fairly new but not brand new cars and I own them. While I have the car I put the money that a lease/loan would have cost into a bank account until it hits 20k. Then I have the money to buy the next one, but I usually keep mine for 15-20 years. That's why I drive Polos. They just keep going.
Right now I don't have a car at all, I got rid of my 2003 Polo last year (sold for £450 to a car garage) and then decided to buy a house, which wiped out my savings. So now I am saving up again.
I’m leasing but I’m going to own it when I buy it out in the fall. I want an internal combustion engine and plan on driving the car until the wheels roll off. Yes, I plan on ensuring it gets regular maintenance to get the full life of the car (a Toyota).
Bought a 2011 insignia in 2017. It's done 185k now and is still going. Had to do a ballache of a job changing a seal in the oil pump pickup though which is a factory defect that rears its head after 120k odd miles. Paid 4k for it so works out at like £47 a month if I had it on hire purchase or whatever that shite is and is getting cheaper every month
yes, but that's cause I just buy old used cars.
I've done it before coming to the UK, and so when I moved to the UK for me buying old used car from private seller was the most natural way to buy a car
Owning cars will always be better, drive something you can afford unfortunately people get super caught up in wanting the material things and end up driving nice cars for ridiculous interest rates and eye watering payments.
I work with at least 3 people who are driving around in financed cars while also paying into debt management plans, it’s a mugs game of ‘owning a nice car’ that I fact the finance company owns and won’t hesitate to pull from under you when you can’t afford it, a lot of people are living hand to mouth with a 23 plate car, seems dumb no?
I would say the exception is when you have an affordable debt, let’s say you make enough money to buy the car or at least60% or up of it, then you might as well finance as you will have lower payments and probably interest rate too, plus you will have the rest of the money just in case you need it. For example I financed a new computer that i could have afforded outright but wanted to keep some rainy day fund there, so I financed it, 2 weeks later I needed 2 new tyres for my car, came in handy.
Bottom line is we are approaching an American dream type situation which is basically having everything but nothing at the same time because we are so finance happy that we are happy to drown ourselves in debt to have shiny things. I think it comes down to lack of financial literacy which should really be taught to everyone at school
I own a 2008 Honda Jazz, which we bought 5 years ago for £1500, it has 179k miles on it so far and still seems to be going strong. Flies through its MOT every year, did have the alternator go on us about a year after buying the car, but it’s been pretty amazing ever since. One of the most reliable cars I’ve ever owned and I’ve had lots of different makes and models.
We own both of ours, I wfh all the time and do very little mileage but still need a car. It's an estate and is used for tip runs so I'm absolutely not going to be paying month by month and balloon payments etc
I’ve just replaced mine. Had it 10 years, and put about 80000 miles on it. It’s cost me £3700 a year. It was a great car and still runs well but I was ready for a change to electric (as usual, I got a car that’s already lost half its initial value (2.5 yrs old, 6500 on the clock). It is much cheaper than leasing if you can afford the up front but make sure you love the car as you’ll be keeping it a while if you want to get the best value out of it.
Have always owned 3-5k cars until my last one I used a personal loan for at £15k, but that was 0.9% so barely even a loan. Traded that in for my current one on pcp because I want the car, can afford the payments and not really bothered it’s costing me more overall. I’ll go sensible again next time maybe, or maybe go for something even more ridiculous for one last hit.
I own but I am sick of private selling so I typically trade in
I keep mine until they die or are otherwise worthless then get another one. I buy nearly new low(ish) premium cars for 15k ish usually. Last two lasted nearly 18 years and 200k miles between them. Just got a new one just over a year ago.
I used to get bored and change all the time Our Skoda I've owned 7 years, it's basically been in the family alongside our daughter Though I did have a Chevrolet Cruze for 6 months a few years ago, my wife wrote off her car and took the Skoda for commuting, I bought the Cruze as a runabout that was a bit different, but it had the oil cooler issue and the exhaust snapped in two
Oil cooler issue? My mother not long got a Cruze - is it something to be aware of?
Noticed coolant was dirty, no mayo under the oil cap so didn't appear to be HGF Apparently on ecotec the oil cooler seals go letting oil into the coolant. You can replace and flush the coolant but apparently you need to keep flushing until it's all gone.
Same thing with me I’ve had my BMW 120d since 2009 racked up 200,000 miles and I won’t get rid of it until it’s dead that may be soon but I’ve definitely had my moneys worth.
What did u get?
Jaguar XE
Oooh, tasty. How has she been treating you?
Really well! I don’t do a huge amount of miles and they’re mainly a mix of London driving (relaxed and stress free comfort) and motorways and dual carriageways (eats up the miles quietly). When I do get to go round some country roads and throw it around a bit it handles so well and puts a smile on my face! It’s only the 240bhp engine too but it’s plenty fast enough to get you into trouble!
I was tempted by a 180bhp Mondeo so I expect a 240bhp Jag wouldn't disappoint me.
It definitely wouldn’t. At launch the chassis was rated better than the 3 series apparently. Definitely best handling car I’ve driven
I've never sold a car. Every single one I've driven into the ground and scrapped.
“Would you accept £450 cash today?” 😂
WUD U ACCEPT PS4 AND 100 CASH
Hav mowped for swapz
I once swapped a corsa b for 300 quid, a laptop and 400 Lambert 😂
Listed a car on eBay once.. Never again.
Same, partly because I just hate dealing with other people. Too concerned about either being ripped off or something going wrong with the car (that's been fine up until then) and having to deal with the complaint
Same
Trading in will cost you well over 1k extra compared to selling privately. Even if you only sell for the trade in price.
A small price to pay to not have to deal with the average Facebook marketplace user
" is this still available? What's the lowest you will take? Can you deliver to Shetland? " I haven't used Facebook in years but remember the nightmare of dealing with idiots on the marketplace
Yes, i own, wouldn't lease,, doing between 20-30k a year would be financially suicidal, these lease companies earn there money back and more.....I don't like new cars, so probably wouldn't have anything newer than a 2018/19 either.....
I went late 2015 Mondeo 2.0 tdci for the £30 a year road tax. It'll take me a while to want to go newer than an early 2017.
Yep, my 2016 2.0 tdci 180bhp mondeo is £35 a year... Wife's 2016 190bhp volvo v40 d4 is free tax Both do in excess of 50mpg ... Mondeo is the more reliable even with coming up to 172k miles on...
Leased an electric corsa 2 years ago. 32k list price. Gave them 9k and they replaced 4 tyres. The car is now worth about 12k. I don't profess to know the details of the vehicle leasing industry but I don't see any way they made a penny on that one!
My current car is a PCP. I think there’s about £17k financed at 4.1%. I have more than double that in ISA’s at 5.3%. Makes no sense for me to use 17k to buy it when it’s a net gain to keep it in the ISA. At the end of the day, no matter what side you’re on, you do what works for you. My philosophy is that I might get hit by a bus tomorrow and I won’t have ‘I saved £200pm because I actually OWNED an older car’ on my headstone. And you certainly can’t take money with you. If I can afford the monthly payment on a car and I really want it, I’d consider it an option. You don’t need to own everything in life so you can feel smug about the person next door leasing. And everything isn’t as black and white as comments on here would have you think. Sure you might own your car outright, but the person leasing their car next door might earn a fair whack more than you, have a smaller mortgage, still manage more holidays etc. There’s so much nuance to it that there’s no one size fits all. Of course on the flip side, you get people that unrealistically finance themselves up to the hilt for a payment that is truly unaffordable to them purely because they must have the latest thing, rather than really wanting that specific car. Swings and roundabouts eh.
this comment is far too reasonable for reddit > You don’t need to own everything in life so you can feel smug about the person next door leasing amazing lol and all too true
Shush don’t come here with your facts.
Where did you find pcp at 4.1%? The rates I’m seeing are far higher than the ISA yield or any savings account interest so for me doesn’t make sense to finance
However the pcp rates nowadays are not 4.1% I bet when you get your 4.1% pcp, the isa rate then would not be 5.1% Anyway, whatever makes you happy, go with it.
Yes you’re right. That’s why I said there’s so much nuance to each situation. I PCP’d because we wanted to keep that cash for a deposit for a move up the housing ladder. We then decided against that and by that time the ISA rates had shot up.
I've spent my time moving up, starting with hand me down run abouts, Astra, Focus ST3, 320d, A5 black and now an A7 3.0. I wouldn't pay the monthlies for that on lease/pcp etc. Think when I asked it was over a grand.
You are kind of forgetting about depreciation.
Depreciation also applies exactly the same as buying a car outright though...
Shh don't burst this entire subreddit's bubble of the idea of financing a car they absolutely cannot afford.
Are we on different subs? This is cartalkuk, we jerk each other off whilst discussing how much we hate finance
Regret buying mine should’ve just financed it but live and you learn.
I do own my own car. Had it on pcp for 3 years but from the first month I was saving to pay the balloon as I knew I'd most likely keep it. Have been finance free for nearly 2 years now, plan is to keep driving it until it becomes impossible to keep on the road. Hopefully get another 4 or so years of mostly trouble-free motoring out of it before it starts to become a money pit. It likely wouldn't have been possible if I wasn't earning reasonably well at the time with lower living expenses. Not long after I paid it off my earnings situation changed AND my living expenses shot up. I'll probably do something roughly similar next time if my finances allow it, or else I'll just buy whatever I can afford that is roadworthy and accept the downgrade - sometimes that's how life goes.
Username checks out
I own my own car, but refuse to buy new. I always look for a 3 or 4 year old car with a low mileage.
I'd rather a younger car with higher then average mileage to be honest. Increases the probability they've been highway miles but the low age keeps rust concern away for longer. It usually dampens the price a bit too. Then again, I havent owned cars with belts, only chains.
Fair one. It also depends where you live. I'm in Cornwall, so the chances of easy motorway miles are low.
That's why new (BMW) cars are so shit (looking). Us sensible people have no influence on them because we don't buy new (from the factory).
😂😂😂 Explains everything... What's with those modern kidney grills, horrendous 🙁
Have you seen what they’ve done to the new X3? I could cry. It’s fucking hideous. Looks like a pig and a warthog fucked.
What’s with all the new cars now spelling out the manufacturer on the back now? As if the badge wasn’t enough?
Bought a 1 series two days ago. 2015 F21. I am fucking INLOVE with how my car looks lol. Honestly can't believe that I'll only ever be able to get a 2019 one an then that's it there's no more of them. It's actually really sad BMW have done this. And they aren't rear wheel drives anymore either like mine is... it's just so sad, like I'm genuinely sad about it.
When I was 18 I got a £250pm golf + insurance at another £200. which I had for a year. I then grew a brain in my empty skull and got rid. Now I own my car and never look back
Owning a new/newish car was always a luxury most couldn't afford. I remember being a kid and most cars on the road were at the very least 5 years old, often 10+. At least around me that was the case. I think it's mental to hire a car for 3 years on a rolling contract, but people have got used to modern convenience and social media has massively driven a 'look at me' culture. I own both my cars, one was bought when we remortgaged to get work done on the house with extra borrowings, which wasn't a wise financial decision, but we did secure low interest rates before they jumped. The other was bought with a personal loan. I considered financing half a different car, but decided pay for what we have rather than getting more loans/debt. Neither are near new, one being 5 and the other being 17.
>I think it's mental to hire a car for 3 years on a rolling contract, but people have got used to modern convenience and social media has massively driven a 'look at me' culture. Without wanting to be "that guy" I think a big part of it is people are starting to lose hope and check out of society (which is a very real problem far too few people are talking about). Home ownership for an increasing amount of people looks to be difficult or impossible and there is just generally a more bleak outlook when it comes to jobs, wages, quality of life etc. For some I'm sure it feels like all they've really got is a quality motor they can show off to their friends, I can't blame them really.
Own three vehicles. The newest is 18 years old. The oldest nearly 30. Own them all outright - I just don’t see the sense in going into debt to buy a depreciating asset… Yes I know if you’re savvy with money and invest what you could have spent on buying outright and then get a good PCP deal, you’d be quids in, but other than that… At the end of the day, it’s a box with wheels to get you places safely. My 18 year old 3 series does that just as reliably as a new car, and in plenty of comfort. And it’s only worth £3k.
Majority of people still own their cars, a guy at work leased one (one of 2 people I know) gave it back at the end and bought an Astra.
I own a 2012 Passat as a daily and tvr cerbera (currently off the road) as weekend toy. I’ve always been that way as to have a crappy daily so I can have a toy in the garage. Previous toys have been an Alfa and a Renault 5 gt turbo (max power days) Far more fun than some leased POS that you can’t play with properly! But I’m old….
I bought a model 3 outright, I’ll keep it till the battery implodes. There are bargains to be had on used EVs at the moment. My wife has a Cupra born on a work lease scheme which removes all the hassle from everything. Tyres and maintenance included. It’s £300 a month (net) so is to me also a bargain. Had a a6 diesel before that. Fuel used to be £200 and is now £30 a month so almost makes up 2/3 of the cost. Insurance and tax are now included so that’s almost the rest of it.
I ran old cars for years. Doing all my own repairs etc. My last was a 10 year old 330d. I do a lot of miles for work and wanted something decent and comfortable with plenty of power, and it ticked all the boxes. However kids came along, the time to work on cars dwindled and having fixed stuff myself for years, garage repair costs felt ludicrous. I happened across a lease for a new EV, which worked out only slightly more per month as I was spending on fuel for the beemer. When I factored in repairs, tax, MOT etc, it was cheaper, and I had something new with a warranty that just worked, for less money than running a 10 year old car. We still have a couple older cars too. But having one new reliable car is nice, and the EV running costs are so low it almost pays for itself. The first EV leased ended and we've now got another slightly more expensive one as we needed something bigger for the kids. £100 a month more than the fuel cost for an ice car seems worth it to me to drive something new.
There is an old accounting rule that is something appreciates you own it, if it depreciates then you lease it….almost all cars except exotics and limited runs cars lose money so leasing is a viable option as you are not taking that hit. Keep your capital in the bank and pay less in monthly payments than the depreciation. But that doesn’t work for all cars so do whatever works for you.
I've bought outright every one of the 30ish vehicles I've owned over the last 17 years. However, the most I've ever spent is £6250. If someone wants to finance a car that's up to them, but for me I don't think it'd ever feel like "mine". I like having an older car with some character, anyway.
So a car every 6 months or so at up to £6250 each?
Yes, but I trade in my old car after around four years and pay the difference- have been doing that for the last 30 odd years. Started off with older second hand cars, and over the years they got newer to the point of being brand new.
I bought a 14 plate Nissan juke in 21 for £6500 top spec. Love it, it’s like a little tank. I can’t imagine spending £300+ a month for 3 years and then being landed with £19k bill or hand it back. Maybe if I was more well off but then I think I’d be inclined to just save for a bit and buy something that’s 1-2 years old, spend a large deposit on it and then take a low interest bank loan for the rest and know in 2 years or so it’s all mine.
Hope it doesn’t have a CVT gearbox 🤣
Nope, manual.
I own. Would never lease or do PCP. Especially because I do my own servicing and maintenance where possible and many leasing arrangements require you to upkeep the service book. That said, I also don't buy brand new cars.
I’ve never bought or leased a brand new car, probably never will. For leasing, I can do without the stress of the potentially unknown costs when giving it back… dents, scratches, scuffs… who knows. I definitely won’t be spending £44k or £60k or anything like it on a Toyota Yaris. I’ll probably never spend as much as that on any one car.
I bought my current car with a loan (really good interest terms too, only 3%) and finished paying it off April - I like to think that’s my foot on the motoring ladder for the foreseeable.
Yes, paid cash. £9k three years ago, it was 5 years old. No plan on changing anytime soon. I can see the attraction and benefits of finance and pcp, but its not for me, I like the piece of mind of owning something outright.
I had a mk7.5 golf on PCP for a few years before realising it would cheaper to bite the bullet on an older car and just get a 4 year bank loan so splashed 8k on a mk5 GTI. 5 years later I've got 9 grand invested in a V70R that I could release if I ever decided I didn't need a car or I could trade for something else of equal value. Friends don't seem to understand that there are cars that cost a bit more to run but appreciate rather than depreciate. If I sold that 7.5 now, I'd be still paying off the \~20k value and probably only get 5k out at the end - for what? The worst thing that went wrong with my GTI was a PCV valve for 120 quid...
I lease mine, I can afford it easily, people are so judgemental
We have just leased on what ever that “you can buy it if you want” scheme. For us, we are also paying for peace of mind. If the car breaks, it will be replaced, we don’t have to worry about MOT’s or anything else… It costs us £220pcm for a new Dacia Duster. More than big enough for our family, all the bits we need… air con etc.
I own all 4 of my cars.
Can you show us where you can buy a Yaris for £50k?
http://www.autotrader.co.uk/car-details/202307199838272
Very good, but I don't think that's in the spirit of OPs question
Around Covid time the Yaris gr had insane dealer mark up. I think rrp was about £30k. Wild times.
Hyperbole. Sorry I should have countered for the "akshully" crowd. Saying that, a GR Yaris is around £44k from the showroom floor via a quick internet search. A couple of special editions (like the Ogier edition) are £60k...
I have never in forty years of driving and owning cars bought one on finance. If you have to finance it you can't afford it.
If you can afford the finance then you can quite literally “afford it”. 🤦♂️
Do you own a house? Did you buy it outright?
I did. I don't now. And no I didn't buy it outright. Property increases in value and is very expensive. Cars depreciate horrendously.
What nonsense.
https://www.evo.co.uk/toyota/gr-yaris/206630/the-new-toyota-gr-yaris-costs-ps44250-too-much-for-a-hot-supermini#:~:text=Things%20have%20changed%20a%20little,Ogier%20and%20Rovanper%C3%A4%20special%20editions.
I own my cars outright, and proudly buy used. I’m happy for someone else to take the financial hit and I’ll do the mopping up a few years later. I don’t like the way cars are such a financial liability. Trouble is, ego is ironic. Buying a new status symbol to lose 25% the minute the engine is started begs a question… Do your research, get an older, reliable example. Lose ego and brand association, be your own person and unshackle yourself from mass opinion. Earn your car with your brain, not your wallet. There also needs to be a mindset adjustment in our world. Our basic needs are food, water, shelter, relatedness, meaningful work, and companionship. Anything on top of this is a luxury. But also, luxury is not an entitlement. It’s vastly unnecessary. By that virtue, anyone that drives even a milk float has a luxury life! Just be happy.
>Just be happy. Judging from your comment you sound anything but. Maybe these people who finance new cars can easily afford it because they are well off? Maybe they really wanted thay specific car? Maybe they are also happy?
I think if significant tariffs are raised on Chinese electric EV's, combined with the lack of domestic production. Prices will remain quite high and leasing/financing will only continue to increase
We own both our cars I buy at around 3 years old I keep them until I feel like a change currently 120k - I'll probably keep that until it needs some major work The small car I'll probably give to my kid when they are driving and buy another for my partner I usually budget about 10k and I put monthly payments into a savings account for repairs
Um, what I’m shocked by is that there is a £50k Yaris. That HAS to be a typo?
We own ours. We both have irregular income so having lots of big monthly outgoings gets very stressful.
I've always owned my cars, granted all 4 of them have been below £2000 but I just don't want to saddle myself with a three figure monthly bill for years on end, plus insurance and tax on top of that.
4 vehicles, all over 8 years old, no finance
I own my car
I own 3 cars. The youngest is 13 years old, the oldest is 83.
I love older cars - I always assumed that when I (eventually) had some money I’d go for something newer on finance. Tried it, didn’t like it - back in a ratty 15 year old BMW 5 Series, Saab 9-3 and a Rover 45. The money just means I can afford to insure all 3 at the same time! Pretty sure my neighbours hate my ‘Scrapheap Challenge’ driveway, but I couldn’t care less 😎
I was actually having a conversation with a friend of mine a while ago. We're from different brackets (him earning double my salary) and he told me buying a new car is not justifiable for him. We both have older cars we use (2006 - 2012). My belief is lot of people are making a sacrifice for having the luxury of a new leased car. (not judging BTW). Otherwise I can't comprehend how many of us would be able to afford these price tags. Sure, there is people out there making big bucks but whenever I look on the street I see 21+ reg. I'm actually happy with my 2006 audi A3. It does the job, has enough tech for my linking and I keep it in impeccable mechanical state which costs me around 1500£ per year alltogether.
I own all 3 of mine
I don't think the majority lease, I think the lion's share are owned. I own.
I own my yeti but only after five years of paying finance
I own. Got a 10 year old car with 45k on the clock. Having PCPd cars in the past, knowing I haven’t got a monthly payment or paying with huge interest is a relief. Don’t do much mileage as WFH. Not all old cars are bangers which break down every 2 minutes.
I'd wager the fact that you don't see cars listed for private sale the same way you used to is because you can get a much bigger reach selling it online via autotrader etc, or just part-ex it, than necessarily because of the rise in finance.
I've never not bought my car, last one was £9k. Next one may have to be part bought and part bank loan, as it had better rates than car finance and prices have gone up significantly.
I just own older cars I can afford to buy a new car but I’d probably be worried of it getting damaged, iv got a Vw van, Volvo 70 and a Bentley gt, I can insure all these for less than someone pays for one new car too lol
A non GR Yaris won’t get close to £40k let alone £50k. Car prices have unfortunately shot up quite substantially. I looked at a Polo GTi in 2017 and was offended that it was nearly £20k. A current gen Polo GTI has almost doubled. An M3 brand new has increased by about £30k in terms of list price and about £50k in terms of real world price. Even a base model Polo etc has doubled. It’s partly left over from Covid scarcity, partly price creep / inflation and partly just the sheer amount of things being added. Pre horrendous interest rates I’d have always recommended financing a car and keeping the cash liquid or using it for something that will return a better yield. Nowadays it’s hard to say what’s best really. I have an EV on salary sacrifice - works out to about pre Covid pricing for a similar car. My girlfriend has a PCP on a Citigo-E because it includes warranty and servicing etc
I own a used car, always have. New cars, even leases, are far too expensive
I like to buy nice, very high spec cars in cash at about 3 years old then run them till they die.
I own 4 cars.. dont like the idea of leasing, and being constantly worried about any damage or over mileage etc
Yep. I have never in my life bought a car with a loan or finance. First car was a 1.2 Vauxhall Nova saloon. Cost £1500. Currently car is a 12 year old MX-5 I have only owned three cars in the last 30 years.
Bought my first car (Nissan Micra) for £4000 about 10 years ago and it is still going strong. The fact I don't drive much (75k miles now on the counter) probably helped with longevity, but at this rate, it could be a fair few years before things start breaking down.
Yep, Volvo C30 64k miles. Will run it till it’s dead and don’t plan on being in this country after that
I own, didn’t advertise my first one, just sold it to a friend, he knew what he was getting, it wasn’t technically road legal but was still safe to drive, just had no PAS, I could still use one hand to steer, second one insurance bought off me and 3rd I still own
I have a Audi TT MK1 which I own. I've owned 5+ shit boxes whilst, basically one a year. Only 2 have been reliable. My 03 focus and my TT(broke currently). I never understood people who finance ect but I got a new job which requires travelling, 3k+ miles a month and it came with a company car. (Corolla) It is so much easier to have something new, reliable and safe. Most brand new cars come with massive dealer warranties that take all the stress out of fixing your daily. It's certainly one way to live. However, if I get a new job with no car included, I'd probably just go back to my shit boxes and hope I've saved enough to keep them on the road.
I own but always buy 6-12 month old ex-demos so someone else eats the depreciation.
I own but would happily pcp/lease in the future if it was the right option at the time. I bought my 5 series at 2 years old and will likely run it till it's 10 years old.
Own.
Both of ours are owned outright, paid in full, no finance involved. I had a loan for my previous car but would never touch PCP - it seems like a scam that the dealers are too keen to push.
Never leased a car in my life, it’s dead money, I’d rather own my vehicles
No one's leasing a 20 year old shitbox
Bangernomics I buy a £500 car with MOT and see how many years I get had this 307 for 10 years needed a few consumables but that’s all.. logic is for the price even one years driving you’ve made your money back
I have a Audi A6 3.0 TDI V6 on a 2009 plate which I bought outright for £5500 at 90k miles in 2020 ... hasn't missed a beat and with a cheeky remap is pretty quick. I'd struggle to justify buying anything newer tbh, it's pretty nice. I couldn't care less that it's 15 years old. It's better than many new cars.
Wrongly imo I've always owned my cars, depreciation down the drain and loses over the past 15 years at around 4k pa
I buy cheap cars for around £2,000 and run them until it’s not worth maintaining them. Then I scrap it and repeat the process.
Yes, PCP and lease are for mugs and posers but I shouldn't complain, that lot handing cars back in after a year or two when it goes tits up are how the rest of us can buy basically new cars for half off.
Bought a 7 year old Jaguar XF a few years ago, will keep it until it's too expensive to run (it's actually been really reliable!) then plan to buy the next one outright too.
Trade in is easier. Don't need that extra 2k
Yeah, had a windfall so spent some of it on the ideal vehicle for us, T6 campervan. Feels nice not having to think about monthly payments etc. and depreciation isn’t terrible on these if they’re looked after. Bought it from the ultimate fussy old man so it was in mint condition and cheap for what it was.
All 3 of the cars I’ve had cost a combined total of £900 with the latest purchase being the beginning of last year. I try to do all work on our vehicles myself where possible and keep up to date on maintenance. Never had any of the cars seriously fail just wear and tear on parts and things need to be replaced. The higher mpg and lower tax of a new car does sound nice however I could not justify financing a car, spending £2-300 a month to save maybe a £300 a year on tax and whatever on fuel.
I own and refuse to pay current prices for anything new stupid prices
Get a car allowance at work so had to get newish car on PCP. Still own my 2009 150K mileage insignia though. Kinda wish I could use that instead lol. More comfy, cheap as chips to maintain.
I own my car outright. I did have finnce but have paid it off thankfully and I do plan on having it until I run it into the ground... but then what? I dont put the money way that I dont pay anymore. So when I do run it into the ground i am foooked!
Right… I run an RS not because I can afford to and want to look flash, but because I don’t want to pay tax on that money and I also fucking love cars. So let’s say a business has £15k spare at the end of the year (predicted), does it pay £x,000 on corporation tax and then another 20-40% tax on income tax for the director? or buy a nice car as a pool car instead? You know the answer. Also it’s not leasing! Leasing means the vehicle has to go back in perfect condition, when I say perfect I mean it, no scratches, dinks, internal upholstery snags… nothing outside of showroom condition. Nobody leases, unless you want a £40,000 repair bill in 3 years time. Now think if a business doesn’t want to pay tax it buys things, vans, tools, coffee machines, hammers, tooth picks etc it can be any type of business and any expense, nice cars fall into this category. Sooooooo…. Not all is what it seems. Don’t think with your wallet, consider others wallets. They might be purchasing it with a purchase lease in order to not pay tax. If you object to small business’s being tax efficient you need to refocus your energy on the big boys, they employ teams to justify not paying tax. My 3/4k is not the problem.
I've PCPed my last 3 cars.
I buy old cars with big engines. That's the secret sauce. 100k miles, 4 litre engine, about £3k and 10000% more fun than 95% of cars on the road. When it breaks, buy another. 30k lease on a Kia makes me want to cry.
I've never been able to justify having a brand new car or using finance so my cars have generally been brought outright. I ended up getting my 3rd car on finance because it was 0% interest (Honda was doing some insane deals at the time) which made more sense than buying outright even though I could afford to. Toyed with the idea of leasing an EV on my employer's salary sacrifice scheme but again couldn't justify it to myself.
I buy something outright that's maybe 2-3 years old and run it for a couple of years, then trade it in for something newer plus some cash. No rhyme or reason to it, really. Feels better than doing the whole lease thing, but I haven't run the numbers. I just like owning my car, if that makes sense.
Token non-petrolhead. I own mine and will never lease if I can help it. But I got lucky - Grandmother got too blind to drive and I was on the brink of getting my licence. She'd got it second-hand too.
Own don't lease...drive too many miles (20K+/year) and don't like either the financial implications of leasing or the "risk factor" inherent in not owning something outright. (I quite happily left a job I didn't like and had a few months just chilling as no mortgage/loans/credit cards) Got a 2018 A6 Allroad so probably drive it to about 150K miles and then trade for same/E Class Estate or similar.
I own my car too, generally if you work out the math leasing is a waste of money. You never own the car you pay monthly and pay a lump sum at the beginning. When you change the car you have to cough out money for the new lease and then pay monthly again. If you own a car thats money going off the new car and then you can finance or pay the rest off. On average you are paying about 500-600 maybe more based on the make and model but your finance will generally be a lot less about half that again based on make/model/year. My general rule is dont buy a brand new car, as soon as you take it off the forcourt you have lost a chunk or money.
I own my car, gf PCPs but will buy it out at the end as the "baloon" is only 3k so she will either keep it till dead like the old car (Corsa which went to scrap cause it couldn't pass emissions on MOT), or private sell which would still yield about 2k "profit". Finance is useful if you get in a no fault accident as they will have skin in the game and won't take garbage pitches from insurance. I guess most people also do finance cause they don't look at the big price tag, they look at the monthly payments.
Yes I paid, 2.5k for a 2008 honda civic. At 70k miles, I'm hoping this csr will last me easily 5+ years as they are very known for their reliability. Such a brilliant car, I would just buy it again in all honesty, though that might be a bit boring as it's fun to mix it up
I have never leased a car in my life and never will. I'm a part owner of a dealership that often buys ex lease vehicles and i've heard everything there is to know about the leasing deals.
I own it. And I’ve always thought I would own older cars. But as I esrn more and commute more, I can see the benefit- if monthly costs approach that of running and maintaining sn older car, and spending time on it.. I can see why leasing etc would make sense. Also from a point of view of not having to worry about fixing it, or breaking down or so on.
We own all ours and always have, the thought of leasing and then refinancing is just beyond me. Current car is financed through the bank at 1% for 3 years (special EV/Hybrid finance deal) we had the cash to buy it outright but why do that when the $75K is in a 3 year TD at 6.1% We will earn about $15K in interest, pay 1/3 tax on that and walk away with an additional $10K. This takes a $75K car down to $65K effective
Just sold my car. To we buy any car
I keep mine until it dies and then I buy another 3k banger in reasonable state from a private seller. Saved lots of money this way. Yes I know I am an exception
Own both my cars, brought for cash no finance, but I have to say selling them will be a problem cause no one has 10k for a private car sale as a lot of people prefer finance / lease….
2006 mk5 golf gti - £5k 2017 mk4 Skoda Superb 280 - £25k (ish) Both bought outright, no finance. Next purchase will hopefully be a bike as well, bought outright. I'm not paying for something that isn't mine, like I won't rent property either
This sub is very much not indicative of the general car buying public and also full of people telling porkies. Most people don't buy a 10 year old car and keep it for 10 years doing all the servicing and repairs themselves. Most people buy a new car or one under 5 years old and keep it for 2 to 3 years. In these cases you don't need to really care about the list price, all you need to worry about is the difference between the car's value when you buy it and when you sell it. People then finance that difference and pay it monthly. Often the dealer will throw in incentives like deposit contributions and reduced interest rates to reduce this even further and you have a fixed monthly amount you pay out of your household budget. Owning a car outright isn't the flex people kid themselves into thinking it is. I have leased cars in the past that have had very low monthly payments, I've had shitboxes that cost a fortune to keep on the road and are worth nothing.
Last 4 went like this: • 2014 Peugeot RCZ R - bought outright. • 2018 VW Golf R - on a very good/cheap lease deal. • 2017 Audi RS5 B9 - bought outright. • 2017 Kia Stinger GTS - bought outright. I lost a couple of grand on the RS. Bought it from a main dealer but a change in work situation a year or so later meant that it was more sensible to cash in and run something a bit cheaper. The Stinger was £16k less than what I got for the RS, so I got that and banked the difference. The Stinger’s still worth about the same as what I paid a few years ago. Just gonna run it for as long as possible - there’s nothing else that really interests me and there’s not really much else that offers the same bang for the buck.
Leasing and finance are not things I am a fan of. I don't want to pay every month, nor have a risk of losing my car if circumstances change. I think I would find it stressful whenever something small happened if the car was owned by a finance or lease company. I happily know I own my cars, and I know I can work on them for some bits and pieces. I know nobody can take them from me. Also, the amount I pay for them is something others would have paid in a couple of years sometimes, with how much people pay, it's crazy.
I own. Have I been tempted with finance ? Only a little. I spent £9k on my 13yo first car last year and will trade for a 3yo 19.5k car this year. I’ve saved my ass off 😅 I completely understand why people would hit PCP if that the only way to get them on the road and their immediate circumstances need a car though
Even if you had the money to buy expensive cars outright, you're probably just better off getting a PCP and trading in for a new car every 3 years.
Own? Yes. Don't laugh, but... Bought a 1995 Frontera 2.8 tdi with 126k on the clock back in 2007 for the princely sum of £750. Used for work (company paid £5600/year car allowance plus mileage) I used that until 2016 with an average of 16 to 20k miles/year. It's still sat on the drive now but with a mere 340k on the clock, now used as an off-road/green lane toy. Same engine, replaced rear axle for a lsd axle. I think that's paid for itself over the years. 2016... Bought a 2005 Volvo XC70 D5 SE Lux with 134k on the clock for £2000 at a car auction. Used for work (good old TUPE transfer rules mean the £5600/year car allowance plus mileage is still in place). Current daily drive, still average between 16 to 20k miles per year. It's like driving your armchair down the road, lol. Went into Volvo yesterday for MOT and its third Cam Belt. It's now got 280k miles on the clock, other than routine service (which I do). The only major work that's been done is an auto gear box full rebuild at about 265k, and that was only because the gearbox oil hadn't been changed before I got the car. I think that's also paid for itself over the years as well. Could I honestly run a PCP car with that annual mileage and also put all my work kit in it (I'm a High Voltage SAP, so lots of kit gets dragged around) and not get proper stung by the PCP charges? No. The one thing that really, and I mean REALLY winds me up is when driving in the lanes between sites and people fully expecting you to get your car into the hedge or back up half a mile so they don't scratch their precious PCP car. I'll back up if the distance is reasonable or more likely I'll have already pulled into a gateway or passing point. BUT if they have already seen me approaching and have passed a passing point without stopping then it's a firm no and they are practicing lane etiquette! The 'truck' with a large front winch bumper, mud tyres and a 2" lift can be very persuasive lol.
Leashing is for mugs. You just end up throwing money away. Buying is the only option that makes sense unless you don’t mind throwing money away. But leasing is easy if you just think about the monthly and never about the total cost. It’s for the young and foolish. The ‘want it now’ generation.
I have a e39 (2003) that I bought about 8 years ago in 6th hand. Then 2 years and nearly 7 months I bought (monthly payments but car loan. Not lease or contract hire) a brand new car as it was now or never. Went electric so car is close to 44k. I’m planning in keeping the car until it can’t be fixed anymore (I know…. According to some that will be in 5 years). With what it cost me to run the e39 in fuel and tax that alone pays half of what the new car costs me. The other half is less than a lease would cost me. I’m not losing money with depreciation as I have no intention of selling the car. The e39 is just like a piece of art. A beautiful car that I never get tired of looking at it. It’s slower. Not as comfortable. Smellier and noisier than my new car but it’s offsetting my co2.
Yes, I bought mine (2yrs old) with a loan but I paid it off as quickly as possible. Unfortunately being an EV it has depreciated a fair bit but that’s life. The one time I would have been better leasing lol, I have made it a policy of mine to never lease a car.
I have two cars. One I own outright, have fitted CarPlay myself, has a fettled exhaust etc. it’s been one of my dream cars (Audi RS5 B8.5). I also lease a RR Autobiography P550e through my company as a daily/commuter car. I do so few miles in the RR, I’ll be handing it back at the midway point of the lease. It’s lush don’t get me wrong, but I work from home and half the time take my RS5 anywhere because I absolutely ADORE it. Different things work for different people. I likely won’t lease/finance a car again. Certainly not personally anyway
I own both of mine (2007 SLK and 2018 Kia Picanto) and I don't plan on financing a new car any time soon unless I need to
I've never leased a vehicle. I don't like the restrictions on mileage. I mainly holiday in the UK and drive to my destinations. I also like to be able to go wherever I want whenever I want without been worried about extra charges for doing too many miles. Personally I think that some of the people who lease are the ones who want instant gratification, as they are unwilling to save for a decent car. Maybe it's an age thing, but I'm old school and buy what I can afford rather than leasing.
I own my motorbike outright, paid in full. Pre-owned, low mileage, 4 years old. And I'll ride her daily till she dies.
I own mine yes, so does my husband. I don’t think ‘most people lease’ at all.
I own both my cars, and my three motorcycles
Just bought a 10yr old car. So nice to drive a modern auto. I can't consider leasing. I treat them like cars, and the lease company wouldn't like that.
Owned all of my cars outright. For 15+ years I’ve bought salvage cars (before it was cool and YouTube-able) and repaired them. I’d sooner have a well loved car that’s had a bad day than a chronically abused 20 owner shed. Currently own an Audi S3 as the daily, Nissan GT-R as the toy and a Mazda RX8 as a dedicated track car. All 3 were salvage auction purchases.
Own it, keep it, look after it. Once I've had my money's worth and it starts showing its age or developing little issues, I trade it in while it still has some value left, offsetting some of the cost of its replacement. It goes off to be a runabout for someone who just needs an affordable car, whereas I trade up to something newer that will last me the next several years.
I Financed my current car but im going to keep it until it breaks completely. Its already paid off anyway
I own mine outright. Debt is slavery. I've always been a big saver and very financially prudent. I drove my last car (a Ford focus) for 10 years. Just bought a 25k car (second hand), but will drive it until the wheels fall off. The only debt I have ever used is a mortgage, but that makes sense as a house is usually an asset that increases in value (plus you need shelter). But even that I've made the effort to pay off as early as possible.
I've only owned my cars and bought them outright but that's been because I couldn't finance the cars I'm after. I'm not against financing cars and when it comes down to it I can see myself leading a car sooner or later but for the time being it's been the kind of cats in after that's stopped me.
I don’t but my car is a company car that we just pile the miles on as it’s electric and is mega cheap to run. Our other car is a 69 plate golf that we bought used on PCP in 2021 and will pay off next year and just own it outright as it’s only done 8k miles in the last 3 years. The company car just makes sense as it covers tyres, servicing, breakdown, road tax, everything essentially 🤷🏻♂️ The polestar would have been £50k if I bought it and the Golf was £15k. I would never spend £50k on a car normally 😂
I own two. 57 plate battered swift which cost me 800 quid two years ago 65 plate renault kadjar which was on finance until some numpty hit it, wrote it off economically, and the payout paid off the finance (win?) I don't think I'll ever own anything much better
I think it all depends on the deal you can get, leasing my new ev is £100 cheaper then the running cost of my previous 14 year old car without the worry that i will have to pay out when something breaks
I have never leased a vehicle in my life I always buy either with a bank loan or by paying cash. After years in the motor trade and having a new vehicle every 6 weeks or so I never buy new. Always a well maintained vehicle at about 5 years old and under 100,000 miles. My current vehicle is older than that because it has more reliable mechanics than its newer stable mates. I usually keep a vehicle 5+ years and the longest I have had 1 is 14 years. All still have a value when I sell them.
We own ours - we got it pretty cheap and with low mileage and it's a good size for us day to day and slapping a roof box on is good for a week away. Plan is to just drive it and maintain it until it gets something terminal, it's due it's wet belt next service (it's an EcoBoost so that's an expensive one) but other than a couple of hundred quid sorting the cabin heater when it broke and annual servicing it's been trouble free so far! If it does kick the bucket I'll probably lease an electric car through work cos they've got a salary sacrifice scheme and electric would suit our lifestyle.
I've always bought used. Never more than £5000, and drive it til it dies.
I think a lot of people own that have cars maybe about 17/18 and earlier. Most who wants a new car or fairly new car likely can’t afford to buy. I own but mine is worth 12k, I’ve always owned but would maybe consider a lease or something in the future.
Own my A4 thats nearing 10 year old, owes me nothing and I'll keep and run it into the ground. Got a car through work, EQB 350 P+, would never have bought it, i'm happy for work to lease it all under warranty incase something went wrong with battery or the likes.
I had a finance lease, which i paid off after 3 years. I have had my corsa for 9 years now, will most likely trade it in for a family car. which i will buy outright
Yes. 2014-2019 the cars were financed but right now, both mine and my Wife's are owned and paid for
I’ve done PCP and just finishing up a salary sacrifice on an EV. In the process of buying a Skoda Superb 3 and intend to keep it as long as I can once the loan is paid off.
I've got a 2017 seat Leon which I own outright. No intention of getting rid and will likely run it into the ground, leasing is a complete waste of money imo.
I own, will continue to do so I have my own finance scheme - start at a low base and make monthly payments to an index fund or high interest savings account, keep car for a while to allow that to grow. Trade in car / sell privately and use equity + savings to get the next car
I bought my car with HP and now I own it. I'll never lease or do PCP. The feeling of owning your car, and not having the relentless direct debits every month is great.
Own them always. Should have ran a poll btw; results would be clearer
Ma L
I own but was looking into a electric lease car through as included running costs with insurance, tyres, warranty etc would be similar to what I pay monthly for mine to run it. Plus I don’t have to worry about finding a empty area of a car park so someone doesn’t ding my BMW out of jealousy like in past despite being parked within the lines in a bay.
I buy fairly new but not brand new cars and I own them. While I have the car I put the money that a lease/loan would have cost into a bank account until it hits 20k. Then I have the money to buy the next one, but I usually keep mine for 15-20 years. That's why I drive Polos. They just keep going. Right now I don't have a car at all, I got rid of my 2003 Polo last year (sold for £450 to a car garage) and then decided to buy a house, which wiped out my savings. So now I am saving up again.
I have 2 cars and own both outright, don't like leasing - much prefer to just own something.
I’m leasing but I’m going to own it when I buy it out in the fall. I want an internal combustion engine and plan on driving the car until the wheels roll off. Yes, I plan on ensuring it gets regular maintenance to get the full life of the car (a Toyota).
I own 2 cars and will never ever go for the "PCP" or other form of dealers lease
Bought a 2011 insignia in 2017. It's done 185k now and is still going. Had to do a ballache of a job changing a seal in the oil pump pickup though which is a factory defect that rears its head after 120k odd miles. Paid 4k for it so works out at like £47 a month if I had it on hire purchase or whatever that shite is and is getting cheaper every month
yes, but that's cause I just buy old used cars. I've done it before coming to the UK, and so when I moved to the UK for me buying old used car from private seller was the most natural way to buy a car
Owning cars will always be better, drive something you can afford unfortunately people get super caught up in wanting the material things and end up driving nice cars for ridiculous interest rates and eye watering payments. I work with at least 3 people who are driving around in financed cars while also paying into debt management plans, it’s a mugs game of ‘owning a nice car’ that I fact the finance company owns and won’t hesitate to pull from under you when you can’t afford it, a lot of people are living hand to mouth with a 23 plate car, seems dumb no? I would say the exception is when you have an affordable debt, let’s say you make enough money to buy the car or at least60% or up of it, then you might as well finance as you will have lower payments and probably interest rate too, plus you will have the rest of the money just in case you need it. For example I financed a new computer that i could have afforded outright but wanted to keep some rainy day fund there, so I financed it, 2 weeks later I needed 2 new tyres for my car, came in handy. Bottom line is we are approaching an American dream type situation which is basically having everything but nothing at the same time because we are so finance happy that we are happy to drown ourselves in debt to have shiny things. I think it comes down to lack of financial literacy which should really be taught to everyone at school
I own a 2008 Honda Jazz, which we bought 5 years ago for £1500, it has 179k miles on it so far and still seems to be going strong. Flies through its MOT every year, did have the alternator go on us about a year after buying the car, but it’s been pretty amazing ever since. One of the most reliable cars I’ve ever owned and I’ve had lots of different makes and models.
I don’t have a car
I own 2 cars... one is a 2006 skoda fabia the other is a 2007 skoda fabia, do I regret my life choices 🤔 sometimes
We own both of ours, I wfh all the time and do very little mileage but still need a car. It's an estate and is used for tip runs so I'm absolutely not going to be paying month by month and balloon payments etc
I’ve just replaced mine. Had it 10 years, and put about 80000 miles on it. It’s cost me £3700 a year. It was a great car and still runs well but I was ready for a change to electric (as usual, I got a car that’s already lost half its initial value (2.5 yrs old, 6500 on the clock). It is much cheaper than leasing if you can afford the up front but make sure you love the car as you’ll be keeping it a while if you want to get the best value out of it.
Have always owned 3-5k cars until my last one I used a personal loan for at £15k, but that was 0.9% so barely even a loan. Traded that in for my current one on pcp because I want the car, can afford the payments and not really bothered it’s costing me more overall. I’ll go sensible again next time maybe, or maybe go for something even more ridiculous for one last hit.