Leasing/buying car (or any other option)

[Tweety1]

So we said we would try and keep a relatively new car and the one we have is 4 yrs old. I do begrudge spending money on cars as to get a newer car it’s £1000’s more for the same thing!So what do you do run them into the ground, swop every so many years ect...
I have even thought about these just add fuel, leasing schemes but don’t know whether they are a good thing. Does anyone have these sorts of schemes and are they good?

[PoohBears#1fan]

I always buy my cars on PCP and change them every 2 years using the equity against the next one, keeps the monthly payments down and is stress free driving as it's under warrantee, usually has a service plan and no need for MOT.

I just don't view cars as an investment, this may not be everyone's favourite way to do it, but I'm much happier this way. Gives me constant hassle free driving for a low monthly cost.

[Tweety1]

Originally Posted by PoohBears#1fan

I always buy my cars on PCP and change them every 2 years using the equity against the next one, keeps the monthly payments down and is stress free driving as it's under warrantee, usually has a service plan and no need for MOT.

I just don't view cars as an investment, this may not be everyone's favourite way to do it, but I'm much happier this way. Gives me constant hassle free driving for a low monthly cost.

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How does PCP work? Is it that one where you can pay a balloon payment at the end (if you want to buy it). Do you pay for the insurance?
They are just a total waste of money but we all have to have one!

[Guest]

When I first started driving I ended up changing every three years or so, just because I got bored with what I had.

Since we have been making joint purchases we have gone for nearly new decent SUVs with intention of keeping them until they die. We got rid of first two only due to moving overseas and then moving back. Bought current car when we moved back in 2015 and I cannot see any reason to swap it any time soon. We bought an older second car for DH to drive to the station and we will also use that until it is ready to scrap.

Never considered leasing,

[darbs]

I am interested in this thread too as we need to buy a car!

[PoohBears#1fan]

Originally Posted by Tweety1

How does PCP work? Is it that one where you can pay a balloon payment at the end (if you want to buy it). Do you pay for the insurance?
They are just a total waste of money but we all have to have one!

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That's the one. I put cash into my first one years ago, since then there's always been equity in the car that's served as the deposit on the next.

Yep, just insurance (& tax of course), although I'm older than god now so that's come down over the years

[Tweety1]

This is why I came to the Dibb as this forum is just a wealth of information! I don’t want any sales person try and sell me a product that is rubbish but what if there is something out there that is decent and if there is a dibber will know
Part of me thinks run them til they are old but then repairs, reliability becomes a factor!
Thank you to everyone that hopefully will comment

[Tweety1]

Originally Posted by PoohBears#1fan

That's the one. I put cash into my first one years ago, since then there's always been equity in the car that's served as the deposit on the next.

Yep, just insurance, although I'm older than god now so that's come down over the years

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Ha ha thank you. As long as you can get insurance to fly to Disney that’s all that matters

[Procrastinator]

For us, the cars are mainly to get us from A to B reasonably comfortably. There are other things i would rather spend money on at the moment - holidays, house and pension.

We bought our current cars 6 and 7 years ago. Both about 12 months old at the time. So we missed out on the huge depreciation of the first 6 months. And now every year we keep them we are reducing the average cost per year. They are now a bit old, but we know their history.

At some point they will cost due to repairs etc. But so far only had 1 significant repair, £600.

If the objective is to keep costs down then imo you need to not change the car too often.

Obviously that doesnt work if a car is higher up your priority list!

[mitch84]

4 years old is still very new, i’d Keep that unless you need something different