I have had my license since 1987 and never bought or leased a new car. On two occasions, I have had to arrange a small amount of finance for second-hand purchases, but I suppose I have been lucky in what I have been able to get.

Since moving to the UK, I have had help buying second-hand (but relatively new) larger vehicles for family use, but for the second car, have largely run on the bangernomics model.

Now, my second car is being fussy enough that I am disinclined to spend any repair money on it, and am thinking it might be time to actually get something newer that would require more of an investment.

The thing is, I hate debt, and there are a million things I would rather have than a car.

How do you lot get yours? When modern car threads come up, I often feel like I’m missing out on something…

Call office, place order, wait.

The thing is, I hate debt, and there are a million things I would rather have than a car.

How do you lot get yours? When modern car threads come up, I often feel like I’m missing out on something…
Stop making arbitrary decisions, pick the most cost effective method to get what you need. Borrowing/lease may be much better than other methods.

Lease.

I’d rather have a car than a million and one other things.

1) Decide roughly what requirements are
2) Research a shortlist on the web
3) Go visit dealers to see them in the flesh
4) Test drive
5) Pay in cash

Cash.

I receive a car allowance as part of my salary.

I bank this in a separate account and save it up until I have enough to trade in my current car and use the cash to buy the car I want.

Always buy cars that are low mileage and 2.5 years old to catch any warranty issues. I then keep them for 2.5 – 3 years. (apart from my beloved Nissan Pathfinder which I kept for 6.5 years and shed an actual tear when I traded it in for my current car)

Too tight to pay for a brand new one.

Cash. If you need to borrow to buy something that’ll depreciate like a car then you can’t afford it. Otherwise you’re just stealing from your future.

Just come out of a lease that was uncomfortable because we were scared the kids would do damage to the car that would cost us ££s when we turned it in. It was very cheap, and we had a brand new car for a couple of years, but won’t be in a rush to do it again.

Just got a decent sized loan to leave us paying about the same per month on a second hand car out of warranty, potentially more expensive, but at least it’s ours, and we can do what we want with it and get rid any time we want.

TBH loans are cheap at the moment, but it depends how new a car you want I don’t want to spend more than £200 pm on cars for the family, so I don’t, but I would love a nearly new fancy 3 series touring. So the plan is to save the bit thats missing so we only need to finance £200pm worth. Piece of piss 😕

Couple of years ago I bought my first car in at least a decade after previously having lease cars through work. Paid cash (~£6k) as I too hate debt. When the Mrs needed a car to replace her runabout, we paid cash for that too, albeit quite a bit less.

As above, leases started to look less appealing when the kids got older and started clambering over everything!

Lease.

We just have the one car so something modern and safe and all that stuff is nice to have.

I consider there to be a minimum cost of running any car at all – if it’s not depreciating then it’ll be costing you more in maintenance, tax, etc. There’s a premium beyond that I’m willing to pay to rent something nice for a couple of years.

Damage and stuff is all down to how you think about it – unless you’re buying a shed that you’ll run into the ground then damage matters. If you own the car, it’ll hurt you when you come to sell or p/x – if you lease it you’ll get charged if you don’t fix it.

I hate debt too. However, we do a lot of miles for work, me particularly, and need reliability.

This has meant that the last two cars have been bought with small loan, savings and old car trade in/sale money.

I too do not get running new cars. My Galaxy would be £28-30k new, would be 3 years old now, and be worth £12-16k. 3years depreciation = £12-18k
I bought the one I have for £7k, run it for 3years/75k and it is still worth £2k, with only a couple of bills for wheel bearings in that time above service costs. 3 years depreciation and bills, £6k.

If I did not need so many miles at work, I would drive an older still car.

Always buy cars that are low mileage and 2.5 years old to catch any warranty issues. I then keep them for 2.5 – 3 years.

Pretty much exactly what I do.

If you absolutely must have a new car then leasing is the way to go but snapping up someone else’s lease car after three years works out a lot cheaper if you are okay with having a 3 year old car

Search through Auto-trader / piston heads for cars near me filtered for general criteria i want, size, age, milage, performance.

Make a list of the top 10 that interest me.

Phone them up and arrange to look at car.

Cycle there with a wedge of cash. I will generally do a bit of research so i know common issues with the model of car and what to look for.

If i like the car i make an offer there and then but if i can’t get a good price i am prepared to walk away. Having cash in hand helps to get a good deal. Nowadays i usually do an HPI check on my phone before handing over the cash.

I would rather drive a basic boring car than borrow money, i always wait until i have saved the money as borrowing money is just making money lenders rich at your expense.

I am currently in this dilemma – my lease is soon to finish on a flash A6 V6 but I have had enough of the cost (and worry of damage from kids/dogs) so started to look at second-hand options (such as a Honda CRV) but I’ll end up paying the same (per month) as I am on the lease for a loan (or I could pay cash, but with the lifetime cost of loans so little just now, it makes sense to me to borrow).

But at the end of it, I would have a 6 or 7 year old car that will be worth very little but I won’t have had the enjoyment of driving something newer/nicer whilst I owned it.

For example, the lease was 3 years at around £400 a month. I could get a three year loan and pay back around £14,000 at £400 a month. For that £14,000 I would probably only be able to get a 3/4 year old CRV.

I too do not get running new cars. My Galaxy would be £28-30k new, would be 3 years old now, and be worth £12-16k. 3years depreciation = £12-18k
I bought the one I have for £7k, run it for 3years/75k and it is still worth £2k, with only a couple of bills for wheel bearings in that time above service costs. 3 years depreciation and bills, £6k.

the thing you’re probably missing is the level of discount available on new motors, especially mundane ones (like the galaxy)

https://broadspeed.com/new_cars/Ford/Galaxy/Choose_Number_Of_Doors/

£7k off without trying, which means the depreciation is actually £5-11k – or around £100ish a month more than your car. If you add into that it might save you £20 a month on tax, and £30 a month on fuel, £50 a month to drive something nicer isn’t that bad (and you get piece of mind, which for a lot of people is worth that much)

Cash. I don’t see money spent on repairs and maintenance as money badly spent. Most people ‘value’ the car and see maintaining it as a necessary evil. I see it the other way round, I don’t see the car itself as a valuable asset but I do value the services of people who make it useful and reliable. I spend as little as practical on the capital of buying the car itself (or van these days) on the basis that I can then well afford to maintain them. And then I don’t sell/change them unless my requirements change significantly. Typically they then cost very little to maintain in the grand scheme of things. Most years are incident free. Now and then you get a bigger repair bill but over the lifetime of the vehicle its pretty modest and crucially I can easily afford them because I’m spending little on capital, nothing in terms of regular repayments and negligible amounts on depreciation.

Cash – hate debt

Plenty of time spent in emerging economies to recognise the folly of our obsession with motor cars.

Maintain well and run for long time – easy to guess favoured brands!

We lease one and have one on a loan.

I cant see the point in saving for years to have the cash to buy a car out right. Not sure how people manage this? ie where do you get your lump of cash from?

Just do the sums to work out what is most cost effective for you.

I’ve never leased a car. Usually we pay cash for them but have occasionally taken 0% finance deals when those have been available. My wife tends to prefer to have a new car whereas I’m happy with 2nd hand so we tend to have a mix. We also usually keep our cars for quite a few years as well – some of them as long as 10 years.

Bonus = cash = car.

Cash from the auctions.

I recently moved out of the bangeromics model and take the following approach…most people value fuel economy as a priority out of proportion to it’s affect on the total running costs of a car, so use this to your advantage.

I buy 8-10 year old prestige cars fitted with engines that use above average fuel from private sellers and only buy cars that are pristine from people who’s home is also pristine – ie: people who don’t penny pinch. I was taught to buy the seller over the car.

Varied between cash, lease, and finance.

Most have been cash. Last one was a lease. One I ordered on Friday is being financed on PCP. Nothing wrong with debt if you can service it. In this case, I’m taking cash instead of a company lease car, and the cash covers the PCP payment comfortably.

Means I get exactly what I want, with no BIK to worry about, and can potentially get out of the arrangement should I need to, which you can’t with a lease.

As mentioned above you can get some very good discounts. I’ve got 11% off this car, to my exact spec from a prestige brand, just by using Carwow. Even with interest, and if I decide to buy it at the end of the term, it’ll have cost me list price and I’ll know where it’s been.

I bought both our current cars with cash, but about to lease a new one for my wife. She does a lot of business miles so need the assurance and back up of a new car, or a hire replacement. Plus there are some stunning deals around that work out as cheap to own per month over 2 years than our second hand Yeti has cost pr month to own over 4.

Find a car 2 or 3 years old, ~20k miles, most likely at a main dealer and do it during week 2 of the month.

Negotiate a few hundred off and “free” floor mats. Many times they have sales targets to meet by the end of the month, and looking mid month means the deal can be done and dusted by the end of the month.

Take the further PCP finance incentives (£500-£1000 off and multiple free services).

Call up and pay off the finance the day after taking delivery of the car without any penalty (its in the finance contract small print, but don’t mention you re going to do this to the salesman).

Enjoy for 5 years. Repeat.

1) Only look at cars that have stopped depreciating (15 years old minimum).
2) Pick something people wanted when they were young but probably couldn’t afford.
3) Buy a well kept example of the top spec model.
4) Run for a few years or until your needs change.
5) Sell to middle aged person for more than you payed for it.
6) Repeat.

Might not suit everyone but always worked for me.

Save up until I have enough to go car shopping then buy what I like best

Last car I bought on a credit card then transfered it another 0% CC. Was only 7k thought so not silly money. Paying it off over 2 years.

I tend to keep cars for a fairly long time, the last car I had was up to 200k miles before I sold it.

I would like a new one but nothing silly, i’m not a petrol head but a nice new car would be nice.

I buy 8-10 year old prestige cars fitted with engines that use above average fuel from private sellers and only buy cars that are pristine from people who’s home is also pristine – ie: people who don’t penny pinch. I was taught to buy the seller over the car.

+1 !
Nice people sell nice cars.
Every few years I buy a 10 year old Subaru for a couple of thousand pahnds, cash. Thirsty, but I’ve had to pay bugger all for repairs, virtually zero depreciation, Very comfortable, highly practical, etc, etc…

Save up until I have enough to go car shopping then buy what I like best

So how do you get to work etc without having a car in the first place? Or do you start with a £200 car and slowly work up?

My next car costs £40k to buy, it would take me 10 years to save up for it at the amount it is going to cost me per month, and then of course in 10 years time that £40k Ive saved wouldn’t buy me the same amount of car.

Paid cash for all my motors; I don’t allow myself to get into debt.
Given up driving for the moment though so I can be eco-smug on STW. 😀

Or do you start with a £200 car and slowly work up?

More or less

Started quite some time ago tbh and providing you can keep it going the next – hopefully better – motor is never too far away

Cash – either save, sell, barter, etc till the amount necessary it there.
Selling the last of mine at the moment to top the savings back up!

FunkyDunc – Member

So how do you get to work etc without having a car in the first place?

[eco-smug] You could always choose a job and accommodation that don’t require a car.[/eco-smug]

Opportunities everywhere! 😀

I’ve had all sorts but the latest one is PCP after buying in a rush following a company takeover and me losing the company car sharpish.

Was going to lease but the PCP was cheaper and I can get out of it if need be.

[Non eco-smug] I like driving cars, and considered where I work now because its a nice drive through the countryside 😀 [/Non eco-smug]

Done a bit of everything really depends. Tend to keep cars quite a while 5-10 years. Some new, most 1-2 years old. Never done a personal lease as too worried about deductions etc. Quality of cars has improved so much over 35 years I have been driving, 10 year old cars these days can still be very solid. Generally pay cash although when I was younger took the odd loan out. Quite staggering that when I was 20 a 3 bed semi was £30k now that buys an ok family car

I’ve bought cheap cars for cash that have cost me a lot in the long run, one caught fire at 80mph and tried to kill me.

Bought a slightly better car that cost me a fortune.

Bought a very cheap banger which I hated and less me down all the time.

Bought a 2 year old car which cost a bloody fortune, needed finance, but the interest I paid on it, was less than the cost of keeping cheaper cars on the road and including it’s final value into the equation meant it’s been one of the cheapest cars I’ve ever owned, and the nicest.

Finance interest is just another cost to consider – it’s all well and good saying “save up” and “I don’t do debt me” but it’s a blinkered view IMHO, some people can’t see value past pounds and pence, there’s a value to being ale to use it now, there’s a value to not having to worry about it breaking down and there even, get this, a value to having nice things that aren’t bikes.

Usually fall into two camps.
1- agonise over specs and models for months and test drive. Pay by debit card and drive away
2- get drunk, log into eBay, convince myself I really need a tank, monster truck, amphibious car etc etc and pay by PayPal.

Interesting thread…
We paid cash for our car (single car household..) – £5k for an 07 Octavia a few years back.
Unfortunately had about £2k worth of Air-con repairs needed (the garage were ‘impressed’ with my perseverance to remedy the situation!)

I often toy with getting a nicer, newer car..but…I like the way it drives, I like teh fact it’s sort of ‘tipped’ passed the ‘I REALLY really care about this car’ phase, so we look after it, but I’m not precious…
Bikes and kids don’t half wreck a car!

Hmm…food for thought above though…

DrP