Bangernomics vs Lease vs New Car

scaredofdebt

OK, this may surprise some people.

I currently run an '04 plate Cmax 1.6 TDCi, it cost me £1,300 so not exactly a banger but not far off.

I do 26k per annum, the cost of the CMax is £390 a month all-in, fuel, depreciation, tax, insurance, repairs etc. No major repair bills to date, just lots of £1-200 ones!

It is coming up to 180k miles now and I am getting nervous, it is getting to the age where I expect major repair bills soon, ie DMF, injectors etc.

So I was looking at options.

I can lease a Ford Fiesta for 4 years at ~£170 a month, this works out at an all-in cost of £410 a month, or only £20 more than I currently pay to drive a shed.

I can buy a brand new Kia Rio for £420 a month all-in, plus I will have a car worth £3k or so at the end of 4 years. This is for a new car at £9.600 via the Carwow website, I also looked at nearly new Rios and they are about £9.5k for a 3 month old one with 5k on the clock.

The benefit of new is I would have a warranty, the Kia warranty is appealling as I would keep the car for 4 years and that would coincide roughly with the 100k warranty they offer, anyone know how comprehensive it is?

The CMax is fine currently, got it MOTd last week and it passed after some minor issues were fixed, hand brake, lights etc, but it does need new tyres soon so that's £200 plus I am going to have to fork out.

I don't need a car the size of the CMax as we also have a Nissan Elgrand for when we need to ferry the kids around.

I will probably run the CMax a few more months so I can save a bit towards a deposit on a another car.

Wish me luck!

Interested in opinions and options here.

guy999

Hi
I was in a similar position to you a year ago until I changed jobs. I was looking at a ceed though, something slightly larger for the motorway.
Wanted something quiet and that wasn't going to cost every couple of months and spend time trying to get fixed.
Alternative was a hyundai i20/30, 5 yrs warranty unlimited miles. Anything else new apart
from Dacia with extended warranty was more than I wanted to pay.

What model of the Rio are you looking at?

wymondham

for 26k a year I'd always lease - peace of mind plus you hand back a car with lots of mileage without having to try to sell.... look at http://www.lingscars.com/ - terrible website but she is genuine and gives good deals... look at the price deal rather than the car and you can save...

System

That Lings car website is the best I have ever seen!

foxy-stoat

The price of a lease car must sky rocket at 26,000 miles a year!

Herzlos

foxy-stoat wrote: »

The price of a lease car must sky rocket at 26,000 miles a year!

Yeah, I'd probably be looking at something a couple of years old (in warranty), cheap and low mileage, so that in a couple of years you can sell it as mid-high mileage rather than huge.

Or buy something newer and run it into the ground.

Rolandtheroadie

scaredofdebt wrote: »

The benefit of new is I would have a warranty, the Kia warranty is appealling as I would keep the car for 4 years and that would coincide roughly with the 100k warranty they offer, anyone know how comprehensive it is?

Had a Kia Ceed with over 200k on it when we bought it.
Massive history file, the engine had been replaced under the warranty at around 54k.
Only other major job the previous owner had was the clutch at just over 200k.
Apart from that, servicing and consumables.

consumers_revenge

dacia mid spec on 1.2 petrol


£104 down and £104 a month for 48 months then a balloon at the end £2351.


5 years warranty and 3 years roadside inc.


'you do the maths....' as they say

Mr_Poves

The website linked above is awful ! And the prices are not that great , try https://lease4less.org.uk/