Lease, new second-hand, PCP, or stick?

Burnsie1983

Hi all.

I posted something about getting a new car pre lockdown.

I have a 2011 Volvo S60 with 115000 miles on the clock. When it came out it was pretty much top of the range. Full leather interior, sat nav (whoever uses inbuilt ones nowadays), DAB, bluetooth etc.

Unfortunately I had to spend £3.5k on an engine rebuild (as the engine was already out to investigate the issue, scrap value with pretty much zero = rebuild only real option)

I have just had to put new brake discs on both front and rear as well as as a new track rod end. So it's over £4,000 this year (the car is worth about that much).

I have considered selling and buying second-hand about 5 year old car.

I have also considered getting a lease, but I'm pretty much a noob about that.

if I was to buy a new second-hand car I would probably look to spend between 8 to 10k. I would get a loan repaying around about £100 a month or similar. I would probably have to spend £200 a month on diesel. So £300 pcm in total.

I could get a lease for a new car. However I drive over 10000 miles a year, so even leases on cars such as a civic are  more than £200pcm. Plus fuel I am talking over £400. (annoying as I am sure my miles put less stress on the car then those who drive through cities every day but do less miles in total).

Or, I could keep my my Volvo and hope nothing else goes wrong (apart from the front headlight which leaks and I keep having to try it out)

Any advice?

Lomast

Having spent that much on a rebuild I would keep it.
My wife's v70 we finally weighed in at 287000 when the power steering pump failed

facade

Stick.

If you have just sunk £3500 into it, you need to run it for at least 7 more years to get that back. (£500 a year is a reasonable amount to waste on a car)

Keep watching eBay for a non-leaky headlight at the right money and fit that- or get the sealant out to yours.

The other way to look at it is if you keep yours, it costs you nothing, leasing a Civic wastes £2400 a year, and you probably won't get the same spec.)

EDIT: But if you want a brand new car to flaunt in front of the neighbours, or because a new car has some vital feature that you can't live without (like brakes that try and come on when you pass a parked car ), then get one.

AdrianC

Ohnoes! You've spend £4k on maintenance in the year! But next to nothing on depreciation, and nothing on interest payments.

A replacement headlight is £2-300 brand new, half that used. Brake discs and TREs are wear and tear consumables on any car. A £3.5k engine rebuild on a £4k car? Debatable whether it was worth doing, but it's done now. I'm sure a good used engine could have been sourced cheaper.

Ultimately, it comes down to... Do you WANT to change your car? If so, change it. If not, don't.

Grumpy_chap

Having spent the money on the Volvo, stick with it.  Better the devil you know.

Jonesya

Keep the Volvo, you've already paid out for major repairs so you may as well get the benefit.

MinuteNoodles

Brake discs and pads are consumables the same as engine oil and filters. You may find you have to replace them on a 5 year old car. £10k could see you in a 3 year old Mondeo sized car.

So in the order of best moneysaving:

1) Keep the car you've got.

2) Bangernomics, sub £1000 run it into the ground

3) Used. Even nearly new and keep it until it dies

4) Lease/PCP etc.