How do you currently afford your car?

[Deleted User]

The more details the better. Would be good to know how much of your salary etc. does your car payments take. 

I purchased my Fiesta almost 10 years ago for £9,000. It was a few months old at the time and less than 1,000 miles. Only major issue is the clutch that went and that cost me around £400 to get fixed. Not including servicing, MOT, tyres etc., the car has cost me the equivalent around £88 a month since I got it. I really, really, want a BMW 3 Series. I earn around £50k a year but some of these PCP/loan deals for these cars are like £500 a month, WITH a deposit. I just couldn't see myself paying that for 3-5 years for any car.

Even when my nursery fees are out of the way and I have an extra £1,300 in the bank each month, I just could not see how I could justify spending so much on such a car. Yet, most people I know who drive these car earn less than me! Would be interested to know how others here afford their cars. 

Grumpy_chap

Deleted_User said:

The more details the better. Would be good to know how much of your salary etc. does your car payments take. 

I purchased my Fiesta almost 10 years ago for £9,000. It was a few months old at the time and less than 1,000 miles. Only major issue is the clutch that went and that cost me around £400 to get fixed. Not including servicing, MOT, tyres etc., the car has cost me the equivalent around £88 a month since I got it. I really, really, want a BMW 3 Series. I earn around £50k a year but some of these PCP/loan deals for these cars are like £500 a month, WITH a deposit. I just couldn't see myself paying that for 3-5 years for any car.

Even when my nursery fees are out of the way and I have an extra £1,300 in the bank each month, I just could not see how I could justify spending so much on such a car. Yet, most people I know who drive these car earn less than me! Would be interested to know how others here afford their cars. 

My car payments take none of my salary.  I simply bought a car I could afford and run that into the ground.  Rinse.  Repeat.

You have identified the obvious that, even with a good salary, the "normal" monthly PCP that we are all supposed to just have is a massive big sum every month.

I don't know how come so many people do manage to pay the PCP rates, or why so few people fail to understand that these "normal" payments are actually really quite massive.

Flugelhorn

like you I have always just bought a car and driven it until I decide it needs to be replaced - no PCP

peter_the_piper

Bought my picanto, new, in 2012, cash. Multi car insurance in the family, £225. Road tax £0, petrol about £600 a year. save up for the next one,( providing I live long enough that is. ) Don't think I ever really, really wanted a particular car, £12-15k a year did not allow it.

comeandgo

Bought my car cash just before I retired, hope it outlasts me.

flashg67

My lease is about 15% of my take home pay. 3 months up front then give it back in 3 years. Some people would say that's too much but I'm happy to pay it to drive a car that I like, that I can replace regularly and costs me minimal maintenance - for me on the current car will be one service & one MOT. No tyres, brakes etc as it'll be gone before they're needed. Works for me, but, as with everything, horses for courses!

Bigwheels1111

2016 pre reg Peugeot 5008 with 8 miles on the clock after test drive.
Car, mats and boot liner                              £14350.00

10 year Peugeot main dealer serving          £    915.00
7 extra years Peugeot extended warranty  £   2100.00
Total.                                                            £17365.00

Will decide what to do in early 2026 just before it need timing belt, water pump, aux belts, antifreeze change etc, £1000.00.
If it’s still running good I might keep it until 2030 

jimbo6977

Flugelhorn said:

like you I have always just bought a car and driven it until I decide it needs to be replaced - no PCP

Same here but without the "replacement" element and now the #^#%%@*!!) refuse to die so I now have 3 of them.

Bonniepurple

I’ve always bought outright, with the intention of running into the ground.  That has worked well, but I am currently looking for a specific type of car (wheelchair accessible- I need a ramp, automatic, with at least 5 seats) and so the choice is limited- as is the price.  I’m looking at getting a bank loan for as little as possible.  I don’t like the thought of PCP - I like knowing that the car is mine.

How do I afford to run a car currently?  I’m not sure.  It involves a deep breath and wincing.  I’d love to walk/cycle everywhere, but I’m physically disabled and so it’s not an option.

Ectophile

Apart from one car bought new under the scrappage scheme in 2009 (and I still have that car), every car I have ever bought has been used.  I have never bought a car on credit.

Once you take away the cost of paying the finance every month, the remaining costs aren't so excessive.

Scott1_2

I dont have any luck when I get older cars, I find the repair bills are the same as I would pay on a loan, I guess I am not lucky with the ones I pick.

I normally use Carwow, you can get good dealer contributions that lower the repayments

I have found cars have gone up a lot in the last 6 years, higher than inflation. The car I bought back then costs £10k more today, I wouldn't dream of paying for that on PCP.