car purchasing in retirement

Cobbler_tone

https://forums.moneysavingexpert.com/discussion/comment/81900444#Comment_81900444

A bit like people who think nothing of paying 39% to pay their car insurance monthly, as opposed to just paying it for the year.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/81900444#Comment_81900444

Plus they get a shiny new model every 4 years, so it must be a good deal, mustn't it??

Cobbler_tone

Oh to be that comfortable that it doesn't really matter….which for many it doesn't in the grand scale of things.

Silvertabby

https://forums.moneysavingexpert.com/discussion/comment/81900506#Comment_81900506

I know (lack of) money was a large part of it, but my late parents couldn't see past the monthly payments - for anything - and really believed that the lower the payment, the better the value.

GazzaBloom

I retired in January 2025 and we sold both work commute cars and went down to single car. We bought a brand new car in September 2025 from pension tax free lump sum. This was a planned purchase and I looked at all the options and concluded there is no “good” way to buy an asset that depreciates like a car does, certainly not by borrowing money to do it.

We plan to keep this car for at least 5 years and have a stocks and shares ISA in place growing steadily to buy its replacement in 5,6,7 years or so.

I like not having a monthly payment and having complete ownership with 3 years of warranty and breakdown cover in place as we are now low mileage and wear and tear will be minimal.

cfw1994

https://forums.moneysavingexpert.com/discussion/comment/81897942#Comment_81897942

definitely keep shopping round.

My FIL (now passed away) was paying a daft sum, but had just kept renewing.

One year we were there when his renewal arrived, & I said “hold on, let’s take a look around”.

He was adamant his age meant there was nobody who would cover him for any less.

A quick TopCashBack GoCompare later & he was leaving the AA and paying about 1/3rd the amount for BETTER cover (lower numbers on what he would pay first) elsewhere.

Beddie

I tend to buy my cars, usually 2 or 3 years old, but have bought new in the past if there was a great deal to be had. I then keep them for years, as I've no desire to have a newer or flashier car than the neighbours. I am not a high mileage driver, so reliability doesn't become an issue even after 10 years.

However, if you fancy car with a "wet belt" engine then definitely lease/PCP it! I'd say the same for Chinese EVs, as parts can be difficult to source and resale values are not yet fully known.