buy another banger or contract hire car??

[cash_is_king]

Dear anyone that reads this,
I'd like to get the opinion of business minded/entrepreneur type people, as I'm surrounded by debt welding/rat race people all day long so they tend to brain wash me.
My car engine has failed, I have always bought cheap cars £1-2k and ran them into the ground. The way I see it, why spend your money on something that's always depreciating.
Contract hiring appealed to me as (most cases) you don't have to pay a big deposit (So I could use that lump sum for investing) BUT you take on a monthly expense. However you can get maintenance covered in that expense.
Any one care to share what they do with their cash when it comes to cars??
Ta

 

[Root 66 Woodshop]

Up until recently all my cars have cost me roughly £300-£500 tops the last one being a rover which actually cost me £750 then a fan belt broke and it cost me another £800 wasn't overly happy about that one... but I did have it for over 3 years so it was well worth it really.

I'll give you the run down.

First car - Ford Escort 1.1 Pop - Cost me £1000 - died within 4 months not a happy bunny.

Second car - Ford Orion 1.4i - Cost me £1000 - died within 12 months - not a happy bunny.

Third Car - Fiat uno 1.0 - Cost me £300 - Lasted for 2 years - sold it for scrap at £195 - happy bunny.

Fourth Car - Rover Metro 1.0 - Cost me nothing. Was a hand me down from the ex-wifes sister - bonus! - Last for 2 years - died in wales... got us back though, was quite funny

Fifth Car - Fiat Tipo 1.4i - Cost me £300 - Lasted 3 years - was stolen and totally written off - was paid back £1500 from insurance - very happy bunny.

Sixth Car - Fiat Punto 1.3 - Cost me £300 - lasted 4 years - died two weeks after the exhaust fell off... was quite funny getting the receipt from the garage telling me that Tinky Winky had installed the new exhaust... - Sold for scrap - £200

Seventh Car - Rover 214 1.4i - Cost me £750 (details above) Lasted 3 years - part ex-changed for my Eighth car

Eighth Car - Ford Galaxy 1.9tdi - Cost me £4999 - still going.

Majority of the "little cars" that I've had have all been from old chaps or ladies, they don't know how to rag the thing therefore even the mileage isn't battered... the best one really was the Tipo - if it wasn't for the fact that it was stolen, it would probably have lasted a hell of a lot longer because the mileage was only 39k - The old fella had had it from new on a K reg... it was practically showroom stuff, everything was tip top and it didn't half shift!

 

[cash_is_king]

Up until recently all my cars have cost me roughly £300-£500 tops the last one being a rover which actually cost me £750 then a fan belt broke and it cost me another £800 wasn't overly happy about that one... but I did have it for over 3 years so it was well worth it really.

I'll give you the run down.

First car - Ford Escort 1.1 Pop - Cost me £1000 - died within 4 months not a happy bunny.

Second car - Ford Orion 1.4i - Cost me £1000 - died within 12 months - not a happy bunny.

Third Car - Fiat uno 1.0 - Cost me £300 - Lasted for 2 years - sold it for scrap at £195 - happy bunny.

Fourth Car - Rover Metro 1.0 - Cost me nothing. Was a hand me down from the ex-wifes sister - bonus! - Last for 2 years - died in wales... got us back though, was quite funny

Fifth Car - Fiat Tipo 1.4i - Cost me £300 - Lasted 3 years - was stolen and totally written off - was paid back £1500 from insurance - very happy bunny.

Sixth Car - Fiat Punto 1.3 - Cost me £300 - lasted 4 years - died two weeks after the exhaust fell off... was quite funny getting the receipt from the garage telling me that Tinky Winky had installed the new exhaust... - Sold for scrap - £200

Seventh Car - Rover 214 1.4i - Cost me £750 (details above) Lasted 3 years - part ex-changed for my Eighth car

Eighth Car - Ford Galaxy 1.9tdi - Cost me £4999 - still going.

Majority of the "little cars" that I've had have all been from old chaps or ladies, they don't know how to rag the thing therefore even the mileage isn't battered... the best one really was the Tipo - if it wasn't for the fact that it was stolen, it would probably have lasted a hell of a lot longer because the mileage was only 39k - The old fella had had it from new on a K reg... it was practically showroom stuff, everything was tip top and it didn't half shift!

wow, so so far up until the galaxy, you've got by with under £1k cars? May I ask, roughly how much mileage were you doing a month in those cars?
I'd be looking at 1200 pcm

 

[Root 66 Woodshop]

I was roughly doing around 2k miles a month.

 

2-3 year old cars are as always the best balance between reliability and cost.

 

[Matt1959]

always driven relative bangers which are cheap to buy and cost peanuts to maintain. I think its a complete fallacy that older cars break down and cost more money to maintain and this is often the justification for spending a huge sum of money on a newer car! That said, I only do about 9K miles a year. If I was on the motorway all day long and 25K a year, I would want something newer and more comfortable.

 

[businessfunding]

I would opt for a 2 - 3 year old clean car from a dealer - on HP if you want to spread payments and a GOOD warranty (do some research).

Problem being - unless you know your stuff bangers are variable quality and can create a poor customer impression.

 

[CKG]

Do bangers still exist these days?

A 10 year old car still feels and drives like new these days.

When I passed my test in the 90s a 10 year old car was an absolute rust bucket and stank of mould and exhaust fumes. They were real bangers.

I drive a 9 year old VW Phaeton it looks the absolute business but only cost £5k

It still feels and drives like brand new.

There are some incredible bargains out there that make you wonder why anyone would ever spunk £20K+ on a run of the mill car.

 

[Cylon]

I'm coming from the other end of the spectrum as i have been leasing a car through my business for the past 5 years and when its due to go back this year I'm considering my options, think I will be offered the option to continue leasing but more a hire purchase agreement or give it back or stump up 3 months worth of payments to start again and take my pick of a new vehicle.

As I do very few miles now (about 3k per year) I reckon I would be better off getting a lift to the office and saving up for an older car (around 3k ish) to run around in.

Maybe I'm crazy but I miss having a car that needs a bit of TLC and a shiny new car feels a bit stale and too boring.

Although I do still get some thrills from our other car which is 15 years old and needs loads of TLC.

 

[tony84]

Ill be getting a leased car towards the end of the year.
It makes sense, you get a new car its going to be reliable and you dont have the upfront cost.

There is a member on here lease4less, give them a call. Theyve helped me to get some prices and we're pretty helpful without pushing for the sale.

 

[beasty]

LOL

1.4 Tipo didnt half shift...

LOL!

I promise you I never type LOL, but that was frikkin funny, I am glad I was not drinking when i read that


OP
Leasing a car will cost you money every month.. If you buy something and set money aside I am pretty sure you will see leasing is an expensive way to drive something that is newer and only slightly better than something a few years older.

Agree with the poster that talks about 10 year old cars now, 10 year old cars now are perfectly good and you often do not realise how old someones car is, as someone who also drove in the early 90s I concur a 10 year old car then was a bag of nails. Cars have improved massively in the last 20 years.

If you have not got money to burn, I would suggest buying something, set aside money each month for maintaining it and if this is not actually needed you are quids in, with a lease you WILL have to pay each month.

You need to introduce some numbers to this for accurate comment, but my gut tells me you should not lease.

 

[Root 66 Woodshop]

beasty,

It was a 1.4i - not a 1.4

It shifted because it drove like new, when I got it - it had only done 39k and was in showroom condition, had been well looked after by the old chap that used it to do his shopping in.

Personally, I don't see why anyone would find that funny... perhaps your cars may have been sheds but I always went for the old dear cars, that were well looked after rather than ex boy racer, ragged pieces of crap that would guarantee being nicked for the hell of it.