I've never done anything more than a simple finance deal on a car purchase so wondering if anyone can suggest anything that might be helpful in my situation.
Considering a lease but not sure of the hidden pitfalls.

Bought a 4yr old Octavia for £9K
It's now knocking on 6yrs old and worth about 5K

So thats 4 grand lost over 2 years or £166pm
Prob spent about 1K in repairs and £1K in maintenance/consumables over that time. So I reckon my monthly cost is circa £250.


I had been looking at trading mine in for a car of similar spec to mine when I bought it i.e 4yrs old 8-9K
Problem is, in 2 years time, I could well be in the same situation with depreciation loss and maintenance costs. 

I was looking to move to petrol due to repair costs of diesels. I guess this wouldn't matter so much if I was leasing.
I'm not fussed about having a brand new car, but an updated one would be nice.

I am happy with the £250pm figure, what I'm wondering is the best way to spend it.

The other option is just keep hold of my current car, prob need some cash spending on it over the next few months (turbo whining) but overall it's a good motor.

Any advice?

Edited 28 December, 201312 yr by Rick101

What is your yearly mileage?

That will effect a lease or PCP as it effects the value of the car they take back at the end.

A drop of nearly 50% on a four year old car in two years seems a bit high to me. What model and spec is your car?

if your current car is ok bar a few wear and tear issues stick with it. How are you going to benefit by getting into debt?

Although your repair and maintenance costs do look high but that depends on what miles you have done.

IMO PCP is a costly way of getting a car and only really sensible if you are wanting to change your car frequently with few miles. As I said costly and for those who the image of having a new car is important.