Best cars for less than £150 per month
It's never been easier to buy a new car. Thanks to the widespread introduction of Personal Contract Purchase (PCP) schemes, you can actually by a brand-new car for less than you’d spend per month on a used car.
That might seem too good to be true, but it's not. Yes, you’ll need an up-front deposit, which depending on the car might be a fairly large sum, but those monthly payments can be surprisingly low – you’ll find 10 of the best cars available for less than £150 a month right here.
This is thanks to the range of enticing offers carmakers provide for those buying their cars – particularly on PCPs. You might find a manufacturer or dealer willing to contribute several thousand pounds towards the deposit and you should never underestimate the potential savings you can make on a 0% APR deal. That means you won’t pay any interest.
At the end of the PCP deal, you have a number of options. You can hand the car back and walk away free to take up another deal elsewhere, or you can effectively use your car as the deposit on another PCP deal. Many buyers are happy to do this, because for a regular and manageable monthly fee, you can enjoy a new car every few years.
The other option is to pay the final ‘balloon’ payment and you can keep the car. Of course, you’ll have to budget for this – and maybe consider a bank loan to pay for it – so check the fine print before you sign on the dotted line. You can find out more about PCPs and other finance options here:
There's a huge range of bargain new cars available for less than £150 a month and we’ve listed our top picks. You’ll find family favourites such as the Ford Fiesta and the very latest version of the Vauxhall Corsa, right through to the very practical Fiat Panda and Nissan Note.
And don’t forget to check out our latest new car deals page for some special offers and never-to-be-repeated deals.