Older cars with finance

Want the most car for your money? Choosing an older car and financing it enables you to get more car for your monthly payments

James Wilson
Aug 31, 2021

Looking for an old car with finance can seem tricky - especially when one of the most popular types of car finance - Personal Contract Purchase or PCP for short - is typically only offered on models up to five years old. That is not the end of the story, though, as there are plenty of older vehicles that can be scooped up using Hire Purchase or through a personal loan.

Another bonus with Hire Purchase is that once you've made the final monthly payment, the car is yours - you're free to keep it, with nothing more to pay, sell it or trade it in. There's no large optional final payment - which could amount to half the original value of the car - as is the case with PCP finance. If you would like a quick refresher on the types of car finance take a read of our finance explainer here.

One of the best reasons to choose an older car rather than a newer one is that you get more for your money - quite literally. For example, for a similar monthly payment to that of a well specified new Ford Fiesta you could get an older family-sized SUV. This means more space for luggage, more space for passengers and more space to feel like you've got a great deal.

Another thing to bear in mind with an older car, is that not only is the intial cost lower than for newer models, but as it's worth less to begin with, it also has less value to lose than a newer car. Of course, there are some things to watch for when financing an older car. A badly looked after vehicle can prove a costly mistake. However, sourcing a car from a reputable source with a history of regular servicing and maintenance goes a long way to negate this risk.

With that in mind, below are eight great old cars to scoop up on finance. Each one suits a particular monthly budget - starting from less than £100 per month and moving up through £120, £140, £150, £200 per month and so on up to £400 per month.

We have defined an ‘old car’ as one that is six or seven years old, meaning they are likely out of manufacturer warranty - although Kia and some other manufacturers do offer seven-year warranties on their new cars, so this isn't always the case - but they are still recent enough to have plenty of desirable in-car tech and should be reliable and easy to maintain.

Old cars with finance

1. Fiat 500

Best old car with finance for under £100 per month

Used deals from £4,989
Monthly finance from £99*

The Fiat 500 was designed as a cheap to run but incredibly fashionable small car - a simple combination that has proved immensely popular. What’s more, the 500 is incredibly easy to drive in town, thanks to its small dimensions and tight turning circle allowing drivers to easily navigate busy urban streets and slip into small parking spaces.

With a monthly budget of around £100* per month, this should be enough to get you into a five- or six-year-old ‘Pop’ model. These come with necessities such as remote locking but are in general quite thin on equipment. This does mean, there is less to go wrong, though. Also, with a frugal 1.2-litre petrol engine under the bonnet, running a 500 should be inexpensive. There are other engines available with the 500 but the 1.2-litre is particularly common in Pop trim, making it an affordable choice.

FIAT 500 BUYERS' GUIDE

2. Vauxhall Corsa

Best old car with finance for under £120 per month

Used deals from £4,180
Monthly finance from £99*

For all the success the Fiat 500 has enjoyed, the Vauxhall Corsa has done even better. In fact, it has been known to top the UK new car sales charts. For £120* per month, you can choose from a selection of different trims and engine types. Saying that, most Corsas are reasonably well equipped but aiming for ‘Sting’ trim is a good option as alloy wheels, cruise control and a heated windscreen should all be standard.

More often than not, a petrol model will be the best bet for the Corsa, as these are affordable and offer a good mix of economy and performance if you do a combination of town and B road driving, or the occasional motorway trip. Those expecting to do more than 15,000 miles a year or so might want to consider a diesel - as this is where the more economical diesel models should start to save you money with lower fuel bills - but be sure to weigh up all the pros and cons. For help with this, check out our ‘should I buy a diesel car?’ advice.

2014-2019 VAUXHALL CORSA BUYERS' GUIDE

3. Peugeot 2008

Best old car with finance for under £140 per month

Used deals from £7,350
Monthly finance from £149*

What exactly is a Peugeot 2008? It is best described as the middle ground between a regular hatchback (such as a Ford Fiesta or Volkswagen Polo) and an SUV (such as the Skoda Karoq). This type of car is commonly called a crossover due to it blending the characteristics of the two different types of car.

Who does the Peugeot 2008 appeal to? Considering it is relatively spacious, cheap to run (Peugeot’s 'PureTech 110' petrol engine strikes a particularly good balance of power and fuel economy) and promises a comfortable driving experience, the 2008 is likely to appeal to families, commuters, and dog owners alike.

If you are looking for a car to go on wilderness adventures in, this is no hardy off-roader and there is no four-wheel-drive option, so it's not the car for you. However, the 2008 does feature Peugeot’s ‘Grip Control’ system which is designed to help reduce the chances of the front wheels losing grip when driving on a slippery surface, so it's more than capable enough for most drivers.

2013-2020 PEUGEOT 2008 BUYERS' GUIDE

4. Nissan Juke

Best old car with finance for under £150 per month

Used deals from £7,448
Monthly finance from £147*

The Nissan Juke is patient zero. It was the first compact SUV to go on sale that wasn’t a utilitarian off-roader. It marked the beginning of easy-to-live-with, affordable and comfortable high-riding compact SUVs. It was also built in the UK which gave the Juke a selling point few other cars could boast. For many drivers, though, where the Juke was built or the equipment it came with, was second to the styling - just look at it.

While divisive, there is no disputing that Nissan’s design team really went to town with the Juke and it is very striking. In contrast, many of the Juke’s rivals have been criticized for looking a bit too bland and boring. In terms of equipment, £150* per month should be enough to get you a high specification Tekna model, although mid-range N-Connecta trim will likely be more common. So, if you want to stand out in a car which should be as easy to live with as a Ford Fiesta, then the Juke could be just the ticket.

2010-2019 NISSAN JUKE BUYERS' GUIDE

5. Hyundai ix35

Best old car with finance for under £200 per month

Used deals from £8,300
Monthly finance from £161*

The Hyundai ix35 is often overlooked, so it can represent something of a second-hand bargain. Its attention-stealing competition includes the Nissan Qashqai and Kia Sportage which are both good SUVs in their own right. While Hyundai’s five-year warranty will have expired on older cars, it is a good sign that Hyundai stands by its models for that long - you won’t find such a lengthy warranty on many German cars, which typically only come with three years of cover.

The rear seats are great for kids, although the narrow rear door opening might cause hassle if you regularly have to take larger child seats in and out. The boot offers 591 litres of space, which compared to something like a Volkswagen Golf (which has 381 litres of boot space), is really quite large and should handle everything from buggies to suitcases and bags for a road trip, without fuss. We’d recommend a two-wheel-drive model, as these offer improved fuel economy and lower running costs than four-wheel-drive versions.

6. BMW 2 Series

Best old car with finance for under £250 per month

Used deals from £11,600
Monthly finance from £185*

It is fair to say the BMW 2 Series is something of a throwback - in the best sense of the word. It uses a sports car formula that has been the cornerstone of fast, fun cars for decades; it has an engine in front of the driver that sends its power to the rear wheels. This setup gives you precise steering - with no chance of the steering wheel tugging in your hands when picking up speed, as power goes to the rear wheels rather than the front ones, as in many modern cars - plus better grip when accelerating. Together, these factors help to make the 2 Series an enjoyable car for keener drivers.

This isn’t the BMW’s only talent, though. It looks smart, the interior is of high quality and there is a great range of engines and gearboxes to choose from. A monthly budget of £250* should be enough to get you the keys to a 218i, 218d or 220d (the 'i' models are petrol, the ‘d’ is for diesel).

All of these are enjoyable to drive but like other cars on this list, whether or not a diesel is the right option for you will depend on how many miles you do per year. The higher your mileage, the more diesel versions makes sense, as these offer greater fuel economy and should cut your fuel bills.

BMW 2 SERIES BUYERS' GUIDE

7. Audi Q5

Best old car with finance for under £300 per month

Q5 S Line

Used deals from £17,899
Monthly finance from £331*

If you want an upmarket yet practical medium SUV then look no further than the Audi Q5. It is far from the most affordable car of this type but it looks great, its interior is beautifully finished and it is very desirable - which is good for you now and should make it easier to sell for a decent price, when the time comes. The first Q5 arrived in 2008 and wasn’t replaced by a new version until 2016.

While older versions of the current model still look practically new, the previous version looks and feels a bit older, but you benefit with much lower prices. Those who go for a first generation model (pictured above) will find a choice of petrol and diesel models that all come with Audi’s four-wheel-drive system. This gives you greater grip on slippery surfaces but isn't designed for serious off-roading. Having four-wheel-drive can add to maintenance and repair costs in the long run, so if you're considering older two- and four-wheel-drive cars, it's worth bearing this in mind.

2008-2017 AUDI Q5 BUYERS' GUIDE

8. Mercedes CLS

Best old car with finance for under £400 per month

Used deals from £19,495
Monthly finance from £345*

Let’s get one thing straight; while a second-hand Mercedes CLS is something of a bargain, it is anything but a budget car. For starters, its interior is very high class - think big comfy seats, a sweeping dashboard and plenty of high-quality materials. Then there is the driving experience, which provides a smooth, comfy ride and great refinement.

Add in an automatic gearbox - standard on all CLS models - and getting from A to B in the CLS is remarkably relaxing. There are both petrol and diesel models available but unless you can cope with high fuel bills, we’d go with diesel power, as the diesel engines are likely to provide significantly better real-world fuel economy. Happily, all CLS models are well equipped, although being older you won’t find the likes of Apple CarPlay or Android Auto.

2018-PRESENT MERCEDES CLS BUYERS' GUIDE

*Representative PCP finance - Ford Fiesta:

48 monthly payments of £192
Deposit: £0
Mileage limit: 8,000 per year
Optional final payment to buy car: £2,923
Total amount payable to buy car: £11,926
Total cost of credit: £2,426
Amount borrowed: £9,500
APR: 9.9%

BuyaCar is a credit broker, not a lender. Our rates start from 6.9% APR. The rate you are offered will depend on your individual circumstances.

 

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