Can I Buy a Used Car for Under £250 Per Month?

Thinking about buying a used car on finance but worried you won’t be able to make the monthly repayments? We totally get it. Committing to a fixed amount of money to pay out of your account every month can be daunting. When buying a car on finance, it’s really important to realistically evaluate what you can afford. Let’s go through all the options you have access to with a budget of under £250 per month - spoiler alert, there’s a lot you can get! 😎

Buying a Used Car: Should You Go Cash or Finance?

If you're in the fortunate position of being able to purchase your next car in cash, you’re probably wondering if it’s the best option. The first thing to consider is that when you buy a car in cash, you’re free of any interest and monthly loan payments. You won’t end up paying more than exactly what the car is worth. 

However, it is all a question of looking at the bigger picture. Will buying your next car in cash drain all of your cash savings? Wouldn’t it be better to save this amount of cash for another project, like an upcoming house purchase that would require a deposit? What about an emergency fund? Having some spare cash is always a good way to prevent future financial hardships. 

Another point is that car dealerships often offer discounts to buyers who use finance to purchase their vehicle. When you pay cash, you won’t have access to these sometimes pretty interesting discounts. You’ll also miss out on great financing deals and options which will allow you to spread out spending with only a very low interest rate. Lastly, you’ll be missing out on an opportunity to build a good credit score, which will help you with other loans down the road. 

By the way, we have a detailed guide on the cash vs finance debate which you can browse through if you're in need of further guidance. 😊

What Type of Car Can I Get for £250 per Month? 

It may sound surprising, but there is actually so much you can get for £250 per month! We can hear the sighs of relief from here… No, but seriously, just sit back and relax while we go through some of the best cars you can get for under £250 per month. Enjoy!

CITROEN C3: £210.92 per month (HP)

The Citroen C3 is an amazing choice if you want a cool-looking medium-sized car for a price that won’t make you feel dizzy. We love how compact and funky this car looks!

The car pictured above has the following specifications:

• Model: CITROEN C3 1.2 PureTech 82 Flair [Hatchback]
• Mileage: 22,602 Miles
• Year: 2017
• Number of doors: 5 Doors
• List price: £10,298.00
• Deposit: £250.00
• Monthly payments: £210.92
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

BMW 1 SERIES: £215 per month (HP)

The BMW 1 series gives us huge glam vibes - we can’t just picture ourselves hopping out of one to step onto a red carpet…

The car pictured above has the following specifications:

• Model: 116d EfficientDynamics Plus [Hatchback]
• Mileage: 59,402 Miles
• Year: 2016
• Number of doors: 5 Doors
• List price: £10,498
• Deposit: £250.00
• Monthly payments: £215.12
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

SUZUKI SX4 S-CROSS: £215 per month (HP)

The Suzuki Sx4 seems like the perfect family car for short, daily trips and long ones!

The car pictured above has the following specifications:

• Model: 1.6 SZ-T ALLGRIP [Hatchback]
• Mileage: 34,288 Miles
• Year: 2015
• Number of doors: 5 Doors
• List price: £10,498
• Deposit: £250.00
• Monthly payments: £215.12
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

VOLVO V40: £219.32 per month (HP)

The Volvo V40 is a perfect compromise between chic, affordable and comfortable (especially in this gorgeous white colour! 😍 )

The car pictured above has the following specifications:

• Model: V40 D2 [120] R DESIGN [Hatchback]
• Mileage: 58,461 Miles
• Year: 2015
• Number of doors: 5 Doors
• List price: £10,698
• Deposit: £250.00
• Monthly payments: £219.32
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

MAZDA 3 2.0: £219.32 per month (HP)

Isn’t this blue Mazda just divine?!

The car pictured above has the following specifications:

• Model: 3 2.0 Sport Nav [Hatchback]
• Mileage: 51,470 Miles
• Year: 2016
• Number of doors: 5 Doors
• List price: £10,698
• Deposit: £250.00
• Monthly payments: £219.32
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

RENAULT CAPTUR: £219.32 per month (HP)

The car pictured above has the following specifications:

• Model: 1.5 dCi 90 Dynamique Nav [Hatchback]
• Mileage: 36,171 Miles
• Year: 2017
• Number of doors: 5 Doors
• List price: £10,698
• Deposit: £250.00
• Monthly payments: £219.32
• Number of payments: 60
• APR: 9.9%
• Term: 60 months

HYUNDAI I20: £225.28 per month (PCP)

The car pictured above has the following specifications:

• Model: 1.0T GDI Active [Hatchback]
• Mileage: 25,928 Miles
• Year: 2017
• Number of doors: 5 Doors
• List price: £10,998
• Deposit: £250.00
• Monthly payments: £225.28
• Number of payments: 48
• APR: 9.9%
• Term: 48 months
• Annual Mileage: 8,000

Takeaway

Hopefully, there are a few models here that you’ll love. If your budget for your next car loan is under £250 per month, you can definitely afford these gems. In fact, most of these cars are priced around the £210 mark! With some hunting around, and some help from car finance experts like us, you’ll find your dream used car without any struggle at all. We've also got a strong list of used cars you can get under £150 per month, just in case you feel that's more aligned with your budget. Feel free to browse through it!

Here at Carmoola, we take car financing very seriously, because we know how much of a huge help it can be! Our car finance app can get you a finance deal illustration in a few easy steps: find out how it works and get your next car financed in no time 🤗.