With many of us struggling financially as the economic impact of coronavirus takes hold, ensuring you aren’t spending over the odds has never been so essential.
Buying or financing a more affordable new car can be a great way of freeing up some extra cash, and by choosing a new car you can buy with confidence as you’ll have a manufacturer warranty for extra peace of mind.
We’re scoured the internet to help find some of the most affordable offers around, and here are five great new cars you’re able to get behind the wheel of for £150 per month or less…
Volkswagen Up!
If you’re looking for a well-built city car that’s great to drive and also practical, there are few better options out there than the Volkswagen Up!. Small petrol engines are ultra-efficient, while the low insurance groups of this entry-level version ensure that it be affordable to insure as well.
To buy with cash, this model would set you back £12,220, but financed with zero per cent APR, it can cost you just £139 per month over three years, though you will have to have a deposit of £3,705 to get it for that low price.
Representative finance example
Model: Volkswagen Up! 1.0 S/S 60 3dr
Monthly payments: 35 x £139
Customer deposit: £3,705
Total at end of contract: £8,570
Optional final payment: £3,780
Total paid to own the car: £12,350
Cash price: £12,440
APR: 0%
Annual mileage allowance: 10,000
Skoda Fabia
If you think a Volkswagen Up! is just a bit too compact for your requirements, you should take a look at the Skoda Fabia from the class above – offering additional spaciousness and refinement. It’s also one of the more affordable superminis on the market, too, and as it features the same 59bhp 1.0-litre petrol engine as the VW (in this instance), it’s guaranteed to be cheap to run.
Skoda is also offering a generous deposit contribution of £1,250, meaning that on a four-year contract, a brand new Fabia can be had for just £127.61 per month, along with a comparatively small deposit of £1,262. Zero per cent APR is another favourable part of this offer.
Representative finance example
Model: Skoda Fabia S 1.0 MPI 60 5dr
Monthly payments: 47 x £127.61
Customer deposit: £1,262
Deposit contribution: £1,250
Total at end of contract: £7,259.67
Optional final payment: £4,110.30
Total paid to own the car: £11,379.97 (including £10 option to purchase fee)
Cash price: £12,620
APR: 0%
Annual mileage allowance: 10,000
Dacia Duster
Amazingly a monthly budget of £150 doesn’t just limit you to a city car or supermini. You could also get behind the wheel of a new crossover – namely Dacia’s rugged-looking Duster, which is one of the most affordable and dependable models in its class. You’re also able to get an ‘Essential’ trim level, too – giving you air-conditioning, electric windows and Bluetooth. A turbocharged 1.0-litre petrol engine is used in the car of this deal.
The Duster might be larger model, but you’re still able to get it over a four-year contract for £144 per month, along with a deposit of £1,515. Dacia is also giving a £750 deposit contribution, too, which helps to make the Duster more affordable.
Model: Dacia Duster TCe 100 Essential 4x2
Monthly payments: 47 x £144
Customer deposit: £1,515
Deposit contribution: £750
Total at end of contract: £8,283
Optional final payment: £5,475
Total paid to own the car: £13,578
Cash price: £12,495
APR: 6.9%
Annual mileage allowance: 8,000
Mini Hatch
A small monthly budget doesn’t mean that you have to be left with a cheap-feeling model, though as a £150 budget each month can get you into a premium model, with the Mini Hatch. The British-built supermini is great fun to drive and one of the coolest models in its class thanks to its bold and recognisable styling. This budget limits you to the Mini One in the entry-level Classic specification, though standard kit still includes LED headlights, air-conditioning and a 6.5-inch touchscreen.
It utilises the full £150 monthly budget over four years, and requires quite a chunky deposit £3,949.89, though Mini adds £500.45 to that.
Model: Mini Hatch One Classic 3dr
Monthly payments: 47 x £150
Customer deposit: £3,949.89
Deposit contribution: £1,515
Total at end of contract: £10,999.89
Optional final payment: £6,069.08
Total paid to own the car: £17,068.97
Cash price: £16,195
APR: 3.9%
Annual mileage allowance: 8,000
Nissan Micra
The Nissan Micra might not be the supermini at the top of buyers’ shortlists, but it’s a stylish and well-equipped model that’s also affordable to finance. The version we’re looking at here utilises a 99bhp 1.0-litre petrol engine and is in special edition N-Tec grade – meaning it gets black 17-inch alloy wheels and gloss black accents, as well as a reversing camera, satellite navigation and autonomous emergency braking.
The N-Tec is currently available with zero per cent APR, while buyers also get a contribution from Nissan of £1,225. Spread over four years, you will pay £149 per month, along with a deposit of £2,971.
Model: Nissan Micra N-Tec IG-T 100 manual
Monthly payments: 47 x £149
Customer deposit: £2,971
Deposit contribution: £1,225
Total at end of contract: £9,974
Optional final payment: £5,641
Total paid to own the car: £15,615
Cash price: £16,995
APR: 0%
Annual mileage allowance: 8,000
*All offers correct at time of writing*