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A new Maserati

3 in 10 car buyers in financial strife after buying a new car

car buyers

Are we putting too much of our hard-earned into the cars of our dreams? New research by AA Cars reveals as many as a third of car buyers have found themselves in financial strife after buying a car outright.

Half of that one-third had to take a dip into savings or money put aside for other things, while a third said they were left entirely without a cushion of cash. Talk about blowing your savings… Furthermore, a third said they actively cut back on expenditures such as gym memberships and nights out. A quarter even said their purchase meant sacrificing holidays.

Who is most likely to fall victim to whimsical spending? Why, it’s millennials (18-44-year-olds) of course.

Indeed, many young used car buyers said they regretted purchasing a car outright, and that doing so had led to financial issues down the line. This despite most being aware of the many financing options available.

As many as 48 percent of 18-24-year-old car buyers, 50 percent of 25-34 year-olds and 50 percent of 55-64 year-olds said they ran into trouble after buying a used car.

A new Hyundai

“Buying a car, whether used or new, is a big financial commitment,” said James Fairclough, CEO of AA Cars.

“Buying a car outright can be a great option for many, but you should be careful not to dedicate all your savings to one single purchase and potentially leave yourself short further down the line”.

“Before taking the leap and dipping into your hard-earned savings to buy your next car, it’s worth thinking about saving up more funds or shopping around to see if there are better-suited car finance deals to be had first.”

You will save money overall if you buy a car outright rather than finance it. It’s a simple matter of calculating interest – but regardless of how you buy a car, budgets have to be calculated carefully. What’s in the bank and what you can afford to spend should always be considered two very different things.

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McLaren

Pride of Britain: Four Brits in top ten financed luxury cars

McLaren

British marques are at the forefront of luxury car wish lists in Britain, according to JBR Capital, with four out of the top 10 most-financed prestige cars on their records hailing from the UK. The second most prolific was German, with three cars, including two 911s.

The list features everything from Ferrari, Lamborghini and Porsche, plus Nissan with the comparatively humble GT-R. Yet none manage to surpass the McLaren 570S and the Range Rover Vogue in their popularity among luxury car shoppers.

The Macca and the Range Rover represent a near-perfect two-car garage, with the big Rangie making for a lovely day-to-day ‘hack’ and the McLaren the ideal weekend wheels.

The Vogue is a relative steal to finance, too, at less than £1,000 per calendar month with a £7,900 deposit. The McLaren is rather more pricey, at over £1,800 per month with a near-£15,000 deposit contribution required. Still, that debunks any criticism that the Range Rover nears the top of the list for its comparatively low price alone.

Still, they both beat out modern era luxury car staples with the Audi R8 languishing in fourth, the Porsche 911 Turbo in seventh and the only Ferrari on the list – the 458 Spider – all the way back in tenth. The McLaren 720S and the Bentley Continental GT fortify Britain’s standing further down the list, at a respective eighth and sixth place.

“Britain may not have won the World Cup this summer, but it’s on top of the automotive world. The ‘Made in Britain’ tag is still highly sought-after among our high net worth clients” said Darren Selig, executive chairman at JBR Capital.

“While you might expect wealthy owners to rush to Ferrari and Lamborghini dealers, it’s actually McLaren and Land Rover where we’ve had the most demand for finance packages so far this year.”

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Car dealer sale to customers

Undercover PCP investigation exposes ‘reckless loans’

Car dealer sale to customers‘Ruthless’ salesmen are being accused of irresponsible lending after a newspaper reporter who said he was 24 and unemployed was offered a loan for a £15,000 Audi A1 – with no need to fork out for a deposit. Another reporter was offered a deal on a £15,000 Seat, again with no deposit.

The investigation by the Daily Mail accuses dealers of luring young drivers into “massive debt” with the no-deposit PCP deals. Reporters say drivers on low wages and poor credit ratings are still being accepted for loans – amid fears that irresponsible lending by car dealers is tempting people into “dangerously high levels of debt”.

There are worries that lending to people with no jobs or poor credit histories could, “in a chilling echo of the sub-prime mortgage crisis of 2007”, lead to a financial crash. UK motorists currently owe £58 billion on car finance, says the Bank of England, a figure that’s risen 15 percent in a year.

Both Vauxhall and Suzuki have since told the Daily Mail they will launch their own investigations into the conduct of their dealers: one Vauxhall dealer offered a £8600 loan to a person who suggested they had a bad credit rating.

In total, Daily Mail reporters visited 22 car dealers in England and Scotland. Each time, they posed as someone in their early 20s, either unemployed, on low earnings or having poor credit ratings. Half of the dealers offered “a brand new car without paying a penny up front”.

MPs and campaigners are now calling for “an urgent crackdown on the ‘reckless’ lending'” says the newspaper, while the Financial Conduct Authority is already running an investigation into ‘irresponsible lending’ in the car industry.

PCP popularity

Seven in 10 private new cars are now bought on PCP car finance schemes. They help lower monthly payments by deferring a payment until the end of the car loan; it’s usually called the ‘minimum guaranteed future value’, and is the expected retained value of the car at the end of the loan.

Buyers can either hand the car back with nothing to pay, settle the remaining loan amount or take out a loan on a new car – deals are often configured so a small amount of ‘equity’ remains in the loan to use as deposit for a new car.

Because monthly payments are lower, it’s easier for people to pass credit checks: providers generally offer loans of up to a quarter of take-home pay. That means someone earning £8,200 a year could theoretically get a loan on a £12,500 car, claims the Daily Mail.

Bank of England Governor Mark Carney recently warned that lenders seem to be ‘forgetting the lessons of the past’. James Darley of Fairer Finance concurred, telling the Daily Mail that “none of the lessons coming out of the 2008 financial crisis have been learned”.


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£200 car deals summer 2016

Best new cars for £200 a month: October 2016

£200 car deals summer 2016You can buy a new car for less than the cost of some mobile contracts, so it’s little wonder business is booming. With this in mind, we hunted down 40 of the best cars you can buy for less than £200 per month.

Please note these deals are indicative and correct at the time of preparation. In all cases, the mileage restrictions and length of contract may vary. In the majority of cases the deals are based on a Personal Contract Plan (PCP) agreements.

Images used are for illustrative purposes. Check manufacturer websites or local dealers for the latest offers.

Ford Fiesta Titanium: £169 a month

£200 car deals summer 2016

It’s the UK’s best-selling car and with deals like this it’s not hard to see why. Take out a three-year personal lease agreement on a new 1.0-litre Fiesta Titanium and you could be paying as little as £169 a month. You’ll need to pay an advance rental of £3,718, as well as being limited to 9,000 miles per annum.

Skoda Citigo Colour Edition: £149 a month

While £149/month on PCP isn’t anything to shout about, a tiny £149 deposit for a Skoda Citigo Colour Edition is definitely worth shouting from the rooftops. It might be a small car, but this is a huge deal – while a bigger deposit could bring down the monthly repayment. It’s one of our favourite city cars… what are you waiting for?

Skoda Yeti 1.2 Outdoor SE: £199 a month

We’ll stick with Skoda for a minute, because the excellent Yeti Outdoor SE 1.2 TSI is available for £199 a month. Skoda will contribute £1,000 to the deposit, but you’ll have to fork out £2,123.30. If you’re prepared to spend more on the deposit, you can drive away for £139 a month.

Hyundai i20 Coupe 1.2 Sport: £189.23 a month

Hyundai i20 Coupe 1.2 Sport: £189.23 a month

Don’t get excited by the ‘Coupe’ – this is essentially just a three-door Hyundai i20. Still, the i20 is one of our favourite hatches, and you can pick one up for £189.23 a month over three years through Hyundai’s PCP scheme. You’ll need a fairly hefty £2,805 deposit, but your dealer will add another £1,500 to that.

Alfa Romeo Mito TwinAir: £169 a month

It might not be class-leading, but the Alfa Romeo is a quirky Italian alternative to the likes of the Ford Fiesta. Following a deposit of £1,235, you can buy a TwinAir Mito for £169 a month. Hand it back after two years, or stump up £3,882 and keep hold of it.

Citroen C4 Cactus: £179 a month

Until the new C3 arrives, the C4 Cactus is the only car available with Airbumps. What better reason to splash £179 a month on a Cactus? The C4 Cactus PureTech 82 Feel is available for £179 per month using Citroen’s Elect 4 Personal Lease programme.

Suzuki Vitara SZ4: £199 a month

Suzuki Vitara SZ4: £199 a month

Fancy a cut-price Range Rover Evoque? The Suzuki Vitara is a convincing(ish) alternative and right now the SZ-T with dual-tone paint could be yours for £199 a month. That’s through the firm’s contract hire scheme, following an initial rental of £1,194.

Volkswagen Polo Match 1.0: £139 a month

The Volkswagen Polo is showing its age, but it’s still an excellent supermini, and VW is keen to get people into its dealers. For £139 a month over four years on PCP, you can drive away a 1.0-litre Polo Match. You’ll need a £2,537.02 deposit.

Dacia Duster Ambiance SCE: £149 a month

It might not be the most stylish of crossovers, but where else can you get an SUV for £149 a month? That’s following a very reasonable £1,063 deposit, with your Dacia dealer contributing an extra £750 towards your Duster. Split over two years on PCP, you’ll pay interest at 7.9% APR.

MG GS Explore: £199 a month

MG GS Explore: £199 a month

The GS is one of the latest cars to hit the market – a crossover to designed to give MG a slice of the segment dominated by the Nissan Qashqai. It’s far from being the best in class, but it does offer good value for money. The entry-level MG GS Explore could be yours for £199 a month and £3,281.34 deposit.

Honda Jazz: £179 a month

Fancy something with all that Jazz? The all-new Honda Jazz 1.3 EX could be yours for £185 a month and a deposit of £3,685.16. As with all the PCP deals mentioned here, you’ll need to take into account the hefty final payment, but if you don’t want the Jazz at the end of three years, you can simply walk away.

Fiat Panda Easy: £139 a month

The mid-range Fiat Panda Easy features air conditioning, an MP3 player and a light in the boot. It’s yours for £139 a month after a deposit of just £139. Bargain.

Renault Zoe: £139 a month

Best £200 car deals summer 2016

This is one of our favourite new car deals. You can order an electric Renault Zoe Dynamique Nav for a deposit of £1,499 and 24 monthly payments of £139. The dealer will contribute £6,000 to the agreement, but you’ll have to spend at least £59 a month on battery hire.

MG3: £169 a month

The recently revised MG3 offers excellent value for money and whether you choose the 3Time, 3Form, 3Form Sport or 3Style, you won’t spend more than £200 a month. Our money would be on the top-spec 3Style at £169 per month and a deposit of £1,658.65. Personal contract plan is over 36 months and based on 10,000 miles per annum.

MINI Hatch: £169 a month

The MINI remains as popular as ever and it’s possible to order a MINI Cooper 3-door hatchback for £169 a month plus initial rental of £2,369. This is a Personal Contract Hire deal and other offers are available on MINI Select. Talk to your local MINI dealer for more details.

Skoda Octavia SE Sport: £165 a month

Skoda Octavia SE Sport: £165 a month

While the £4,876.90 deposit is a little on the high side, the Skoda Octavia is one of the most practical cars you can get for £200 per month. Right now, the Octavia SE Sport hatchback is available for £165 per month over 42 months. Stretch to £219 a month and your deposit drops to £2,662.90.

Toyota Aygo X-Play: £159 a month

While £159 a month for a Toyota Aygo isn’t necessarily anything to shout about, the tiny £36 deposit makes it within reach for most of us. That’s based on an X-Play, with DAB radio, Bluetooth and air-con as standard.

Mazda2 SE: £169 a month

The Mazda2 is really rather good and right now you can order one for £169 a month. The deposit is £2,311.12, but if you spend more you can bring the monthly fee down to £129. Even a zero deposit equates to just £233.20 a month.

Vauxhall Viva SE: £129 a month

Vauxhall Viva SE: £129 a month

Not to be confused with the much-loved family car of the 60s and 70s, the new Viva is Vauxhall’s budget car for the new millennium. You can drive away in a Vauxhall Viva SE in Solar Red paint for £125 per month, following a deposit of £1,995. This is based on 48 months and 8,000 miles per annum.

Audi A1: £199 a month

So, you want an Audi for £200 a month? We can just about squeeze you in, because the Audi A1 Sport 1.4 TFSI is available for £199 a month. The deposit is a not at all unreasonable £2,711.68 and your friendly Audi dealer will even chuck £750 into the pot. The optional final payment is just below £9,000.

Suzuki Swift Sport: £179 a month

Another PCP deal that could lead us into temptation. The Suzuki Swift Sport remains our junior hot hatch of choice and right now it’s available for £179 a month following a £2,439 deposit. Be warned: after 48 months you might be so in love with the car, you’ll need to find the £4,328 required for the final payment.

SEAT Ibiza SC : £199 a month

SEAT Ibiza SC : £199 a month

The feature-packed SEAT Ibiza SC FR 1.2 TSI offers 16-inch alloys, FR styling, sports seats and suspension, plus sat nav with Bluetooth. It could be yours for a £199 deposit and £199 per month across 48 months.

Suzuki Jimny: £195 a month

Admittedly, your choices are limited if you fancy an off-roader with genuine mud-plugging ability for £200 a month. Sure, the Suzuki Jimny might be a bit long in the tooth, but it can reach parts other cars in this feature cannot reach. Yours for £195 a month and a £2,119 deposit. Mileage is limited to 6,000 a year.

SsangYong Tivoli SE: £171.71 a month

The SsangYong Tivoli was one of the most surprising new cars of 2015, offering a terrific blend of specification and value. The Tivoli SE petrol is available for £171.71 a month, following a deposit £2,590. The diesel, meanwhile, will set you back £189.03 a month following a £2,860 deposit.

Suzuki Baleno 1.0: £179 a month

Suzuki Baleno 1.0: £179 a month

Yes, another Suzuki. The Baleno is one of the newest cars on the block, but that doesn’t mean you can’t drive away for less than £200 a month. There are a host of deals ranging from £179 a month and you’ll be able to enjoy the excellent 1.0-litre Boosterjet engine.

Ford Fiesta ST: £199 a month

How strong is your willpower? The best hot hatch you can buy is available for £199 a month over three years, but you’ll be restricted to 9,000 miles per annum. The problem is, with a Ford Fiesta ST sat in the garage, you’ll be forever tempted to go for yet another drive.

Skoda Fabia Colour Edition: £189 a month

Another great offer from Skoda. Take out a 42-month, 35,000-mile Solutions Personal Contract Plan and the Skoda Fabia Colour Edition 1.0 could be yours for £189 a month. The deposit is just £189, but if you’re prepared to spend £2,532.48, the monthly fee drops to £125.

Nissan Juke 1.2 N-Vision: £189 a month

Nissan Juke 1.2 N-Vision: £189 a month

We’re big fans of the funky Nissan Juke – but you’ll need a hefty £5,117.71 deposit. If you can stretch to that (or have a part-ex of that value), you can enjoy a Juke for £189 a month with 0% interest. That’s over three years.

Honda Civic 1.4 Sport: £189 a month

The Honda Civic 1.4 Sport is available with a £3,767.40 customer saving and a monthly payment of £189 over three years. The only catch is a £3,767.40 deposit, but the 30,000-mile restriction is generous.

Nissan Pulsar: £129 a month

If you’re looking for a hatchback with rear legroom that could shame a limo, look no further than the Nissan Pulsar. The Acenta DIG-T 115 is available for £129 a month, but the deposit is a hefty £4,315.80. That’s spread across three years.

Fiat 500 Pop: £159 a month

Fiat 500 Pop: £159 a month

The Fiat 500 was treated to a cosmetic overhaul in 2015 and its image remains as strong as ever. There are a number of offers available on the 500, with the Pop 1.2 available for £159 a month following a tempting £159 deposit.

DS 3: £189 a month

The DS 3 remains one of the most stylish superminis money can buy. Take out an Elect 3 contract and the DS 3 can be yours for £189 a month. The agreement is based on a three-year contract and a deposit of £2,845.

Jeep Renegade: £175 a month

The Jeep Renegade is an increasingly common sight on Britain’s roads, and with finance offers like this it’s no surprise. Buy a Renegade 1.4 Longitude on a PCP deal and it’s yours for £175 a month. Jeep will contribute £1,500, leaving you to find £6,442 for the deposit. In two years time, you can decide whether to spend £9,528 to keep the Jeep, give it back or exchange it for a new PCP deal.

Volkswagen Golf Match: £199 a month

Volkswagen Golf Match: £199 a month

Despite everything Volkswagen went through in 2015, the Golf is still in demand. You can buy a Golf Match 1.4 TSI for £199 a month, based on a four-year agreement and after a £4,265 deposit.

Smart Fortwo Passion: £129 a month

The really tempting thing about this deal is the £0 deposit. Let’s face it, you’re probably not going to cover huge miles in a Smart Fortwo, so the 7,000-mile per annum restriction is no big deal. After four years, hand it back, or stump up £4,420 to buy it outright.

Brexit new car sales threat

Brexit threat to new car sales – but used car market will thrive

Brexit new car sales threatBrexit will boost the used car market as the weaker pound leads car manufacturers to scale back sales-boosting incentives for new car sales, predicts a Glasgow car finance expert.

The automotive Brexit loser is thus set to be new car sales, believes Startline Motor Finance CEOP Paul Burgess.

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The weaker pound will make it hard for car makers to offer such tempting finance deals on new cars, he says. The unfavourable exchange rate will start to chip away at margins and car makers will also find borrowing money is more expensive.

“Bearing this in mind, we don’t see how they can continue to offer the kind of headline deals that have kept the new car market on the boil. Something has to give.”

From new cars to used

Cue the used car market: the strength of new car sales over the past few years means used cars are entering oversupply conditions, which is weakening prices – making them better value than they have been in several years.

This will open up the differential between new and used car sales once again. It’s been narrowing in recent years thanks to the strength of new car deals but this will now undergo realignment.

Burgess says trading conditions will start to replicate those after the economic crisis of 2007-2008, and dealers should use this to reassure customers at a time when confidence will be falling.

Brexit should not mean people will stop buying cars, he states. It’s just that they’re more likely to start buying used ones instead of new…

Honda Fireblade

Buy a Honda Fireblade for £99 a month

Honda FirebladeHonda is offering its high-performance Fireblade Black Edition superbike on finance for £99 a month, in a three-year, 5.9% APR PCP deal.

The offer is for the 16MY Black Edition special and is open to those who can find a £2,614 deposit for the £12,199 superbike, which Honda dealers will bolster with a £1,000 contribution.

> More advice on Motoring Research

The 36 monthly payments are based on the rider covering 4,000 miles a year (it’s 7p a mile extra if you do more), with a final payment of £6,329.

The Black Edition was revealed at the opening round of the British Superbike Championship earlier this year, and now Honda BSB rider Jason O’Halloran has scored a victory on his CBR1000RR Fireblade at Snetterton, Honda reckons it’s a good time to roll out the special offer deal for the summer.

Black Edition extras include a 27mm higher smoked screen, Gilles brake lever and Galfer front wavy discs. It also gets a colour-matched seat cowl and carbon fibre hugger. Not bad for £99 a month, particularly when compared to what £99 a month will buy you in the car world.

Basic Suzuki Swift or a monster-performance Honda Fireblade? You decide…

2014 MINI Hatch 3dr

Car finance deals must be fair urges BMW loans boss

2014 MINI Hatch 3drCar finance deals must be scrupulously transparent and fair if the industry is to continue meeting customers’ expectations, the head of BMW Group Financial Services has urged.

Spencer Halil, general manager of group brands at BMW Group Financial Services, said the car finance sector must learn from the recent critical investigation into the practices of some energy market price comparison sites.

Some were found, reports BMW GB’s car finance division, to be hiding the best deals from customers “as part of marketing relationships with the suppliers”. Technically compliant, but far from fair in customers’ eyes.

“Customers expect transparency and fairness. If products are hidden, hard to find our explained poorly, then these expectations will not be met,” said Halil.

“This is especially the case when more expensive alternatives are promoted to deliver higher commission payments.”

Rather than letting such practices slip in, the car industry should get its house in order, said Halil. Do as BMW Group has recently done, he said: simplify pricing structures, cap rates and use the same structure across all dealers.

BMW Group’s working towards price transparency in the car finance sector: time for the broader industry to follow suit, it urges – because it’s in everyone’s interests to ensure car finance deals are known as fair and sound rather than hidden or weighted…

New car finance

Car finance: 3 in 4 Brits use it but 2 in 3 can’t explain it

New car financeBritish car buyers do not understand common car finance terms such as personal contract hire, personal contract purchase and gap insurance – despite 77% of new car sales now using car dealer finance.

New car finance actually grew once again last month, by more than 10%, but two in three Brits do not feel confident explaining commonly-used car finance jargon.

Vauxhall: ‘most Corsa VXR buyers are under 30’

The survey of more than 1,000 car buyers, by BMW Group Financial Services, discovered that just 18% of car buyers can explain personal contract hire (PCH) and less than 20% can explain personal contract purchase (PCP).

This is despite some brands claiming nearly 9 in 10 sales are made via PCP.

Indeed, 28% of new car buyers admit they can’t explain any car dealer jargon.

“These results go a long way to illustrating the state of the nation’s knowledge about finance,” said BMW Group Financial Services’ general manager Suzanne Gray.

That, she says, is why the financial firm has simplified all its car finance terms – and Gray hopes other providers will now do the same.

“Simplified motor finance is long overdue and we are responding to a public need for clear terms.”

Last month, new car sales grew once again – and they’re up 7% thus far in 2015 compared to the same period last year. Nearly 40 consecutive months of growth in new car sales has now been achieved.

The five most commonly misunderstood new car finance terms

  1. PCH (personal contract hire): An upfront payment scheme with regular monthly hire payments: you rent the car rather than buy it outright
  2. GAP insurance: covers you for any shortfall if your car is written off while you’re still paying the loan
  3. PCP (personal contract purchase): Similar to PCH but monthly payments are only the car’s depreciation rather than the full amount (see below); At the end, you can buy the car, give it back, or use the equity towards a new car
  4. GMFV (guaranteed minimum future value): How much the car will be worth at the end of a PCP; monthly payments are the difference between the purchase price and the GMFV
  5. Deposit contribution: A dealer incentive offered for those who take out dealer finance
New car finance

Car finance: 3 in 4 Brits use it but 2 in 3 can't explain it

New car financeBritish car buyers do not understand common car finance terms such as personal contract hire, personal contract purchase and gap insurance – despite 77% of new car sales now using car dealer finance.

New car finance actually grew once again last month, by more than 10%, but two in three Brits do not feel confident explaining commonly-used car finance jargon.

Vauxhall: ‘most Corsa VXR buyers are under 30’

The survey of more than 1,000 car buyers, by BMW Group Financial Services, discovered that just 18% of car buyers can explain personal contract hire (PCH) and less than 20% can explain personal contract purchase (PCP).

This is despite some brands claiming nearly 9 in 10 sales are made via PCP.

Indeed, 28% of new car buyers admit they can’t explain any car dealer jargon.

“These results go a long way to illustrating the state of the nation’s knowledge about finance,” said BMW Group Financial Services’ general manager Suzanne Gray.

That, she says, is why the financial firm has simplified all its car finance terms – and Gray hopes other providers will now do the same.

“Simplified motor finance is long overdue and we are responding to a public need for clear terms.”

Last month, new car sales grew once again – and they’re up 7% thus far in 2015 compared to the same period last year. Nearly 40 consecutive months of growth in new car sales has now been achieved.

The five most commonly misunderstood new car finance terms

  1. PCH (personal contract hire): An upfront payment scheme with regular monthly hire payments: you rent the car rather than buy it outright
  2. GAP insurance: covers you for any shortfall if your car is written off while you’re still paying the loan
  3. PCP (personal contract purchase): Similar to PCH but monthly payments are only the car’s depreciation rather than the full amount (see below); At the end, you can buy the car, give it back, or use the equity towards a new car
  4. GMFV (guaranteed minimum future value): How much the car will be worth at the end of a PCP; monthly payments are the difference between the purchase price and the GMFV
  5. Deposit contribution: A dealer incentive offered for those who take out dealer finance
Best new cars for £10 a day

Best new cars for £10 a day

Best new cars for £10 a day

What could you spend £10 on? A DVD, perhaps, or a small round of drinks on a night out. But if you can afford to put aside £10 every day, you can treat yourself to a new car. And we’re not talking budget city cars either. We’ve outlined some of the best deals available on new cars available for around £10 a day.

BMW 218i M Sport Gran Tourer: £9.32 a day

Haters gonna hate, but the 2 Series Gran Tourer is actually rather good. Enjoy the driving experience of a BMW, while having enough room to transport the entire family. BMW currently has a contract hire offer on its 2 Series Gran Tourer. Following an initial payment of £4,999, you can drive a 218i M Sport Gran Tourer for £289 a month.

Audi A3 Cabriolet: £9.65 a day

Fancy some roof-down motoring this summer? Audi is offering the A3 Cabriolet S Line Navigation with the 1.4-litre petrol engine through its Solutions PCP scheme for £299 per month. The customer deposit is a hefty £5,579.41 – but, the firm points out, it is flexible. Pay more each month and you pay less deposit.

Toyota GT86 Primo: £9.67 a day

Toyota GT86 Primo: £9.67 a day

The entry-level Toyota GT86 Primo is available for £22,495 outright – but a play with the firm’s finance calculator reveals you can pick one up for £300 per month, as long as you can stretch to a £4,841.15 deposit. That’s over 35 months, at a finance rate of 4.9% APR. Mileage is limited to 8,000 miles a year.

Ford Fiesta ST: £9.22 a day

This is a very tempting proposition – one of our favourite hot hatches, available for just £285.75 per month, with an affordable £1,000 deposit. That’s stretched over three years through Ford’s Options finance plan, with a mileage cap of 12,000 miles a year and an optional final payment of £6,203.

Vauxhall Mokka: £9.27 a day

Vauxhall Mokka: £9.27 a day

Vauxhall’s Mokka SUV is incredibly popular, no doubt in part down to the excellent value for money it represents. Through the company’s flexible finance scheme, you can tailor a quote to suit you, and enjoy 0% APR interest. So, following a deposit of £1,500, you can drive a Mokka Exclusiv with the 1.6-litre petrol engine for £287.49 a month. That’s over 60 months.

Mercedes-Benz GLA: £9.65 a day

No other type of vehicle is as trendy as a crossover – and you can ‘buy’ one sporting a Mercedes badge for less than £10 per day. That’s for a GLA 200d Sport, following a deposit of £2,999 with the rest split over 48 months, resulting in monthly payments of £299. Mileage is limited to 10,000 per year, and there’s an optional purchase payment of £12,625 at the end of the agreement.

Subaru XV: £9.65 a day

Subaru XV: £9.65 a day

If you’re worried about being stuck in traffic alongside someone in an identical car to you, consider the Subaru XV. The firm is offering it in 2.0-litre diesel SE guise with a manual gearbox for £299 per month, following a deposit of £3,462.75. That’s over 49 months, with a final payment of £9,154 if you want to keep the car.

Mazda MX-5: £8.55 a day

We’re sure Mazda doesn’t have to try hard to peddle its fourth-generation MX-5 at the moment – but that isn’t stopping it offer a very tempting 0% APR finance deal on a 1.5-litre SE. The catch? You need a 50% deposit of £9,625. But if you can afford that, you can enjoy monthly payments of £265 over three years.

Mitsubishi ASX: £8.14 a day

Mitsubishi ASX: £8.14 a day

Despite being around for a few years now, the ASX is an underrated crossover in our opinion. And following a deposit contribution of £1,000 from your dealer, you can pick up a 1.6-litre petrol in ZC trim for £252.44 a month, plus an initial payment of just £1,000. That’s over 37 months with a final payment of £6,100.

Nissan Leaf: £9.38 a day

Ready to try an electric car as transport? Nissan has some very tempting offers on its popular Leaf. Through its finance scheme, it’s offering a 24KWh Leaf Acenta for £290.68 a month, and it’ll even contribute £5,000 towards a deposit between Nissan and the dealer. That means you don’t have to put any money down upfront – and less than £10 a day for electric motoring. If you have a lengthy commute, you might save that in fuel.

Land Rover Discovery Sport: £9.65 a day

Land Rover Discovery Sport: £9.65 a day

It might no longer sport the Freelander badge, but that hasn’t made the entry-level Land Rover any less affordable. Through the company’s Freedom PCP scheme, you can buy a Discovery Sport 2.0 TD4 180 SE for £299 a month over three years, following a deposit of £9,770. A hefty deposit, admittedly, but if you’ve got a trade- in, it could work for you.

Jeep Wrangler: £9.65 a day

Now that Land Rover no longer sells the Defender, you’ll have to look elsewhere if you want an iconic off-roader. Jeep is offering a 3.6-litre V6 Wrangler Sahara through its Horizon PCP deal, split over four years. The firm will contribute £1,500 towards your deposit, meaning you’ll have to stump up £7,089 upfront. Interest works out at 4.81% APR.

Toyota RAV4 hybrid: £10.32 a day

Toyota RAV4 hybrid: £10.32 a day

Toyota is known for its efficient hybrids, and its new RAV4 should prove to be a very sensible purchase. You can pick up a RAV4 Business Edition Plus with the hybrid powertrain for £320 a month, following a deposit of £3,535. That’s split over two years with interest at 0% APR.

MINI Clubman: £9.84 a day

Using MINI’s handy finance calculator, we’ve worked out you can buy a sporty-yet-practical Clubman Cooper S for £305.06 a month. That’s following a sensible £1,500 deposit and split over 48 months with interest at 5.9% APR.

MG6: £9.67 a day

MG6: £9.67 a day

The MG6 isn’t the most convincing car on sale, but it does represent a lot of physical vehicle for the money. The boot is huge, and MG’s offering a tempting 0% finance deal across the range. That means you can pick up a top-spec MG6 TL for £299.92 a month over 48 months, following a deposit of £3,599.

Mazda CX-3: £9.69 a day

We really rate the CX-3 crossover, and you can get it with no deposit for £300.28 a month over 37 months. That’s for a 120hp two-wheel-drive SE with a Mazda deposit contribution of £1,500. At 3.9% APR, you’ll be looking at £1,435.83 in interest charges.

Peugeot 308 SW: £8.32 a day

Peugeot 308 SW: £8.32 a day

Through Peugeot’s brilliant Just Add Fuel finance scheme, you can buy a 308 SW (estate) in desirable GT Line trim with the 1.2-litre petrol engine for £258 a month. That’s assuming you’ve got a deposit of £4,799 – but you can tweak the deposit and monthly payments to suit you. Interest over 37 months works out at 0% APR, and it includes insurance and servicing.

Hyundai Tucson: £10.04 a day

Whisper it, but we’d probably take the Hyundai Tucson over the ever-popular Nissan Qashqai. With no deposit, you can drive away in a Tucson S 1.7 CRDi for £311.16 a month. That’s split over 49 months with interest at 6.9% APR. If you can stump up a deposit, you can make the period shorter, or even get it with 0% interest.

Suzuki Vitara S: £8.55 a day

Suzuki Vitara S: £8.55 a day

The sporty Vitara S is surprisingly good fun to drive, and offers excellent value for money compared with crossovers from more premium brands. You can buy a 1.4-litre Vitara S auto with four-wheel drive for a deposit of £2,909, followed by 48 monthly payments of £265. Interest works out at 2.9% APR.

DS4 Crossback: £10.32 a day

The DS4 Crossback is little more than a jacked-up DS4, which in itself isn’t the most competitive car in its segment. But it’s unusual, and you can stand out for £320 a month through Citroen’s PCP scheme. That’s over 48 months, following a deposit of £3,165.48, at 4.9% APR.

Infiniti Q50: £9.32 a day

Infiniti Q50: £9.32 a day

Talking of standing out… the Infiniti Q50 is a rival to the BMW 3 Series and Audi A4. It’s not as good to drive as either, but it does look good. And at £289 a month for a 2.2 diesel Exec, it’s a tempting proposition. You’ll need a deposit of £5,480.09 and there’s an optional final payment of £9,843.00 should you decide to keep the car.

Jaguar XE: £10.61 a day

Slightly over our budget, but the XE is such an impressive car we couldn’t not include it. For that you get the 163hp 2.0-litre turbodiesel, in Prestige trim with a manual gearbox. You’ll need a deposit of £4,999 and interest works out at 4.78%.

Skoda Octavia: £9.32 a day

Skoda Octavia: £9.32 a day

The Skoda Octavia has always represented excellent value for money. Currently, the manufacturer is offering the Octavia through its Solutions PCP for £289 a month, following a deposit of £289 (plus £2,000 from Skoda). That’s over 42 months for a 1.4-litre TSI hatch with metallic paint.

Renaultsport Clio 220 Trophy: £9.77 a day

We’ll end with this sporty little number – the hot Renaultsport Clio. It’ll hit 62mph in 6.6 seconds, and is good for a top speed of 146mph. But you can buy one for £303 a month, over 49 months, following a deposit of £1,000. That works out at 5.9% APR, and you’ll pay £8,575 if you want to keep it at the end of the finance term.