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| Meta Title | The 9 Cheapest Ways To Buy a Car | Bumper |
| Meta Description | Explore the 9 cheapest ways to buy a car in the UK. From buying old cars to cash transactions, our experts have explained the top strategies online here. |
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| Boilerpipe Text | With many people changing their cars every 2-3 years, getting the best deal on a car can save some serious cash.
In this article, weâll discuss the cheapest way to buy a new car and the best places to look. So, what are you waiting for? Start reading now to secure your next deal!
Cheapest way to buy a car - the top 9 strategies
From cash transactions to buying at the right time, these are the cheapest ways to get a car in the UK.
1. Buy the car with cash
If you can afford to, buying a car with cash is always the most cost-effective option. It can avoid the downsides of the above finance options and work out considerably cheaper, but there are still points to consider.
The finance vs cash decision is something that can take quite a bit of deliberation. Whilst financing can allow you to purchase a more expensive car without needing to outlay a large chunk of cash, it can end up costing significantly more in interest.
2. Buy an older or unpopular car
Cars grow older and out of fashion and their prices drop significantly. This might not be the best option if youâre looking for a new, shiny car. However, it's a great way to get a good deal if youâre not fussed about brand names or car age.
3. Shop around for good loans
Financing a car isnât always the cheapest option, but it can be if you secure a favourable deal.
To decide, first familiarise yourself with the different types of finance available including
Hire Purchase (HP), Personal Contract Purchase (PCP)
, Bank Loans or Personal Contract Hire (PCH).
Once youâre in the loop, you can start shopping for low-cost car finance. Look for deals with a low overall total cost rather than low monthly payment. To find a low total cost, you need to assess the length of the loan, the amount borrowed, and the interest.
4. Be flexible about your needs
Your dream car might not match your budget, so donât be fixated on a certain brand or model.
Instead, assess your daily needs, look for cars that tick these practical boxes and explore brands you wouldnât usually consider. You might be surprised at the prices you find! An open mind is key when looking for cheap cars.
5. Stay true to your budget
Setting a budget is paramount when car shopping. But donât be tempted to go slightly above or discard the budget altogether!
Of course, there are some situations where youâll need a bit of wiggle room. However, remind yourself why the budget is there. Itâs to protect your finances and guide you to a car thatâs right for you.
6. Look at used vehicles
The used car market is one of the best ways to secure an affordable car. Prices for used cars are much lower than their newer counterparts, and theyâre often just as high-quality. This is because car prices depreciate over time.
Used cars can be found online and at specialised dealerships. Look for certified pre-owned cars, which come with warranties and can offer extra peace of mind.
7. Consider private sellers
Sometimes, buying directly from a private seller can be much cheaper than buying from a dealership. However, you must check the carâs history and get it inspected by a garage before you confirm the sale. This way, you can be sure the car is safe and up to current standards.
8. Use online marketplaces
Online auto marketplaces are a great way to compare the best deals in one place and make quick comparisons. Autotrader, Kazoo, and eBay Motors are popular websites for UK buyers.
9. Buy at the right time
Did you know that dealers sometimes offer discounts and sales at the end of each month or quarter? Thatâs right. Since they need to meet targets, they often decrease the prices at the last minute.
Similarly, brands sometimes offer year-end sales, a strategy where you can buy last yearâs model at a lower price. This happens just before the new models go on sale and itâs a technique dealers use to clear their inventory, offering you significant savings.
Since the internet, there are more ways to buy a car than ever. If youâre patient, willing to take a risk and have the knowledge (or a knowledgeable friend) on car faults, Facebook Marketplace and eBay can yield the best bargains.
Here are some FAQs about the best places to buy cheap cars:
Is it best to buy a second-hand car privately or from a dealer?
Generally, buying privately can get you more for your money, but with a private sale (from a non-business), you get no warranty or refunds. Sold as seen means you must find out if anything is wrong with the car before buying.
Buying from a car trader/dealer
Car dealers exist for all price points. The likes of
Cazoo
and
Cinch
offer a wide range of nearly new cars, all with finance available.
Car purchases from a business are covered under a specific section of the Consumer Rights Act, meaning if something goes wrong within a specific time period, you can get the garage to fix, replace or refund the car.
Buying from a dealer typically costs 10-25% more than from private sellers.
Buying a car on eBay
Marketed as
the
online auction place, eBay has been the place for bargain hunters to pick up all kinds of items since its creation. Buying cars on eBay is certainly not out of the ordinary, with a specific site set up to do so.
The benefits of buying through eBay, are found if you are patient. Whilst they are less common than they used to be, many people still run auctions on cars starting at very low prices.
Tips for buying cars on eBay
Look for listings ending at anti-social times of the day, they usually have less competition and therefore sell for lower prices
Search misspellings of the car's name, as this also reduces visibility and competition
Use the âsoldâ filter option to see what similar cars have sold for in the past
Autotrader
As well as a well-respected auto magazine, Autotrader has a long history of including car adverts, nowadays their website is still one of the most visited by those searching for vehicles to buy.
Adverts tend to be better listed than those on the marketplaces, this is because the adverts cost upwards of ÂŁ20 list, meaning whether private or business, the seller takes more care over the description and photos.
Facebook Marketplace and Gumtree
Since Facebook launched its marketplace a few years ago itâs become one of the most populated places to buy and sell online. There are some great bargains to be found, as there is so much competition on the platform.
When using these kinds of marketplaces - Gumtree included - itâs advisable to exercise caution as there are often various scam listings, we advise to never send money without seeing the car, even a deposit, and make sure you take care when viewing cars.
The cheapest way of buying a car - the takeaway
The most economical way to buy a car can change depending on your circumstances. However, the strategies and places on this list should give you plenty of avenues to explore.
Bookmark this page for your convenience, ensuring you always have the cheapest way to get a new car at your fingertips!
Once youâve bought your new car, repairs and maintenance are inevitable, with
Bumperâs pay monthly car repairs
, we can help spread the cost into interest-free instalments. Find your nearest
Bumper partner
today.
Spread the cost, interest-free
Take the backfire out of fixing or replacing your exhaust. Pay later with Bumper.
Find a local, trusted partner
What is the cheapest way to finance a car?
PCP and HP are the best ways to buy a new car with finance, but which one is better will depend on the interest rate offered. The various finance deals exist to allow those with different circumstances to pick one that best suits their needs.
What is HP? (Hire Purchase)
With HP, as the name suggests, you are paying monthly towards the cost of the car, after an initial deposit. Until all payments have been made, you do not own the car - hence
Hire
Purchase. When the last payment is made, the car is legally yours.
Unlike PCP, there is not a large payment to be made at the end, but there may be a small transfer of ownership fee.
Why choose Hire Purchase?
You donât need to pay 100% upfront for the car
If you finish the contract, youâll own the car
An HP loan is secured against the car, meaning itâs better for those with a lower credit score
Thereâs no mileage limit
Downsides of Hire Purchase
You pay interest in addition to the cost of the car (built into the monthly payments)
Monthly costs can be higher than PCP
If the car breaks in the contract period, itâs on you to fix it
What is PCP? (Personal Contract Purchase)
Another common way of getting hold of a new car is PCP, a monthly payment is made (often with a deposit at the start). At the end of the contract period (usually 4-5 years) a 'balloon' payment is required to purchase the car.
Whilst the name suggests the car is purchased, this is not a requirement of the contract, as you can return the car at the end of the term, if you do not wish to or cannot afford to pay the balloon payment.
Why choose PCP?
You donât need to pay 100% upfront for the car
The monthly cost is lower than HP (on comparable cars)
The cheapest way to drive a brand-new car
Gives the option to own the car at the end of the contract
Downsides of PCP
Interest rates can be higher than other methods
In many cases, the balloon payment is not cost-effective, as the car will be 4-5 years old
PCP contracts have a yearly mileage cap
What is Personal Contract Hire? (PCH)
Personal contract hire is very similar to leasing, in that you can pay a small rental fee to begin the deal, and then a moderate monthly payment for the duration of the contract.
At the end, the car is returned to the financier, and there are no more fees to pay (apart from any damage or mileage outside the terms stipulated).
PCP can be a great option if you want to drive a brand-new car, but donât want to own it, as the monthly fees are constant during the contract period.
Why choose PCH?
No large outlay at the beginning of the contract
No balloon payment at the end
Get a new car every 3 or so years
Downsides of PCH
Higher monthly payments than HP
You will not own the car at the end of the contract
Mileage limits are common
How to buy a car with a bank loan
Banks will lend money for large purchases such as cars at reasonably good interest rates, especially when compared to most finance deals like HP or PCP.
Once the loan is acquired you buy the car outright as if you are paying with cash. This means no finance contract with the dealership/trader. If your credit score allows and you wish to own the car outright, this can be a good way to go.
Many car loans are âsecuredâ against the car meaning the bank will seize the vehicle as a way to get their money back if you donât pay.
Why choose a bank loan to buy a car?
Better interest rates
You can own the car outright
No mileage limits
Downsides of using a bank loan to buy a car
You cannot just return the car if you cannot pay
You need a reasonably good credit score to get a loan
New car depreciation
If you are buying a brand-new car, you should consider the fact that itâs likely to lose half its value in the first three years. If you are set on a brand new car, and you donât want to consider leasing or PCP, try to avoid certain makes and models to reduce the hit on deprecation.
The best cars for depreciation are listed on the Money Saving Expertâs website
here
, with MINI, Audi and Volkswagen taking the top places.
In some instances, the depreciation over the first three years may be more than the cost of leasing, so make sure to do your research.
What is the most cost-effective way to buy a car?
If you can afford to, the cheapest way to buy a car is with cash,
as you won't pay any interest on the money you've borrowed.
If youâd rather not get finance and cannot afford a new car, there are some great second-hand cars available for all budgets.
Author - Joseph Law
Joseph
has been writing about cars for over seven years and writing for Bumper for over two, blending his passion for automobiles with a talent for storytelling.
Joseph has written about engineering and cars for Autozilla, Komaspec, and several engineering manufacturers. When he's not writing or tinkering with one of his five cars, Joseph dreams of owning an Alfa Romeo 33 Stradale. |
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[Find a partner](https://www.bumper.co/locations)
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[Blog](https://www.bumper.co/blog)
Apply now
[Blog](https://www.bumper.co/blog)
Advice
10 min read
# Most Cost Effective Ways To Buy A Car
Contents
With many people changing their cars every 2-3 years, getting the best deal on a car can save some serious cash.
In this article, weâll discuss the cheapest way to buy a new car and the best places to look. So, what are you waiting for? Start reading now to secure your next deal\!
## Cheapest way to buy a car - the top 9 strategies
From cash transactions to buying at the right time, these are the cheapest ways to get a car in the UK.
### 1\. Buy the car with cash
If you can afford to, buying a car with cash is always the most cost-effective option. It can avoid the downsides of the above finance options and work out considerably cheaper, but there are still points to consider.
The finance vs cash decision is something that can take quite a bit of deliberation. Whilst financing can allow you to purchase a more expensive car without needing to outlay a large chunk of cash, it can end up costing significantly more in interest.
### 2\. Buy an older or unpopular car
Cars grow older and out of fashion and their prices drop significantly. This might not be the best option if youâre looking for a new, shiny car. However, it's a great way to get a good deal if youâre not fussed about brand names or car age.
### 3\. Shop around for good loans
Financing a car isnât always the cheapest option, but it can be if you secure a favourable deal.
To decide, first familiarise yourself with the different types of finance available including [Hire Purchase (HP), Personal Contract Purchase (PCP)](https://www.bumper.co/blog/budgeting-for-a-car-finance-options), Bank Loans or Personal Contract Hire (PCH).
Once youâre in the loop, you can start shopping for low-cost car finance. Look for deals with a low overall total cost rather than low monthly payment. To find a low total cost, you need to assess the length of the loan, the amount borrowed, and the interest.
### 4\. Be flexible about your needs
Your dream car might not match your budget, so donât be fixated on a certain brand or model.
Instead, assess your daily needs, look for cars that tick these practical boxes and explore brands you wouldnât usually consider. You might be surprised at the prices you find! An open mind is key when looking for cheap cars.
### 5\. Stay true to your budget
Setting a budget is paramount when car shopping. But donât be tempted to go slightly above or discard the budget altogether\!
Of course, there are some situations where youâll need a bit of wiggle room. However, remind yourself why the budget is there. Itâs to protect your finances and guide you to a car thatâs right for you.
### 6\. Look at used vehicles
The used car market is one of the best ways to secure an affordable car. Prices for used cars are much lower than their newer counterparts, and theyâre often just as high-quality. This is because car prices depreciate over time.
Used cars can be found online and at specialised dealerships. Look for certified pre-owned cars, which come with warranties and can offer extra peace of mind.
### 7\. Consider private sellers
Sometimes, buying directly from a private seller can be much cheaper than buying from a dealership. However, you must check the carâs history and get it inspected by a garage before you confirm the sale. This way, you can be sure the car is safe and up to current standards.
### 8\. Use online marketplaces
Online auto marketplaces are a great way to compare the best deals in one place and make quick comparisons. Autotrader, Kazoo, and eBay Motors are popular websites for UK buyers.
### 9\. Buy at the right time
Did you know that dealers sometimes offer discounts and sales at the end of each month or quarter? Thatâs right. Since they need to meet targets, they often decrease the prices at the last minute.
Similarly, brands sometimes offer year-end sales, a strategy where you can buy last yearâs model at a lower price. This happens just before the new models go on sale and itâs a technique dealers use to clear their inventory, offering you significant savings.
## The cheapest places to buy a car
Since the internet, there are more ways to buy a car than ever. If youâre patient, willing to take a risk and have the knowledge (or a knowledgeable friend) on car faults, Facebook Marketplace and eBay can yield the best bargains.
Here are some FAQs about the best places to buy cheap cars:
### Is it best to buy a second-hand car privately or from a dealer?
Generally, buying privately can get you more for your money, but with a private sale (from a non-business), you get no warranty or refunds. Sold as seen means you must find out if anything is wrong with the car before buying.
### Buying from a car trader/dealer
Car dealers exist for all price points. The likes of [Cazoo](https://www.cazoo.co.uk/) and [Cinch](https://www.cinch.co.uk/) offer a wide range of nearly new cars, all with finance available.
Car purchases from a business are covered under a specific section of the Consumer Rights Act, meaning if something goes wrong within a specific time period, you can get the garage to fix, replace or refund the car.
Buying from a dealer typically costs 10-25% more than from private sellers.
### Buying a car on eBay
Marketed as *the* online auction place, eBay has been the place for bargain hunters to pick up all kinds of items since its creation. Buying cars on eBay is certainly not out of the ordinary, with a specific site set up to do so.
The benefits of buying through eBay, are found if you are patient. Whilst they are less common than they used to be, many people still run auctions on cars starting at very low prices.
#### Tips for buying cars on eBay
- Look for listings ending at anti-social times of the day, they usually have less competition and therefore sell for lower prices
- Search misspellings of the car's name, as this also reduces visibility and competition
- Use the âsoldâ filter option to see what similar cars have sold for in the past
### Autotrader
As well as a well-respected auto magazine, Autotrader has a long history of including car adverts, nowadays their website is still one of the most visited by those searching for vehicles to buy.
Adverts tend to be better listed than those on the marketplaces, this is because the adverts cost upwards of ÂŁ20 list, meaning whether private or business, the seller takes more care over the description and photos.
### Facebook Marketplace and Gumtree
Since Facebook launched its marketplace a few years ago itâs become one of the most populated places to buy and sell online. There are some great bargains to be found, as there is so much competition on the platform.
When using these kinds of marketplaces - Gumtree included - itâs advisable to exercise caution as there are often various scam listings, we advise to never send money without seeing the car, even a deposit, and make sure you take care when viewing cars.
## The cheapest way of buying a car - the takeaway
The most economical way to buy a car can change depending on your circumstances. However, the strategies and places on this list should give you plenty of avenues to explore.
Bookmark this page for your convenience, ensuring you always have the cheapest way to get a new car at your fingertips\!
Once youâve bought your new car, repairs and maintenance are inevitable, with [Bumperâs pay monthly car repairs](https://www.bumper.co/), we can help spread the cost into interest-free instalments. Find your nearest [Bumper partner](https://www.bumper.co/) today.
##### Spread the cost, interest-free
Take the backfire out of fixing or replacing your exhaust. Pay later with Bumper.
[Find a local, trusted partner](https://www.bumper.co/locations)
## What is the cheapest way to finance a car?
PCP and HP are the best ways to buy a new car with finance, but which one is better will depend on the interest rate offered. The various finance deals exist to allow those with different circumstances to pick one that best suits their needs.
### What is HP? (Hire Purchase)
With HP, as the name suggests, you are paying monthly towards the cost of the car, after an initial deposit. Until all payments have been made, you do not own the car - hence *Hire* Purchase. When the last payment is made, the car is legally yours.
Unlike PCP, there is not a large payment to be made at the end, but there may be a small transfer of ownership fee.
### Why choose Hire Purchase?
- You donât need to pay 100% upfront for the car
- If you finish the contract, youâll own the car
- An HP loan is secured against the car, meaning itâs better for those with a lower credit score
- Thereâs no mileage limit
### Downsides of Hire Purchase
- You pay interest in addition to the cost of the car (built into the monthly payments)
- Monthly costs can be higher than PCP
- If the car breaks in the contract period, itâs on you to fix it
### What is PCP? (Personal Contract Purchase)
Another common way of getting hold of a new car is PCP, a monthly payment is made (often with a deposit at the start). At the end of the contract period (usually 4-5 years) a 'balloon' payment is required to purchase the car.
Whilst the name suggests the car is purchased, this is not a requirement of the contract, as you can return the car at the end of the term, if you do not wish to or cannot afford to pay the balloon payment.
### Why choose PCP?
- You donât need to pay 100% upfront for the car
- The monthly cost is lower than HP (on comparable cars)
- The cheapest way to drive a brand-new car
- Gives the option to own the car at the end of the contract
### Downsides of PCP
- Interest rates can be higher than other methods
- In many cases, the balloon payment is not cost-effective, as the car will be 4-5 years old
- PCP contracts have a yearly mileage cap
### What is Personal Contract Hire? (PCH)
Personal contract hire is very similar to leasing, in that you can pay a small rental fee to begin the deal, and then a moderate monthly payment for the duration of the contract.
At the end, the car is returned to the financier, and there are no more fees to pay (apart from any damage or mileage outside the terms stipulated).
PCP can be a great option if you want to drive a brand-new car, but donât want to own it, as the monthly fees are constant during the contract period.
### Why choose PCH?
- No large outlay at the beginning of the contract
- No balloon payment at the end
- Get a new car every 3 or so years
### Downsides of PCH
- Higher monthly payments than HP
- You will not own the car at the end of the contract
- Mileage limits are common
### How to buy a car with a bank loan
Banks will lend money for large purchases such as cars at reasonably good interest rates, especially when compared to most finance deals like HP or PCP.
Once the loan is acquired you buy the car outright as if you are paying with cash. This means no finance contract with the dealership/trader. If your credit score allows and you wish to own the car outright, this can be a good way to go.
Many car loans are âsecuredâ against the car meaning the bank will seize the vehicle as a way to get their money back if you donât pay.
### Why choose a bank loan to buy a car?
- Better interest rates
- You can own the car outright
- No mileage limits
### Downsides of using a bank loan to buy a car
- You cannot just return the car if you cannot pay
- You need a reasonably good credit score to get a loan
### New car depreciation
If you are buying a brand-new car, you should consider the fact that itâs likely to lose half its value in the first three years. If you are set on a brand new car, and you donât want to consider leasing or PCP, try to avoid certain makes and models to reduce the hit on deprecation.
The best cars for depreciation are listed on the Money Saving Expertâs website [here](https://www.moneysavingexpert.com/loans/buying-new-car/?__cf_chl_tk=r5VVWPhzdAi2c6nJeEo4XuyT00CqKYzeFdbnpQyZn7I-1671507042-0-gaNycGzNCL0), with MINI, Audi and Volkswagen taking the top places.
In some instances, the depreciation over the first three years may be more than the cost of leasing, so make sure to do your research.
## What is the most cost-effective way to buy a car?
**If you can afford to, the cheapest way to buy a car is with cash,** as you won't pay any interest on the money you've borrowed.
If youâd rather not get finance and cannot afford a new car, there are some great second-hand cars available for all budgets.
### Author - Joseph Law
[Joseph](https://www.bumper.co/blog/author-bio-joe) has been writing about cars for over seven years and writing for Bumper for over two, blending his passion for automobiles with a talent for storytelling.
Joseph has written about engineering and cars for Autozilla, Komaspec, and several engineering manufacturers. When he's not writing or tinkering with one of his five cars, Joseph dreams of owning an Alfa Romeo 33 Stradale.
Words by
[Joseph Law](https://www.bumper.co/blog/authors/joseph-law)
Updated 23 Jun 2025
Split your car repair cost over monthly repayments interest-free.
Like this article? Share it with others
Words by
[Joseph Law](https://www.bumper.co/blog/authors/joseph-law)
Updated 23 Jun 2025
Contents
[Cheapest way to buy a car - the top 9 strategies](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#cheapest-way-to-buy-a-car-the-top-9-strategies)
[1\. Buy the car with cash](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#1-buy-the-car-with-cash)
[2\. Buy an older or unpopular car](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#2-buy-an-older-or-unpopular-car)
[3\. Shop around for good loans](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#3-shop-around-for-good-loans)
[4\. Be flexible about your needs](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#4-be-flexible-about-your-needs)
[5\. Stay true to your budget](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#5-stay-true-to-your-budget)
[6\. Look at used vehicles](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#6-look-at-used-vehicles)
[7\. Consider private sellers](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#7-consider-private-sellers)
[8\. Use online marketplaces](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#8-use-online-marketplaces)
[9\. Buy at the right time](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#9-buy-at-the-right-time)
[The cheapest places to buy a car](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#the-cheapest-places-to-buy-a-car)
[Is it best to buy a second-hand car privately or from a dealer?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#is-it-best-to-buy-a-second-hand-car-privately-or-from-a-dealer)
[Buying from a car trader/dealer](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#buying-from-a-car-traderdealer)
[Buying a car on eBay](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#buying-a-car-on-ebay)
[Autotrader](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#autotrader)
[Facebook Marketplace and Gumtree](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#facebook-marketplace-and-gumtree)
[The cheapest way of buying a car - the takeaway](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#the-cheapest-way-of-buying-a-car-the-takeaway)
[What is the cheapest way to finance a car?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#what-is-the-cheapest-way-to-finance-a-car)
[What is HP? (Hire Purchase)](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#what-is-hp-hire-purchase)
[Why choose Hire Purchase?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#why-choose-hire-purchase)
[Downsides of Hire Purchase](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#downsides-of-hire-purchase)
[What is PCP? (Personal Contract Purchase)](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#what-is-pcp-personal-contract-purchase)
[Why choose PCP?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#why-choose-pcp)
[Downsides of PCP](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#downsides-of-pcp)
[What is Personal Contract Hire? (PCH)](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#what-is-personal-contract-hire-pch)
[Why choose PCH?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#why-choose-pch)
[Downsides of PCH](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#downsides-of-pch)
[How to buy a car with a bank loan](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#how-to-buy-a-car-with-a-bank-loan)
[Why choose a bank loan to buy a car?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#why-choose-a-bank-loan-to-buy-a-car)
[Downsides of using a bank loan to buy a car](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#downsides-of-using-a-bank-loan-to-buy-a-car)
[New car depreciation](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#new-car-depreciation)
[What is the most cost-effective way to buy a car?](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#what-is-the-most-cost-effective-way-to-buy-a-car)
[Author - Joseph Law](https://www.bumper.co/blog/cheapest-way-to-buy-a-car#author-joseph-law)
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| Readable Markdown | With many people changing their cars every 2-3 years, getting the best deal on a car can save some serious cash.
In this article, weâll discuss the cheapest way to buy a new car and the best places to look. So, what are you waiting for? Start reading now to secure your next deal\!
## Cheapest way to buy a car - the top 9 strategies
From cash transactions to buying at the right time, these are the cheapest ways to get a car in the UK.
### 1\. Buy the car with cash
If you can afford to, buying a car with cash is always the most cost-effective option. It can avoid the downsides of the above finance options and work out considerably cheaper, but there are still points to consider.
The finance vs cash decision is something that can take quite a bit of deliberation. Whilst financing can allow you to purchase a more expensive car without needing to outlay a large chunk of cash, it can end up costing significantly more in interest.
### 2\. Buy an older or unpopular car
Cars grow older and out of fashion and their prices drop significantly. This might not be the best option if youâre looking for a new, shiny car. However, it's a great way to get a good deal if youâre not fussed about brand names or car age.
### 3\. Shop around for good loans
Financing a car isnât always the cheapest option, but it can be if you secure a favourable deal.
To decide, first familiarise yourself with the different types of finance available including [Hire Purchase (HP), Personal Contract Purchase (PCP)](https://www.bumper.co/blog/budgeting-for-a-car-finance-options), Bank Loans or Personal Contract Hire (PCH).
Once youâre in the loop, you can start shopping for low-cost car finance. Look for deals with a low overall total cost rather than low monthly payment. To find a low total cost, you need to assess the length of the loan, the amount borrowed, and the interest.
### 4\. Be flexible about your needs
Your dream car might not match your budget, so donât be fixated on a certain brand or model.
Instead, assess your daily needs, look for cars that tick these practical boxes and explore brands you wouldnât usually consider. You might be surprised at the prices you find! An open mind is key when looking for cheap cars.
### 5\. Stay true to your budget
Setting a budget is paramount when car shopping. But donât be tempted to go slightly above or discard the budget altogether\!
Of course, there are some situations where youâll need a bit of wiggle room. However, remind yourself why the budget is there. Itâs to protect your finances and guide you to a car thatâs right for you.
### 6\. Look at used vehicles
The used car market is one of the best ways to secure an affordable car. Prices for used cars are much lower than their newer counterparts, and theyâre often just as high-quality. This is because car prices depreciate over time.
Used cars can be found online and at specialised dealerships. Look for certified pre-owned cars, which come with warranties and can offer extra peace of mind.
### 7\. Consider private sellers
Sometimes, buying directly from a private seller can be much cheaper than buying from a dealership. However, you must check the carâs history and get it inspected by a garage before you confirm the sale. This way, you can be sure the car is safe and up to current standards.
### 8\. Use online marketplaces
Online auto marketplaces are a great way to compare the best deals in one place and make quick comparisons. Autotrader, Kazoo, and eBay Motors are popular websites for UK buyers.
### 9\. Buy at the right time
Did you know that dealers sometimes offer discounts and sales at the end of each month or quarter? Thatâs right. Since they need to meet targets, they often decrease the prices at the last minute.
Similarly, brands sometimes offer year-end sales, a strategy where you can buy last yearâs model at a lower price. This happens just before the new models go on sale and itâs a technique dealers use to clear their inventory, offering you significant savings.
Since the internet, there are more ways to buy a car than ever. If youâre patient, willing to take a risk and have the knowledge (or a knowledgeable friend) on car faults, Facebook Marketplace and eBay can yield the best bargains.
Here are some FAQs about the best places to buy cheap cars:
### Is it best to buy a second-hand car privately or from a dealer?
Generally, buying privately can get you more for your money, but with a private sale (from a non-business), you get no warranty or refunds. Sold as seen means you must find out if anything is wrong with the car before buying.
### Buying from a car trader/dealer
Car dealers exist for all price points. The likes of [Cazoo](https://www.cazoo.co.uk/) and [Cinch](https://www.cinch.co.uk/) offer a wide range of nearly new cars, all with finance available.
Car purchases from a business are covered under a specific section of the Consumer Rights Act, meaning if something goes wrong within a specific time period, you can get the garage to fix, replace or refund the car.
Buying from a dealer typically costs 10-25% more than from private sellers.
### Buying a car on eBay
Marketed as *the* online auction place, eBay has been the place for bargain hunters to pick up all kinds of items since its creation. Buying cars on eBay is certainly not out of the ordinary, with a specific site set up to do so.
The benefits of buying through eBay, are found if you are patient. Whilst they are less common than they used to be, many people still run auctions on cars starting at very low prices.
#### Tips for buying cars on eBay
- Look for listings ending at anti-social times of the day, they usually have less competition and therefore sell for lower prices
- Search misspellings of the car's name, as this also reduces visibility and competition
- Use the âsoldâ filter option to see what similar cars have sold for in the past
### Autotrader
As well as a well-respected auto magazine, Autotrader has a long history of including car adverts, nowadays their website is still one of the most visited by those searching for vehicles to buy.
Adverts tend to be better listed than those on the marketplaces, this is because the adverts cost upwards of ÂŁ20 list, meaning whether private or business, the seller takes more care over the description and photos.
### Facebook Marketplace and Gumtree
Since Facebook launched its marketplace a few years ago itâs become one of the most populated places to buy and sell online. There are some great bargains to be found, as there is so much competition on the platform.
When using these kinds of marketplaces - Gumtree included - itâs advisable to exercise caution as there are often various scam listings, we advise to never send money without seeing the car, even a deposit, and make sure you take care when viewing cars.
## The cheapest way of buying a car - the takeaway
The most economical way to buy a car can change depending on your circumstances. However, the strategies and places on this list should give you plenty of avenues to explore.
Bookmark this page for your convenience, ensuring you always have the cheapest way to get a new car at your fingertips\!
Once youâve bought your new car, repairs and maintenance are inevitable, with [Bumperâs pay monthly car repairs](https://www.bumper.co/), we can help spread the cost into interest-free instalments. Find your nearest [Bumper partner](https://www.bumper.co/) today.
##### Spread the cost, interest-free
Take the backfire out of fixing or replacing your exhaust. Pay later with Bumper.
[Find a local, trusted partner](https://www.bumper.co/locations)
## What is the cheapest way to finance a car?
PCP and HP are the best ways to buy a new car with finance, but which one is better will depend on the interest rate offered. The various finance deals exist to allow those with different circumstances to pick one that best suits their needs.
### What is HP? (Hire Purchase)
With HP, as the name suggests, you are paying monthly towards the cost of the car, after an initial deposit. Until all payments have been made, you do not own the car - hence *Hire* Purchase. When the last payment is made, the car is legally yours.
Unlike PCP, there is not a large payment to be made at the end, but there may be a small transfer of ownership fee.
### Why choose Hire Purchase?
- You donât need to pay 100% upfront for the car
- If you finish the contract, youâll own the car
- An HP loan is secured against the car, meaning itâs better for those with a lower credit score
- Thereâs no mileage limit
### Downsides of Hire Purchase
- You pay interest in addition to the cost of the car (built into the monthly payments)
- Monthly costs can be higher than PCP
- If the car breaks in the contract period, itâs on you to fix it
### What is PCP? (Personal Contract Purchase)
Another common way of getting hold of a new car is PCP, a monthly payment is made (often with a deposit at the start). At the end of the contract period (usually 4-5 years) a 'balloon' payment is required to purchase the car.
Whilst the name suggests the car is purchased, this is not a requirement of the contract, as you can return the car at the end of the term, if you do not wish to or cannot afford to pay the balloon payment.
### Why choose PCP?
- You donât need to pay 100% upfront for the car
- The monthly cost is lower than HP (on comparable cars)
- The cheapest way to drive a brand-new car
- Gives the option to own the car at the end of the contract
### Downsides of PCP
- Interest rates can be higher than other methods
- In many cases, the balloon payment is not cost-effective, as the car will be 4-5 years old
- PCP contracts have a yearly mileage cap
### What is Personal Contract Hire? (PCH)
Personal contract hire is very similar to leasing, in that you can pay a small rental fee to begin the deal, and then a moderate monthly payment for the duration of the contract.
At the end, the car is returned to the financier, and there are no more fees to pay (apart from any damage or mileage outside the terms stipulated).
PCP can be a great option if you want to drive a brand-new car, but donât want to own it, as the monthly fees are constant during the contract period.
### Why choose PCH?
- No large outlay at the beginning of the contract
- No balloon payment at the end
- Get a new car every 3 or so years
### Downsides of PCH
- Higher monthly payments than HP
- You will not own the car at the end of the contract
- Mileage limits are common
### How to buy a car with a bank loan
Banks will lend money for large purchases such as cars at reasonably good interest rates, especially when compared to most finance deals like HP or PCP.
Once the loan is acquired you buy the car outright as if you are paying with cash. This means no finance contract with the dealership/trader. If your credit score allows and you wish to own the car outright, this can be a good way to go.
Many car loans are âsecuredâ against the car meaning the bank will seize the vehicle as a way to get their money back if you donât pay.
### Why choose a bank loan to buy a car?
- Better interest rates
- You can own the car outright
- No mileage limits
### Downsides of using a bank loan to buy a car
- You cannot just return the car if you cannot pay
- You need a reasonably good credit score to get a loan
### New car depreciation
If you are buying a brand-new car, you should consider the fact that itâs likely to lose half its value in the first three years. If you are set on a brand new car, and you donât want to consider leasing or PCP, try to avoid certain makes and models to reduce the hit on deprecation.
The best cars for depreciation are listed on the Money Saving Expertâs website [here](https://www.moneysavingexpert.com/loans/buying-new-car/?__cf_chl_tk=r5VVWPhzdAi2c6nJeEo4XuyT00CqKYzeFdbnpQyZn7I-1671507042-0-gaNycGzNCL0), with MINI, Audi and Volkswagen taking the top places.
In some instances, the depreciation over the first three years may be more than the cost of leasing, so make sure to do your research.
## What is the most cost-effective way to buy a car?
**If you can afford to, the cheapest way to buy a car is with cash,** as you won't pay any interest on the money you've borrowed.
If youâd rather not get finance and cannot afford a new car, there are some great second-hand cars available for all budgets.
### Author - Joseph Law
[Joseph](https://www.bumper.co/blog/author-bio-joe) has been writing about cars for over seven years and writing for Bumper for over two, blending his passion for automobiles with a talent for storytelling.
Joseph has written about engineering and cars for Autozilla, Komaspec, and several engineering manufacturers. When he's not writing or tinkering with one of his five cars, Joseph dreams of owning an Alfa Romeo 33 Stradale. |
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