I have £300 per month to spend on a car – what can I get?  

Paying for your car monthly almost always makes more sense than buying it outright. You spread the cost over a few years, keep your cash in one place and you can often avoid a big loss in depreciation.

There are a few ways to spread the cost. You can lease your car, whereby you pay an upfront fee and a series of monthly payments, before handing the car back at the end of the term. This means you don’t have to worry about depreciation, but there’s no option to own the car.

You can also go for PCP finance. This gives you the option to pay a final balloon payment, usually around 40% of the car’s value, to keep it. If you’re looking for a used car, you could also take out a loan from your bank.

Here are three of the best lease deals, new cars and used models available through Carwow for around £300 per month.

Remember, you can buy a brand new or used car right here on Carwow. And you can sell your car, too. We’re here to help you through every step of your car-changing journey.

Best lease deals for less than £300 per month

For these examples, we’ve browsed the best deals over three years and 30,000 miles.

1. Peugeot 3008

There are some fantastic lease deals available on the Peugeot 3008 right now. You can get a 1.2-litre hybrid in Allure trim for as little as £248 per month, with an upfront payment of £3,285. This works out to just under £12,000 in total, which is around £1,400 less than the equivalent Jaecoo 7.

The 3008 is stylish, well-made and really good to drive. The hybrid engine is also smooth and economical, with more than 50mpg easily achievable in the real world. The touchscreen-based interior controls are a bit fiddly though, and rear headroom is a bit tight.

2. Skoda Octavia Estate

The Skoda Octavia Estate offers a lot of interior space for the money. You can lease the smart-looking SportLine version with the punchy and economical 1.5-litre petrol engine for £273 per month with £3,549 up front. That’s around £14,000 in total.

It has an enormous boot, loads of rear legroom and plenty of interior storage. If you’re after the most practical family car, this is a better bet than most SUVs. It’s a bit dull to drive but it’s also very comfortable.

3. Mazda MX-5

If you’re after something fun, you can lease a 1.5-litre petrol Mazda MX-5 for £285 per month with an initial payment of £2,862. That’s just under £14,000 in total, and you’re getting one of the best-value sports cars on sale.

It’s great fun to drive, with sharp steering and a really nice manual gearbox. The 1.5-litre engine isn’t as powerful as the 2.0-litre, but it makes a great noise when you rev it out and it’s pretty fuel-efficient as well.

Best cars on PCP finance for under £300 per month

Figuring out which cars come in at less than £300 per month can be tricky, because offers and interest rates vary massively depending on when and where you buy the car.

To figure this out, we’ve assumed that you’re putting £3,000 down, and borrowing over three years and 30,000 miles. This is also based on the balloon payment being 40% of the car’s value, with 7% APR.

In short, this gives you a budget of around £23,000 for a new car. That doesn’t sound like much, but there’s quite a wide range of options for this money.

1. Renault 5

The Renault 5 is one of our favourite electric cars, and you just just about get one within budget – prices start from £23,000, and you can save an average of £2,300 through Carwow. It does work out cheaper over three years to lease one, costing £235 per month with a £3,170 up-front payment, but if you’re planning to keep your car long-term then PCP is the way to go.

It’s not just great to look at, the Renault 5 is brilliant to drive, well-equipped and has a really good Google-based infotainment system. The rear seats are a bit cramped, but if you don’t need to carry adults in the back on a regular basis then it’s a fantastic EV.

2. Dacia Jogger

A seven-seater for £300 per month? You read that right. The Dacia Jogger is the UK’s cheapest way of transporting seven people, and it can do it in comfort as well. Prices start from just £19,000, and £23,000 buys you a well-equipped mid-spec car.

There’s plenty of space inside for passengers, although the 1.0-litre engine does start to struggle when the car is fully loaded and the boot is tiny with all seven seats in place. That said, you can also remove all the rear seats to turn your jogger into a van. It’s really versatile.

3. Chery Tiggo 4

The Chery Tiggo 4 is the cheapest hybrid SUV you can buy. It starts from just £19,000, rising to £22,000 for the range-topping model, and you get loads of kit as standard. The top-of-the-range Summit car gets heated seats, a heated steering wheel, 360-degree camera system and wireless phone charging.

It’s not great to drive, with numb steering and stiff suspension, and the weird hump in the boot floor hampers practicality, but at this price it’s very easy to ignore these drawbacks. It’s fantastic value for money.

Best used cars for £300 per month

If you’re looking for a used car which is around five years old, you’ll probably have to buy it either with a bank loan or on a hire purchase (HP) agreement because leasing and PCP is only offered on newer cars.

This limits your budget to around £13,000 if you want to pay £300 per month over three years with a £3,000 deposit, but there are still some great options for this money.

1. MG4

It’s hard to believe that you can get a decent electric car for £13,000, but this 2024 MG4 is available within budget with just under 15,000 miles on the clock. It’s a basic model with 218 miles of range, but you still get loads of standard equipment.

The MG4 is surprisingly good fun on a twisty road, and the interior feels high-quality. The rear seats are tight though, and the infotainment system is a faff to use. At this price though, a used MG4 works out £8,000 cheaper over three years than leasing a new one.

2. DS7 Crossback

The DS7 Crossback was fairly underwhelming when it was new. It’s basically a Citroen C5 Aircross in a posh suit, but it cost around £5,000 more. However, this makes it a great used buy. This 2019 example with 42,400 miles on the clock can be yours for £13,000.

Being based on a C5 Aircross is no bad thing, because it means the DS7 is really comfy and comes with loads of kit. The interior also looks and feels noticeably posher than the Citroen’s. It’s a great left-field choice.

3. Ford Fiesta ST

If you’re after a small, fun hot hatch with a manual gearbox, a used Ford Fiesta ST is one of your only options. You could consider a Toyota GR Yaris, but it’s really expensive. This 2019 Fiesta ST comes in at just under £13,000, and it has just 59,000 miles on the clock.

Get this car on a twisty road and you’ll be grinning from ear to ear. It’s great fun, but the trade-off for this is firm suspension which may get tiring day-to-day. It’s more comfortable than an Abarth 595 though, and practicality is decent as well.

Car change? Carwow!

Looking for a new set of wheels? With Carwow you can sell your car quickly and for a fair price – as well as find great offers on your next one. Whether you’re looking to buy a car brand new, are after something used or you want to explore car leasing options, Carwow is your one stop shop for new car deals.

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