Man buys $273 Ford Mondeo to see if it's cheaper to run than leasing a new car

This man bought a $273 Ford Mondeo to see if it was cheaper to run than leasing a new car.

While the Ford Mondeo was 20 years old, he wanted to see if he could run it for under $400 a month, because that’s what it would cost him to lease a new car (plus around $4,000 deposit).

The old car came with some pretty significant problems, so he did what he could to try and fix it as cheaply as possible.

After eight months with his new budget car, it was time to crunch the numbers.

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Is a $273 Ford Mondeo cheaper to run than leasing a new car?

When your normal car is out of action, a lot of people rent another one while theirs gets fixed.

However, this YouTuber decided that he was going to do an experiment and see if paying for an old used car to keep and maintain would be cheaper than leasing a brand new one.

He looked into leasing prices and he found out that he had to pay a $4,000 deposit and $400 every month to lease a new car, so his plan was to buy a used Ford Mondeo for just $273 and try to keep costs under $400 every month.

When he initially got the car, it came with some significant issues like a dead battery, a split auxiliary belt, broken parking sensors, and a washer jet pump failure.

He decided to try and fix each part for as little as possible.

He managed to buy a discounted battery and auxiliary belt, and the issues with the washer pump and parking sensors turned out to be caused by a missed plug connection.

Comparing the costs with leasing a new car

After eight months with his Ford Mondeo, the YouTuber revealed that his old car had cost him around $1850 in repairs and gas so far, compared to around $3,700 if he drove a leased car for eight months.

While the leased car would be less hassle, DIYing the repairs on the $273 Ford Mondeo turned out to be the perfect solution to saving money.

When you’re looking for a quick solution, it seems like buying an old used car is your best option, who would’ve thought it?

But that’s probably only the case if you know your way around a car and its engine.

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