(Original post by Student1191)
I don’t know if I should finance a car because right now I earn about £300 a month from a part time job whilst I’m at college and look to to an apprenticeship after that so I think I would be financially stable enough. My mum also wants me to get a car but not some rust bucket and I think this is my only option because I don’t want to be a bus boy any more.
The anti-PCP brigade is one of the most ridiculous movements, incidentally. It comes down to circumstances and what is best for an individual. There's absolutely nothing wrong about PCP, if you understand the agreement you're entering into it. I've had PCP and I've had outright ownership. The two were down to circumstantial differences, and both were right at their respective times.
Your circumstances are such that I don't think PCP would be wise. £300 a month isn't a particularly high wage, certainly in terms of affording PCP. You have to be able to afford to pay the monthly payments, pay for fuel costs, pay for insurance, and have general maintenance costs (servicing costs, and any parts and labour costs, including renewable items such as tyres or brakes), road tax too. That's before your general living costs, not related to your car.
Assuming this is a first car as a young driver, you'll probably find that your insurance cost per month would be similar to the cost of your car, if not more. You could find that £300p/m gets eaten very quickly.
I'd say you're better saving up and buying something outright, or waiting until your monthly income rises enough to support the running costs of a car, on top of living costs.