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In my experience (which is n=2, so anecdotal) an older car will go one of two ways- you'll need to pay to maintain it in A1 condition, which is expensive and adds significantly to the low initial cost, or you do the minimum and accept that at some point you'll wave it goodbye as the scrap dealer drives off with it on their lorry. Approach 2 is likely to be cheaper, you just spend 3k every three years (say), plus £500 service and MOT (again, estimate).
If you want a single fixed cost per month then I'd look at leasing something new.