Indeed both Nissan Micra and Renault 5 are not cheap. But I am sure amongst @BigDave discounts there will be some for Renault and Nissan, especially next month. And then your deposit of £1,000 plus £1,200 annual petrol costs sum up to the same amount of £4,600. I would also think of your lifestyle for the next three years: are you going to the uni? Is it far from home? How frequently you will be coming home etc. I think something people already eluded to – ensure you get the car suitable for you and your lifestyle during the leasing period.
I’ve spoken to several Renault dealers and the reason why they priced the Renault 5 is that they’re so popular with private buyers and there’s a huge waiting list for them. There’s a few listed on AutoTrader but it’s unlikely they’ll part with those cars for Motability customers. That’s why they put the advance payment up. Renault dealers are also incredibly stingy at discounts.