I have recently bought a Lenovo i5 desktop pc with windows 8 pre-installed in a small partition, hence no OS disc. Is it possible to downgrade back to Windows 7 at not a great deal of money, as I feel windows 8 is another mistake (like vista) maybe it will be better when a service pack is released
Money is tight I cannot afford another PC.
If you read this link it might help to answer your question but it does specifically say that you can only download from Windows 8 Pro so check the version you have installed.
If you can't do that then you might think of installing some third party software that makes Windows 8 look more like Windows 7. I chose to use Start 8 Click Here while others have selected Classic Shell
I was unsure about W8, but having been using it for a couple of weeks, I'm now happy. As a bit of a Luddite, I am using the Classic Shell that chub suggested. Boot time for this PC is just 25 secs - compare that with the 5mins for Vista!
As onthelimit1 says there is a very big advantage with Windows 8 and that is the boot time, mine is also around 20-25 seconds from pushing the start button to having a working desktop. I would never go back to Windows 7.