{"id":244161,"date":"2018-05-16T17:59:48","date_gmt":"2018-05-16T15:59:48","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=244161"},"modified":"2018-05-16T17:35:05","modified_gmt":"2018-05-16T15:35:05","slug":"these-are-the-cars-you-can-afford-to-buy-with-your-salary-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/244161\/these-are-the-cars-you-can-afford-to-buy-with-your-salary-in-south-africa\/","title":{"rendered":"These are the cars you can afford to buy with your salary in South Africa"},"content":{"rendered":"

New research by\u00a0analytics group Lightstone shows\u00a0the value of the\u00a0car\u00a0you can afford based on your monthly salary in South Africa in 2018.<\/p>\n

The data is based on current South African vehicle prices and salaries (May 2018), and assumes that people are not going to spend more than 20% of their gross monthly income on financing a car. The calculations also assumes that the cars are financed over five years at an interest rate of prime + 2%.<\/p>\n

According to Wesbank<\/a><\/strong>,\u00a0the average value of a new car financed jumped nearly R4,000 over the same period last year, to R300,354 (R296,448) in April.<\/p>\n

Based on Lightstone’s reporting, this means you should be earning an average monthly salary between R26,000 and R39,000 a month for a car in this price range.<\/p>\n

By contrast, those earning R12,000 a month should be paying around R100,000 for a new car in 2018, while on the other end of the scale those earning R396,000 a month can afford to pay around R3.5 million for a new car in 2018.<\/p>\n

The table below shows how much you could spend on a car based on your monthly salary \u2013 as well as examples of both new cars in the given price range.<\/p>\n

Pricing is based on:<\/p>\n