{"id":594654,"date":"2022-06-11T17:30:51","date_gmt":"2022-06-11T15:30:51","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=594654"},"modified":"2022-06-10T16:50:02","modified_gmt":"2022-06-10T14:50:02","slug":"here-are-the-cars-you-can-afford-with-your-salary-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/594654\/here-are-the-cars-you-can-afford-with-your-salary-in-south-africa\/","title":{"rendered":"These are the cars you can afford with your salary in South Africa"},"content":{"rendered":"
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We are continually bombarded with advertising messages persuading us to dress a certain way, or drive a certain type of car to live our best life. These messages are further amplified across social media platforms by influencers and ambassadors who represent and punt specific brands.<\/p>\n

According to Kutlwano Mogatusi, WesBank Retail communications specialist, if you are making your purchase choices responsibly because it is what you can afford, rather than what you desire, you are making the best life choices.<\/p>\n

“The priority for young graduates when purchasing a car should be that they are able to realistically afford it, while ensuring that this additional asset does not compromise their financial situation. Instead, it should contribute positively to their new work lifestyle and sense of independence.”<\/p>\n

The general rule is that you shouldn\u2019t spend more than 20% of your total income on car repayments, <\/strong>said Wesbank. “It is also important to budget for the other expenses that come with vehicle ownership such as fuel, insurance, maintenance and service costs \u2013 in addition to keeping up with all other financial commitments to maintain a positive credit history,” the lender said.<\/p>\n

Being financially responsible could mean opting for a more affordable car, while putting your dream car on hold until you can afford it. It is unwise to put yourself under unnecessary financial strain as you start out in the workplace.<\/p>\n

\u201cChoosing the car you can afford – and not necessarily the one you really want – is an indication of exercising financial maturity, discipline and independence that can only benefit you in the long run. Remember that when you\u2019re buying a car, you should buy with your head and not your heart. This means knowing your budget, sticking to it and being realistic about the car you\u2019re looking at.<\/p>\n

\u201cManaging all the expenses that come with owning a car should never get to a point where you feel that you have bitten off more than you can chew,” said Mogatusi.<\/p>\n

Here’s what you can afford<\/strong><\/p>\n

BusinessTech looked at what you can afford to buy on your monthly salary – based on the assumption that people are not spending more than 25% of their gross monthly income on vehicle financing.<\/p>\n

The following calculations were completed using Wesbank’s<\/a> repayment calculator and include the assumption of a 0% deposit for car financing. Additional fees which could be incurred during the inception of the loan are excluded from the calculation.<\/p>\n

For purposes of these calculations, the cars are financed over five years (60 months) at an annual interest rate of 9%.<\/p>\n

These calculations are purely for comparison purposes and are not meant as financial advice.<\/em><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n
Price of car<\/th>\nMonthly repayment<\/th>\nGross monthly salary required<\/th>\n<\/tr>\n
R150 000<\/td>\nR3 207.82<\/td>\nR12 831<\/td>\n<\/tr>\n
R200 000<\/td>\nR4 245.74<\/td>\nR16 982<\/td>\n<\/tr>\n
R300 000<\/td>\nR6 321.57<\/td>\nR25 286<\/td>\n<\/tr>\n
R500 000<\/td>\nR10 473.24<\/td>\nR41 892<\/td>\n<\/tr>\n
R750 000<\/td>\nR15 662.83<\/td>\nR62 651<\/td>\n<\/tr>\n
R1 000 000<\/td>\nR20 852.42<\/td>\nR83 409<\/td>\n<\/tr>\n
R2 000 000<\/td>\nR41 610.78<\/td>\nR166 443<\/td>\n<\/tr>\n
R5 000 000<\/td>\nR103 885.84<\/td>\nR415 543<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Below is a list of cars you can currently buy at each of the listed price points in South Africa:<\/p>\n

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Suzuki S-Presso 1.0 GL – From R156,900<\/a>\u00a0<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Baic D20 hatch 1.3 Comfort – From R149,990<\/strong><\/p>\n

\"\"<\/a><\/p>\n

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Kia Picanto<\/a> 1.0 Start – From R195,995<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Suzuki Ignis<\/a> 1.2 GL MT From 204,900<\/strong><\/p>\n

\"\"<\/a><\/p>\n

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Corolla Quest Plus<\/a> – From R298,400<\/strong><\/p>\n

\"\"<\/a><\/span><\/strong><\/p>\n

Mazda<\/a> 2 1.5L Active – From R289,100<\/strong><\/p>\n

\"\"<\/a><\/strong><\/p>\n

 <\/p>\n

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Hyundai<\/a> Tucson 2.0 Premium AT From R519,900<\/span><\/span><\/span><\/strong><\/p>\n

\"\"<\/a><\/p>\n

Subaru<\/a> Forester 2.0i CVT – From R496,000 <\/strong><\/p>\n

\"\"<\/a><\/p>\n

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Mercedes-Benz GLA 200 d – From R776,769<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Toyota <\/strong><\/a>GR Yaris Rally – <\/strong>From R761,200<\/strong><\/p>\n

\"\"<\/a><\/strong><\/p>\n

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Hyundai Palisade<\/a> 2.2L Elite – From R1.025 million<\/strong><\/p>\n

\"\"<\/a><\/p>\n

Audi<\/a> 45 TFSI Quattro S Line – From R1.015 million<\/strong><\/p>\n

\"\"<\/a><\/p>\n

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Porsche Cayenne GTS Coupe – From R1.97 million<\/strong><\/p>\n

\"\"<\/a><\/p>\n

All-electric Jaguar<\/a> I-Pace EV400 AWD S Black – From R2,029,800
\n<\/strong><\/p>\n<\/div>\n

\"\"<\/a><\/p>\n

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Lamborghini Huracan Evo RWD coupe – R4,840,000<\/strong><\/p>\n

\"\"<\/a><\/p>\n

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Read: These are the best cars in South Africa \u2013 across the major categories<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Every day, we are bombarded with advertising messages persuading us to dress a certain way, live our lives a particular way or drive a certain car. These have the potential effect of making us feel insecure \u2013 am I looking good enough, how should I be living my life, what car should I be driving?<\/p>\n","protected":false},"author":10,"featured_media":594386,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11119],"tags":[26,6619],"class_list":["post-594654","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-motoring","tag-headline","tag-wesbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/594654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=594654"}],"version-history":[{"count":17,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/594654\/revisions"}],"predecessor-version":[{"id":594682,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/594654\/revisions\/594682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/594386"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=594654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=594654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=594654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}