{"id":677001,"date":"2023-04-02T13:00:41","date_gmt":"2023-04-02T11:00:41","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=677001"},"modified":"2023-03-31T16:55:34","modified_gmt":"2023-03-31T14:55:34","slug":"how-much-you-need-to-earn-to-afford-the-cheapest-luxury-cars-including-bentley-lamborghini-and-ferrari","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/677001\/how-much-you-need-to-earn-to-afford-the-cheapest-luxury-cars-including-bentley-lamborghini-and-ferrari\/","title":{"rendered":"How much you need to earn to afford the cheapest luxury cars – including Bentley, Lamborghini, and Ferrari"},"content":{"rendered":"

Being able to afford a luxury vehicle will remain a dream for many South Africans, but if you’re one of the lucky few, this will allow you the prestige of owning several luxury cars offered by BMW, Mercedes-Benz, Volvo, and even Bentley or Ferrari \u2013 among others.<\/p>\n

Luxury cars have always symbolised status and success, which also holds true in South Africa.<\/p>\n

These cars are also known for their quality and performance. Luxury car brands are synonymous with high-quality materials, advanced technology, and superior craftsmanship.<\/p>\n

These factors can make owning a luxury car a more enjoyable driving experience. They are often perceived as more reliable and safer than the average car, employing rigorous safety standards in their manufacturing processes.<\/p>\n

However, to afford any of the cars on this list is no small feat, requiring the buyer to earn almost double the average salary in South Africa, which currently stands at R26,032.<\/p>\n

The cheapest car on this list is the Audi A1, retailing at R463,800 off the showroom floor.<\/p>\n

Using Wesbank’s vehicle finance calculator<\/a>, assuming no deposit and a 0% balloon payment over five years (60 months) at an interest rate of 11.25%, the estimated monthly repayment is R10,237 per month for the Audi Q5.<\/p>\n

The abovementioned interest rate follows a recent controversial rate hike by the South African Reserve Bank (SARB) on Thursday (30 March), taking the prime rate from 10.75% to 11.25%.<\/p>\n

Industry experts still recommend that prospective buyers spend no more than a quarter (25%) of their monthly income on vehicle-related costs. So, if you earn R20,000 monthly, your total vehicle expenses should not exceed R5,000. And this should apply to the whole vehicle expense, including:<\/p>\n