{"id":705937,"date":"2023-07-22T15:00:00","date_gmt":"2023-07-22T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=705937"},"modified":"2023-07-22T15:12:50","modified_gmt":"2023-07-22T13:12:50","slug":"the-most-expensive-cars-from-every-brand-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/motoring\/705937\/the-most-expensive-cars-from-every-brand-in-south-africa\/","title":{"rendered":"The most expensive cars from every brand in South Africa"},"content":{"rendered":"\n

Wealthy South Africans are having to fork out more to purchase luxury vehicles regardless of the brand.<\/p>\n\n\n\n

First quarter data from TransUnion’s latest Vehicle Pricing Index (VPI) showed that new vehicle prices increased on average by 6.3% over the first three months of 2023.<\/p>\n\n\n\n

Many car manufacturers have blamed high input costs as a result of load shedding, poor economic conditions and a shortage of key parts due to supply chain issues globally.<\/p>\n\n\n\n

Brands such as Mercedes, Porsche and Ferrari, synonymous with luxury, are still sitting above more consumer-friendly cars; however, the likes of Toyota and Hyundai have base models of certain larger vehicles surpassing the R1 million mark.<\/p>\n\n\n\n

Financial strain exacerbated by high-interest rates and inflation has resulted in monthly payments, especially for luxury vehicles becoming more expensive. <\/p>\n\n\n\n

Luckily for consumers, the South African Reserve Bank (SARB) paused hikes on 20 July, keeping the repo rate at 8.25% with a prime lending rate at 11.75%.<\/p>\n\n\n\n

Although the rate cycle has ended for now, consumers who wish to finance a vehicle valued at R1 million would have to pay R22,214 a month – up to R2,320 from the start of the rate cycle in September 2021 (7%).<\/p>\n\n\n\n

On top of costing more, having an expensive vehicle is likely to draw in the eyes of the South African Revenue Service (SARS). Earlier this year, Tax Consulting SA reported that the taxman’s latest revenue results showed that roughly R800 million was claimed by SARS from luxury vehicles.<\/p>\n\n\n\n

According to Tax Consulting SA, SARS is approaching third-party informants, including vehicle licensing offices, deeds offices, financing houses and social media platforms when assessing the assets held by a taxpayer.<\/p>\n\n\n\n

BusinessTech looked at what was on offer from major car manufacturers:<\/p>\n\n\n\n

(Note: Figures from TopAuto.co.za <\/a>were used)<\/em><\/p>\n\n\n\n

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Alfa Romeo Stelvio Quadrifoglio Q4<\/strong><\/p>\n\n\n\n