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 – among others.These cars are also known for their quality and performance. Luxury car brands are synonymous with high-quality materials, advanced technology, and superior craftsmanship.
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.Using Wesbank’s, assuming no deposit and a 0% balloon payment over five years at an interest rate of 11.25%, the estimated monthly repayment is R10,237 per month for the Audi Q5.
Industry experts still recommend that prospective buyers spend no more than a quarter 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:Considering this recommendation, the minimum monthly salary required to afford the Audi A1 is R40,100.
Or you could just be an ANC member and get money from tenders.
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Source: BusinessTechSA - 🏆 24. / 61 Read more »