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Friday / 24 May 2024
HomeFeaturesThe salary you need to earn to afford the new Toyota Fortuner Hybrid in South Africa

The salary you need to earn to afford the new Toyota Fortuner Hybrid in South Africa

South Africans wanting to pick up the new Toyota Fortuner mild hybrid (MHEV) will need to earn at least R93,000 per month to purchase one on a finance plan, according to a calculation by TopAuto.

The new MHEV series consists of eight units with a price tag that ranges from R834,800 for the base model, up to R972,300 for the range-topping VX.

All versions of the SUV feature a six-speed automatic gearbox and 2.8-litre turbocharged diesel engine, which now has assistance from a 48-volt lithium-ion battery and an electric motor generator that can provide 12kW and 65Nm of boost during acceleration.

In total, the Fortuner has 150kW and 500Nm at its disposal, and the automaker claims that the electric underpinnings improve fuel consumption by 5% – from 7.6l/100km to 7.3l/100km.

Standard equipment on the Toyota includes automatic LED headlights, 18-inch alloy wheels, keyless entry and start, fabric seats, a six-speaker sound system, a leather multifunction steering wheel, dual-zone climate control, an infotainment screen with Apple CarPlay and Android Auto, voice commands, cruise control, front and rear parking sensors, hill-assist control, hill-descent control, ABS, and seven airbags.

Those who opt for the VX models can also expect an 11-speaker JBL sound system, a panoramic-view camera system, heated seats, lane-departure alert, adaptive cruise control, and blind-spot monitoring.

Each purchase carries a 3-year/100,000km warranty and 9-services/90,000km service plan.

What you need to earn

We can use the following formula to work out the monthly payments on the new Toyota:

  • Car price – R834,800/R972,300
  • Payment term – 60 terms (5 years)
  • Interest – 11.75%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras

According to this, you’ll need to spend a minimum of R18,560 per month to take home the Fortuner MHEV, and up to R21,601 per month for the top-end VX.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

This means you’ll need to earn between R92,800 per month and R108,005 per month to afford the seven-seater on a finance plan in South Africa.

Note that this figure does not account for insurance, fuel, and maintenance, which must all be factored into your budget.

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