The salary you need to earn to afford the new Opel Corsa in South Africa

South Africans aspiring to own the new Opel Corsa will need to earn at least R42,000 per month in order to purchase one on a finance plan, according to a calculation by TopAuto.

The iconic hatchback has received a major update, enhancing its visuals and expanding its spec sheet for new audiences.

The Corsa now consists of three derivatives – the Lite, Edition, and GS Line – which cost R374,900, R394,900, and R459,900, respectively.

All three units are powered by a 1.2-litre turbocharged petrol engine, which produces 74kW and 205Nm on the first two models and connects to a six-speed manual gearbox.

The GS Line, however, benefits from a higher power rating of 96kW and 230Nm and is the only one to use an automatic transmission.

Fuel consumption sits at an average of 5.7l/100km for the 74kW models, and 6.3l/100km for the 96kW option.

Visually, the Opel features the brand’s new black front grille and logo, restyled headlights and front bumpers, and new 16-inch alloy wheels.

The Lite’s spec sheet includes automatic LED headlamps and daytime running lights, cloth seats, manual aircon, a multifunction steering wheel, a 3.5-inch driver display, a 10-inch infotainment system with Bluetooth, six speakers, cruise control, front pedestrian detection, rear parking sensors, hill-start assist, lane-keep assist, tyre-pressure monitoring, and six airbags.

The Edition then adds electric wing mirrors, a 7-inch digital instrument cluster, smartphone pairing, front parking sensors, a reverse camera, and blind-spot monitoring.

Anyone grabbing the GS Line can also expect rain-sensing wipers, leatherette upholstery, heated front seats, a leather-wrapped steering wheel, climate control, driver alert detection, a black contrast roof, a gloss-black spoiler, and chrome finishes on exterior components.

Each purchase of the new Corsa comes with a 5-year/100,000km warranty, 3-year/45,000km service plan, and 5-year/100,000km roadside assistance.

What you need to earn

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

• Car price – R374,900/R459,900.
• 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 pay at least R8,388 per month to purchase the Lite, or up to R10,268 per month for the GS Line.

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 R41,940 per month and R51,340 per month to afford a new Corsa 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.