The awesome cars you can get for R20,000 p/m – TopAuto
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Sunday / 22 May 2022
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The awesome cars you can get for R20,000 p/m

A BMW Z4, Range Rover Evoque, and Jaguar XE are a few of the cars you can purchase on a vehicle finance plan that costs R20,000 per month.

These are the types of cars and SUVs available in the R950,000 price range – which is what you can access if you are willing and able to cover this monthly installment.

The payment plan in this example is based on a five-year contract at an interest rate of 9%.

No deposit was put down and no balloon payment was used.

The calculation below provides an overview of this R20,000-per-month example.

  • New Car Price – R955,000
  • Payment Term – 60 months (5 years)
  • Interest – 9%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras were fitted
  • Monthly Payment – R19,918

The cars

In terms of the cars on offer in the price range, there are a bevy of SUVs from Jaguar, Land Rover, BMW, and Audi on offer.

A few stylish sedans and high-end 4x4s are also available to local shoppers.

The list below provides an overview of the types of vehicles available.

  • Jeep Wrangler 3.6 Rubicon – R908,365
  • BMW Z4 sDrive20i M Sport – R920,014
  • Volkswagen Amarok 3.0 V6 TDI Highline 4Motion – R921,900
  • Jaguar XE P300 AWD R-Dynamic HSE – R931,856
  • Land Rover Range Rover Evoque P250 – R944,930

How much you should earn

R20,000 per month is a lot of money to pay for a car, and financial experts recommend only taking on this type of financing if you can afford it.

A good way to check whether you can afford a car is to look at the monthly payments compared to your gross salary.

It is recommended that you do not spend more than 20% of your gross monthly income on car payments.

This means that you should earn R100,000 per month before deductions before you consider spending R20,000 per month on a car.

You must also keep in mind that fuel and insurance costs will have to be covered over the lifetime of your vehicle.

It is therefore prudent to calculate a total monthly “cost of ownership” for the vehicle and ensure it does not eat an unreasonable chunk of your income.

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