Motorists who wish to own a new Toyota SUV in South Africa will need to earn at least R34,000 per month to purchase one on a finance plan, according to a calculation by TopAuto.
The Japanese carmaker recently introduced the new Starlet Cross, which is now pegged as the most affordable Toyota crossover in the country at a starting price of R299,900, which goes up to R359,300 for the top-spec automatic model.
Based on the Suzuki Fronx, the Cross is powered by a 1.5-litre, naturally-aspirated petrol engine that sends 77kW and 138Nm to the front wheels.
Buyers have a choice of either a five-speed manual or a four-speed automatic gearbox, and its fuel consumption varies from 5.6-5.8l/100km.
There are two trim levels, XS and XR, the former coming standard with 16-inch alloy wheels, LED daytime running lights, automatic air conditioning, a leather multifunction steering wheel, three USB ports, four speakers, and a 7-inch infotainment screen with wireless Apple CarPlay and Android Auto.
The cabin also features cloth seats, and a three-tone aesthetic with charcoal, silver, and Bordeaux colours complemented by chrome accents.
Furthermore, every Starlet Cross is equipped with rear parking sensors, a reverse camera, cruise control, vehicle stability control, hill assist, ABS, and two front airbags.
Upgrading to the XR units then adds auto-folding side mirrors, keyless entry and start, an electrochromic rearview mirror, a wireless charger, height adjustment for the driver’s seat, a heads-up display, 360-degree cameras, a bigger 9-inch touchscreen, two more speakers, and four more airbags.
Each purchase of a Starlet Cross includes a 3-year/100,000km warranty and a 4-services/60,000km 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 – R299,900/R359,300
- 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 pay at least R6,729 per month to for the XS Manual, or up to R8,043 per month for the XR Auto.
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 R33,645 per month and R40,215 per month to to afford the Starlet Cross 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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