Motorists will need to earn at least R31,000 per month to afford a Hyundai SUV on a finance plan in South Africa, according to a calculation by TopAuto.
Hyundai recently launched the new Exter, which slots below the Venue as the brand’s latest entry-level crossover with a starting price of R269,900.
The Exter is available in three trim levels ranging from the Premium to the Executive and the Elite, all of which use the same 1.2-litre petrol engine that produces 61kW and 114Nm.
Buyers have a choice of a five-speed manual or automated manual transmission, which results in an average fuel consumption of between 5.7l and 5.9l/100km.
The base Exter is fitted with automatic halogen headlights, LED daytime running lights, 15-inch steel wheels, a multifunction steering wheel, manual aircon, a 4.2-inch multi-info driver’s display, an 8.0-inch infotainment screen with Apple CarPlay and Android Auto, tyre-pressure monitoring, rear parking sensors, ABS, and six airbags.
The mid-range Executive adds to this with 15-inch alloy rims, roof rails, an artificial leather steering wheel, cruise control, and a rearview camera.
As for the Elite, it throws in automatic climate control, cloth/artificial leather upholstery, and a sunroof.
Every Hyundai Exter is sold with a 5-year/150,000km warranty with an additional 2-year/50,000km engine warranty, as well as a 3-year/45,000km service plan.
What you need to earn
We can use the following formula to work out the monthly payments on the Hyundai:
- Car price – R269,900/R334,900
- Payment term – 60 terms (5 years)
- Interest – 11.50%
- Deposit – 0%
- Balloon – No balloon payment
- Extras – No optional extras
According to this, you’ll need to pay at least R6,031 per month for the Premium, or up to R7,461 per month for the Elite.
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 anywhere from R30,155 per month to R37,305 per month to purchase the new Exter 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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