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Thursday / 6 February 2025
HomeFeaturesThe salary you need to earn to afford the new Toyota Corolla Cross in South Africa

The salary you need to earn to afford the new Toyota Corolla Cross in South Africa

South Africans will need to earn at least R46,000 per month in order to afford the new Toyota Corolla Cross on a finance plan, according to a calculation by TopAuto.

Toyota’s most popular passenger car was recently given a facelift, altering its visuals while also giving it an expanded features list.

The roster now includes a total of seven models ranging in cost from R414,800 up to R561,700.

The updated Corolla boasts a new honeycomb-style front grille, revamped head and taillights, and a new selection of alloy wheels that start at 17 inches in size.

Equipment on the base Xi comprises LED headlights, keyless entry, a multifunction steering wheel, a 4.2-inch driver’s display, a touchscreen with Apple CarPlay and Android Auto, cruise control, a reverse camera, rear parking sensors, hill-assist control, and five airbags.

The mid-range XS units then add to the list with dual-zone climate control, a leather steering wheel, a larger 7-inch driver monitor, a rear-seat armrest, partial leather upholstery, front parking sensors, rain-sensing wipers, and black roof rails.

Positioned above this is the XR, which throws in 18-inch alloys, automatic high beams, a 12.3-inch digital instrument cluster, an anti-dazzle rearview mirror, a hands-free tailgate, a panoramic-view monitor, lane-trace assist, blind-spot monitoring, and rear cross-traffic alert.

Also available are the GR-Sport derivatives, which spice up the car’s design with unique bumpers, GR badges, bespoke suspension, and red interior accents.

The engine selection is the same as before, comprising a 1.8-litre engine with or without hybrid assistance, which links to a CVT transmission.

The regular models generate 103kW and 172Nm while averaging 6.8l/100km, while the electrified units produce 90kW and consume 4.3l/100km.

Unfortunately, Toyota does not disclose the torque statistics of its hybrid vehicles due to the “complexity” of their drivetrains.

Each purchase comes with a 3-year/100,000km warranty and 6-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 – R414,800/R561,700
  • Payment term – 60 terms (5 years)
  • Interest – 11.25%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras

According to this, you’ll need to pay at least R9,166 per month for Xi, all the way up to R11,394 per month for the hybrid GR-Sport.

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 R45,830 per month to R56,970 per month to afford the new Corolla 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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