The new Audi Q2 will go on sale in South Africa from 1 June 2021, and those planning to buy it using a finance plan already have their calculators out.
The result of the number crunching: You will need to budget just over R10,000 per month to pay for the new SUV.
Audi’s new Q2 is available in three time options – Basic, Advanced, and S Line – with prices starting at R519,500 for the Audi Q2 35TFSI Launch Edition.
The top-end version, the Audi Q2 35TFSI S Line, then sells for R581,500.
All Q2 models come with a 1.4-litre, turbo-petrol motor that has an output of 110kW and 250Nm – and all receive an 8-speed tiptronic gearbox, with power sent to the front wheels.
A 5-year/100,000km Audi Freeway Plan is included with the purchase of the vehicle, said Audi.
To see how much you will have take to pay in monthly installments when buying an Audi Q2 on a vehicle finance plan, we use the calculation below.
The model selected was the Audi Q2 35TFSI Advanced – which retails for R567,500
This price was then placed into a payment plan calculator:
- Car Price – R567,500
- Payment Term – 60 terms (5 years)
- Interest – 9%
- Deposit – 10%
- Balloon – No balloon payment
- Extras – No optional extras
The result is a monthly vehicle finance payment of R10,690 per month.
Total interest paid over the duration of the finance plan comes in at R125,690.
Affording a Q2
The next step when buying a vehicle using a finance plan is to work out if the monthly payments fit within your budget.
Financial experts state that you should not spend more than 20% of your gross monthly salary on vehicle finance payments.
In the case of the Audi Q2 payment plan listed above, this means you need to earn R53,450 before deductions to afford the small SUV.
Additionally, it is important to note that you will also have to pay for insurance and fuel costs.
WesBank advises people who are buying a new car to first create a monthly budget which contains all their expenses.
This includes items like your bond or rent, school fees, food, water and electricity, medical expenses, and entertainment.
Once you have done this and worked out how much you have remaining for your “car-buying budget”, you must allocate at least one third of this to fuel, insurance, maintenance, and related expenses.
For example: If your monthly vehicle budget is R5,000 per month, it is advised not to spend more than around R3,300 per month on the instalment.