If you want to put a high-end version of the updated Range Rover Velar in your garage, then you need to earn well above R100,000 per month.
The new Velar range gives buyers 19 model and trim options to choose from – starting at R1,290,100 for the D200 S, and going up to R1,834,000 for the P400e R-Dynamic HSE.
Refreshed engines and a variety of styling and technology updates have been added to the Velar, along with a special Landmark Edition trim.
Range Rover said the Velar also features an elegant cabin and touch-display-focussed Pivi infotainment system, resulting in few physical buttons inside the SUV.
An updated multifunction steering wheel, a new drive selector, and improved active noise cancellation is offered across the range, too.
Additional updates include the standard fitment of a 3D surround camera and ClearSight Ground View, and a 5-star Euro NCAP safety rating.
All models are then sold with a 5-year/100,000km Land Rover Care Plan.
How much you need to earn
To calculate how much you need to earn to “afford” the latest Range Rover Velar, we used a scenario where a buyer purchases the vehicle using a finance plan.
The vehicle in this example is the Range Rover Velar P340 R-Dynamic HSE, which retails for R1,611,200.
This model is fitted with a 3.0-litre, six-cylinder petrol engine which puts out a healthy 250kW and 480Nm.
The monthly repayments are then calculated using the figures below.
- Car Price – R1,611,200
- 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 R30,190.
Total interest paid over the duration of the finance plan comes to R356,290.
To calculate how much you need to earn to afford this car payment, we use advice from financial experts who state that you should not spend more than 20% of your gross monthly salary on vehicle finance payments.
Prospective Range Rover Velar P340 R-Dynamic HSE buyers will therefore have to earn R150,950 per month before deductions.
On top of this, you will also have to pay for insurance and fuel costs.
WesBank accordingly advises car buyers to allocate at least one third of their monthly car budget to fuel, insurance, maintenance, and related expenses.