The new Kia Pegas will set you back around R4,500 per month if you plan to buy the vehicle using a finance plan.
Kia recently unveiled the Pegas, presenting an affordable family sedan which starts at just over R225,000.
Buyers will receive a range of features as standard, including a rear-view camera, rear parking sensors, Apple CarPlay and Android Auto, and all-round electric windows.
Driving the Pegas is a 1.4-litre petrol motor paired with either a five-speed manual or four-speed automatic transmission – depending which model you purchase.
The motor produces 69kW and 132Nm, and sends power to the front wheels only.
South African pricing for the Pegas is listed below.
- Kia Pegas 1.4 LX Manual – R225,995
- Kia Pegas 1.4 EX Manual – R236,995
- Kia Pegas 1.4 EX Auto – R251,995
All models are sold with a 5-year/unlimited kilometre warranty and a prepaid 4-year/60,000km service plan.
To calculate how much a Kia Pegas will cost a buyer who purchases the vehicle using a finance plan, we used the “mid-range” model price of R237,000.
The amount was then put into the formula below.
- Car Price – R237,000
- Payment Term – 60 terms (5 years)
- Interest – 9%
- Deposit – 10%
- Balloon – No balloon payment
- Extras – No optional extras
This results in a monthly finance payment of R4,520.
The total interest a buyer will pay over the duration of this finance agreement is then R52,600.
Using this monthly payment amount, we can also calculate how much a prospective buyer needs to earn to “afford” the Kia Pegas.
Financial experts recommend that you do not spend more than 20% of your gross monthly salary on vehicle finance payments.
Your gross monthly salary is how much you earn before mandatory deductions – which includes income tax.
The result of this affordability calculation is a monthly salary requirement of R22,600.
It must also be noted that the finance repayment is not the only monthly expense on your vehicle – and fuel and insurance costs must also be taken into account when working out your vehicle budget.