How much the monthly payments are on a new Kia Pegas – TopAuto
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Sunday / 24 October 2021
HomeFeaturesHow much the monthly payments are on a new Kia Pegas

How much the monthly payments are on a new Kia Pegas

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.

All models are sold with a 5-year/unlimited kilometre warranty and a prepaid 4-year/60,000km service plan.

Monthly payments

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.

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