The new Land Rover Discovery will set owners back at least R27,000 per month if they purchase the SUV using a vehicle finance plan.
Land Rover South Africa unveiled the updated Discovery at the end of June, with a starting price of R1.4 million.
It receives a refreshed look thanks to new LED headlights, body-coloured front fenders, a redesigned front bumper, and a gloss black panel with Discovery script at the rear.
Intelligent seat folding is also included, and will let owners configure the SUV’s seating layout through the central touchscreen. This allows for enhanced storage options.
“Even with seven seats in use, the boot provides 258 litres of luggage space and all occupants have somewhere to charge electronic devices,” said Land Rover.
Storage space can be extended to 2,485 litres with all the rear seats folded down.
To calculate how much you will pay per month to own a new Land Rover Discovery through a vehicle finance plan, we used pricing for the “entry-level” model.
The Land Rover Discovery D300 S is the most affordable option on offer, and has a price of R1,452,700.
This price was then placed into the formula below.
- Car Price – R1,452,700
- Payment Term – 60 terms (5 years)
- Interest – 9%
- Deposit – 10%
- Balloon – No balloon payment
- Extras – No optional extras
The result is a vehicle finance payment of R27,200 per month. Total interest paid over the agreement comes to R321,000.
Using this amount, we can also calculate how much you should earn to be able to “afford” a new Land Rover Discovery.
Financial experts recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.
Following this guideline results in a required monthly income of R136,000.
It must be noted that this does not include monthly insurance premiums and fuel costs, which will add several thousand rand per month to your vehicle expense list.