The VW Golf 8 GTI is finally here, and prospective buyers can pick one up for R12,500 per month using a vehicle finance plan.
The Golf 8 GTI is now available to order in South Africa at a starting price of R669,300, with units set to be delivered from September 2021.
For your money you receive one of the most iconic hot hatchbacks of all time, packing a 2.0-litre, four-cylinder, turbo-petrol motor that develops 180kW and 370Nm.
This takes the front-wheel-drive GTI from 0-100km/h in 6.4 seconds, while power is controlled by a seven-speed DSG automatic transmission.
No manual transmission option will be available locally.
Buyers will also receive a 3-year/120,000km warranty, 5 year/90,000km EasyDrive Service Plan, and a 12-year anti-corrosion warranty as standard.
To calculate how much monthly vehicle finance payments are on a new VW Golf 8 GTI, we took the starting price of R669,300 and placed it into the formula below.
- Car Price – R669,300
- 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 R12,500 per month, with total interest paid over the agreement coming to R148,100.
This excludes monthly insurance premiums, petrol costs, and wear-and-tear items like tyres – which will need to be budgeted for accordingly.
How much you should earn
We can also see how much a prospective Golf 8 GTI buyer should earn to “afford” the car, based on the finance payments amount.
Financial experts recommend that a car buyer does not spend more than 20% of their gross monthly salary on vehicle payments.
Following this guideline, the required monthly income for a GTI buyer is R62,500.