How much you have to earn to buy a BMW M4 Convertible – TopAuto
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Wednesday / 8 December 2021
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How much you have to earn to buy a BMW M4 Convertible

If you want to buy a BMW M4 Competition Convertible using a vehicle finance plan, you should earn at least R198,000 per month.

This is according to advice from financial experts.

The new M4 Competition Convertible starts at R2,119,596 in South Africa and is powered by a 3.0-litre, six-cylinder, twin-turbocharged engine.

This motor produces 375kW and 650Nm – sending power to all the wheels via an eight-speed sports automatic transmission and xDrive system.

This lets the M4 Convertible sprint to 100km/h in 3.7 seconds.

On the inside, BMW has fitted the M4 with the front fascia of the newest 4 Series.

This includes a leather multifunction steering wheel, tri-zone climate control, a 12.3-inch digital instrument cluster, and a 12.3-inch infotainment display with integrated navigation, Apple CarPlay, and Android Auto.

Monthly payments

To calculate how much you need to earn to be able to “afford” a new BMW M4 Competition Convertible, we must first work out the monthly finance instalments.

To do this, we can place its price tag of R2,119,596 into the formula below.

  • Car Price – R2,119,596
  • Payment Term – 60 terms (5 years)
  • Interest – 9%
  • Deposit – 10%
  • Balloon – No balloon payment
  • Extras – No optional extras

The result is a monthly finance payment of R39,600. Total interest paid over the term of the agreement is R468,600.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

Applying this rule to the vehicle finance payment of R39,600 results in a required monthly salary of R198,000.

It must be noted that this financial requirement does not look at an individual’s total monthly expenses.

It also does not take insurance premiums and fuel costs into account.

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