If you plan to buy a Porsche 911 50 Year Porsche Design Targa using a finance plan, you should be earning at least R275,900 per month.
This is according to advice from financial experts.
This “50 Year” model is a special-edition 911 based on the Targa 4 GTS and only 750 units will be available.
As expected, this exclusivity comes at a price – and Porsche recently announced the special-edition 911 will sell for R2,949,000 in South Africa.
This gives you a sleek, open-top machine that packs a 3.0-litre, six-cylinder, turbo-petrol engine producing 353kW and 570Nm.
The standard transmission in the car is an eight-speed PDK automatic unit, but a seven-speed manual transmission with a short shift action is also available.
With its automatic box, Targa sprints to 100km/h in 3.5 seconds and reaches a top speed of 307km/h.
To calculate how much you need to earn to “afford” the 911 50 Year Porsche Design Targa on a vehicle finance plan, we must first work out the monthly instalments.
We can do this by placing the car’s price into the formula below.
- Car Price – R2,949,000
- 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 R55,180. The total amount of interest you will pay over the duration of the agreement is R651,880.
Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.
By applying this rule to the 911’s instalment amount above, we reach a “required” salary of R275,900 per month.
It must be noted that this calculation does not take a buyer’s total monthly expenses into account, nor does it consider insurance premiums of fuel costs.
This is therefore only a guideline and does not constitute financial advice.