How much monthly payments are on the new Ferrari 296 GTB – TopAuto
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Friday / 27 May 2022
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How much monthly payments are on the new Ferrari 296 GTB

The new Ferrari 296 GTB will set its owners back R120,691 a month if bought on a finance plan, according to a calculation done by TopAuto.

The Italian supercar boasts incredible performance figures to rival that of its competitors, with a top speed in excess of 330km/h.

This is thanks to an impressive power output of 610kW and 740Nm, courtesy of a 3.0-litre, V6 turbo-hybrid engine and eight-speed automatic transmission.

Pedal to the floor, the 296 GTB can go from 0 to 100km/h in just 2.9 seconds – and it also allows owners to travel at 135km/h for 25km on nothing but the electric motor.

Built for performance, the 296 is rear-wheel-drive and mid-engined for better weight distribution, and it incorporates a shorter wheelbase than its peers for more responsive driving.

The GTB’s design further takes inspiration from the 1963 Ferrari 250 that took part at Le Mans, with a flying buttress and integrated rear spoiler being among the main exterior highlights.

Of course, the interior does not disappoint either, with standout features including keyless start, automatic climate control, a multifunction steering wheel, wireless connectivity, and paddle shifters to enhance the visceral driving sensation.

Buyers of the new Ferrari 296 GTB can also expect a 3-year/unlimited-kilometre warranty and a 7-year/unlimited-kilometre service plan.

Monthly payments

To determine how much the monthly payments on the Ferrari would be, we can put its values into the calculation below:

  • Car price – R6,380,200
  • Payment term – 60 terms (5 years)
  • Interest – 9.5%
  • Deposit – 10%
  • Balloon – No balloon payment
  • Extras – No optional extras

Using these figures, we get a monthly payment of R120,691.

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

According to this, potential buyers will need to earn a minimum of R603,450 a month to “afford” the latest Ferrari.

This also means anyone looking to buy the 296 on a finance plan would end up paying R861,200 in interest over the course of the agreement.

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