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Sunday / 14 July 2024
HomeFeaturesThe salary you need to afford the new Hyundai Grand i10

The salary you need to afford the new Hyundai Grand i10

Motorists who wish to purchase the new Hyundai Grand i10 on a finance plan will need to earn at least R26,000 per month, according to a calculation by TopAuto.

The i10 is the carmaker’s new entry-level vehicle following the discontinuation of the Atos, with a price tag that runs from R229,900 all the way up to R309,900.

It is available in both hatchback and sedan body types, with two trim levels and two different engines to choose from.

The base versions feature a 1.0-litre petrol engine with 49kW and 94Nm, which is exclusively paired to a five-speed manual gearbox, resulting in a fuel consumption of 5.5l/100km.

Switching to the more powerful 1.2-litre powertrain with 61kW and 114Nm unlocks a four-speed automatic option – the combination of which increases the fuel consumption up to 5.9l/100km.

On the equipment front, the starting i10 Motion models come with manual air conditioning, cloth seats, Bluetooth, electric side mirrors, a multifunction steering wheel, 14-inch steel wheels, rear parking sensors, a reverse camera, and an infotainment screen with Apple CarPlay and Android Auto.

Upgrading to the Fluid specification will then add cruise control, automatic headlights, LED daytime running lights, 15-inch alloys, a height-adjustable driver’s seat, and auto-folding side mirrors.

What you need to earn

We can use the following formula to work out the monthly payments on the new i10:

  • Car price – R229,900/R309,900
  • Payment term – 60 terms (5 years)
  • Interest – 11.75%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras

According to this, buyers will need to pay at least R5,180 per month to purchase the Hyundai on finance, and up to R6,950 per month for the range-topping variants.

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

This means you’ll need to earn at least R25,900 per month to afford the entry-level model and R34,750 per month for the top-end options.

Note that this figure does not account for insurance, fuel, and maintenance, which all need to be factored into your budget.

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