The salary you need to earn to afford Honda’s new entry-level SUV in South Africa

Anyone who wants to own a Honda SUV in South Africa will need to earn at least R42,000 per month if they want to purchase one on finance, according to a calculation by TopAuto.
The Elevate is the Japanese automaker’s new entry-level SUV, replacing the WR-V at a starting price of R369,900, or R429,900 if you want the range-topping unit.
For this sum, you get a 1.5-litre, naturally-aspirated petrol engine with 89kW and 145Nm that is paired to one of two gearboxes.
On the base Comfort, a five-speed manual gearbox channels drive to the front wheels which returns an average fuel consumption of 6.5l/100km.
A CVT option is available on the top-end Elegance, helping to bring down its fuel usage to 5.9l/100km.
Standard fittings on the crossover include 16-inch steel wheels, LED headlights, daytime running lights, rear parking sensors, a reverse camera, fabric seats, automatic air conditioning, keyless entry and start, a multifunction steering wheel, four speakers, two airbags, and an 8.0-inch media display with Apple CarPlay and Android Auto.
Upgrading to the Elegance then adds LED fog lamps, automatic headlights, 17-inch dual-tone alloy rims, two additional speakers, a wireless phone charger, eco-friendly leather upholstery, four more airbags, an electric sunroof, and a 7.0-inch digital instrument cluster.
What you need to earn
We can use the following formula to work out the monthly payments on the new Elevate:
- Car price – R369,900/R429,900
- Payment term – 60 terms (5 years)
- Interest – 11.75%
- Deposit – 0%
- Balloon – No balloon payment
- Extras – No optional extras
According to this, prospective owners will need to pay a minimum of R8,277 per month to afford the Comfort, and up to R9,604 per month for the Elegance.
Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.
In other words, motorists will need to earn between R41,385 and R48,020 per month in order to pick up a Honda SUV in South Africa.
Note that this figure does not account for insurance, fuel, and maintenance, which must all be factored into your budget.