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These are the cars you can afford to buy with your salary in South Africa

New research by analytics group Lightstone shows the value of the car you can afford based on your monthly salary in South Africa in 2018.

The data is based on current South African vehicle prices and salaries (May 2018), and assumes that people are not going to spend more than 20% of their gross monthly income on financing a car. The calculations also assumes that the cars are financed over five years at an interest rate of prime + 2%.

According to Wesbank, the average value of a new car financed jumped nearly R4,000 over the same period last year, to R300,354 (R296,448) in April.

Based on Lightstone’s reporting, this means you should be earning an average monthly salary between R26,000 and R39,000 a month for a car in this price range.

By contrast, those earning R12,000 a month should be paying around R100,000 for a new car in 2018, while on the other end of the scale those earning R396,000 a month can afford to pay around R3.5 million for a new car in 2018.

The table below shows how much you could spend on a car based on your monthly salary – as well as examples of both new cars in the given price range.

Pricing is based on:

  • Assumption that people are not going to spend more than 20% of their gross monthly income on financing a car and not more than 30% on servicing a home loan.
  • Assumption of a 0% deposit for both home and car financing (but excluding additional fees incurred during the inception of the loan  into the calculation.).
  • Assumption that the cars are financed over 5 years at an interest rate of prime + 2%.
Monthly income required Car Car price
 R396 000 Maserati GranCabrio Sport Special Edition 4.7 AT Cabriolet R3 557 500
 R230 000 Jaguar F-Type 5.0 V8 Supercharged R Coupe AWD MY18 AT R2 059 100
 R117 000 Range Rover Evoque 2.0 Si4 AJ200P Autobiography 177kW AWD MY18 AT  R1 045 200
 R100 000 BMW 440i Gran Coupe 8-sp Sports MY17 AT  R896 000
 R73 000 Subaru Outback 3.6 RS-ES AWD CVT MY18  R655 000
 R63 000 Audi A4 2.0T FSI Sport S-Tronic MY18  R565 500
 R51 000 Kia Sportage 2.0 AWD AT (2014)  R453 000
 R48 000 Mini Cooper Convertible 1.5 MY16  R423 200
 R39 000 Mazda3 2.0 Individual 5-dr MY16  R341 900
 R26 000 Hyundai i20 1.2 Motion 5-dr MY15  R224 900
 R20 000 Toyota Etios 1.5 Xi MY16  R175 600
 R12 000 Geely MK2 1.5 GL 5-dr  R99 900

R3.5 million car – Maserati GranCabrio Sport Special Edition 4.7 AT Cabriolet

Needed gross salary:  R396 000 

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R2 million car – Jaguar F-Type 5.0 V8 Supercharged R Coupe AWD MY18 AT 

Needed gross salary:  R230 000 

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R1 million car – Range Rover Evoque 2.0 Si4 AJ200P Autobiography 177kW AWD MY18 AT 

Needed gross salary:  R117 000 

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R896 000 car – BMW 440i Gran Coupe 8-sp Sports MY17 AT 

Needed gross salary:  R100 000 

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R655 000 car – Subaru Outback 3.6 RS-ES AWD CVT MY18 

Needed gross salary:  R73 000 

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R565 000 car – Audi A4 2.0T FSI Sport S-Tronic MY18 

Needed gross salary:  R63 000 

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R453 000 car – Kia Sportage 2.0 AWD AT (2014) 

Needed gross salary:  R51 000 

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R423 200 car – Mini Cooper Convertible 1.5 MY16 

Needed gross salary:  R48 000 

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R341 900 car – Mazda3 2.0 Individual 5-dr MY16 

Needed gross salary:  R39 000 

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R224 900 car – Hyundai i20 1.2 Motion 5-dr MY15 

Needed gross salary:  R26 000 

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R175 600 car – Toyota Etios 1.5 Xi MY16 

Needed gross salary:  R20 000 

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R100 000 car – Geely MK2 1.5 GL 5-dr 

Needed gross salary:  R12 000 

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