The cars you can afford with your salary in South Africa in 2022

The cars you can afford with your salary in South Africa in 2022

Business, Technology

2022-01-15 06:00:00 PM

The cars you can afford with your salary in South Africa in 2022

South Africa’s new-vehicle market is expected to continue its gradual recovery in 2022, but recurring issues including load shedding and global chip shortages will continue to bite.

On the domestic front, GDP growth of around 1.8% will support new vehicle sales, but a much higher and sustained economic growth will be required to move sales to a higher plane altogether, the bank said.“The threat of the coronavirus, load shedding and unemployment remains the most significant downside risks to the rebound in sales. The obstacles presented by supply chain issues, high logistical costs and the semi-conductor shortage are expected to persist, the extent of which depends on the highly uncertain trajectory of the virus across the globe.

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“The new vehicle market remained quite resilient in 2021, weathering a multitude of challenges throughout the year. Overall, it was a year of recovery, which is expected to continue into 2022,” Nedbank said in a research note this week. On the domestic front, GDP growth of around 1.8% will support new vehicle sales, but a much higher and sustained economic growth will be required to move sales to a higher plane altogether, the bank said. “The threat of the coronavirus, load shedding and unemployment remains the most significant downside risks to the rebound in sales. The obstacles presented by supply chain issues, high logistical costs and the semi-conductor shortage are expected to persist, the extent of which depends on the highly uncertain trajectory of the virus across the globe. “A glimmer of hope, specifically to export volumes, include the introduction of new model introductions as well as a robust global recovery.” Motorists will also grapple with increasingly more expensive cars, with experts recommending that you shouldn’t spend more than a quarter (25%) of your monthly income on vehicle-related costs. So, if you are earning R20,000 per month, your total vehicle expenses should not exceed R5,000. And this should apply to the full vehicle expense including: Vehicle instalments Insurance premiums Fuel costs Below BusinessTech looked at what you can afford to buy on your monthly salary in South Africa, using the above assumption that people are not going to spend more than 25% of their gross monthly income on vehicle financing. The calculations were made using Wesbank’s repayments calculator and include the assumption of a 0% deposit for car financing. They also exclude any additional fees which could be incurred during the inception of the loan into the calculation. Finally, the cars are financed over five years (60 months) at an annual interest rate of 9%. These calculations are purely for comparison purposes and are not meant as financial advice. Price of car