What is Car Payment?
Car finance refers to the various financial products which allow someone to acquire a car, including car loans and leases.
Average Car Payment In South Africa
According to WesBank’s figures, the current average monthly cost of motoring comes in at R7 650,14, taking into account vehicle instalments and fuel spend (which make up 80 percent of the figure), as well as insurance premiums and general running costs (or maintenance).
How much does an average car cost in South Africa?
For June, new cars are estimated to cost an average of R321,715, but used cars are estimated to cost R215,848 – this represents a decline in used vehicle prices. In terms of new and used vehicles, only 3% and 2% have changed year over year.
Is 700 a month too much for car payment?
Experts say your total car expenses, including monthly payments, insurance, gas and maintenance, should be about 20 percent of your take-home monthly pay. For non-math wizards, like me – Let’s say your monthly paycheck is $4,000. Then a safe estimate for car expenses is $800 per month.
What car can I afford with 60k salary?
It’s typically recommended that you buy a car worth no more than 35% of your gross annual income— so if you make $60k per year, you can afford a new car that is worth $21,000 or less.