Anyone looking to take home the cheapest new Toyota in South Africa – the Vitz – will need to earn at least R22,000 per month.
The hatchback is available in three specifications with prices starting at R189,900 for the entry-level unit, and up to R239,900 for the top-end XR auto.
All three models are front-wheel drive and equipped with a 1.0-litre petrol engine, which produces a total of 49kW and 89Nm.
There are two gearboxes on offer, either a five-speed manual or automated manual (AMT), which net a fuel consumption return of 4.4l/100km and 4.2l/100km, respectively.
It also has a ground clearance of 170mm, and the boot provides storage space for 295 litres.
Features on the Japanese car include halogen headlights, 14-inch steel wheels, a full-sized spare wheel, two airbags, ABS, rear park distance control, fabric upholstery, manual air conditioning, a 12V socket, and two speakers, though buyers will need to pay extra to install a radio on the base model.
The higher-tier XR adds 15-inch alloy wheels, electric side mirrors, remote unlock, electric windows, a USB port, a multifunction steering wheel, and a touchscreen infotainment system with Apple CarPlay and Android Auto.
Each purchase comes with a 3-year/100,000km warranty and a 2-service/30,000km service plan.
What you need to earn
We can use the following formula to calculate the monthly payments on the new Toyota Vitz.
- Car price – R189,900/R239,900
- Payment term – 60 terms (5 years)
- Interest – 11.25%
- Deposit – 0%
- Balloon – No balloon payment
- Extras – No optional extras
According to this, the hatchback will require a minimum payment of R4,248 per month for the base model, or R5,341 per month for the range-topper.
Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.
This means prospective buyers will need to earn between R21,240 and R26,705 per month to be able to “afford” the vehicle.
However, this figure does not include insurance, fuel, and maintenance, which needs to be factored into your budget.
Keyword: What you need to earn to afford the cheapest Toyota in South Africa