Using our car finance calculator, it’s easy to figure out what you will pay per month, BUT: please be advised that insurance and wear-and-tear costs, along with petrol, can cost a pretty penny, so you need to budget carefully.
But first, let’s find out how much the Elevate will cost you without financing:
Related: Honda Elevate (2024) First Drive Review
Honda Elevate pricing
Honda Elevate 1.5 Comfort, R369 900
Honda Elevate 1.5 Elegance, R429 900
Warranty, Service Plan and Price:
Service Plan: 4-year / 60,000km
Service Intervals: 1-year / 15,000km
Warranty: 5-year / 200,000km
Roadside Assistance: 3-year AA roadside assistance
Honda Elevate colours and price guide
Now, let’s find out what the Elevate will cost WITH financing:
Example 1
Let’s say you don’t have a deposit and you currently do not own a car, but your salary allows you to afford the Comfort model at R369 900, with no balloon payment, and a 72-month repayment period, with an estimated interest rate of 13.75%. You don’t have any money saved for a deposit. This means you will pay R7 573 per month, with R175 330 of interest, hiking up the price of this car to a whopping R545 230. That is quite steep.
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Example 2
Let’s say your current car has a trade-in value of R150 000 and you put down a deposit of R30 000, with the same repayment period and interest rate. Now your monthly repayment is down to R3 888, your total interest is R90 011 and the total estimated repayment is only R279 911 for the Comfort model.
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Example 3
In this example, your car’s trade in value is R200 000, but you’re not putting a deposit down and your repayment period is 48 months.
Doing it this way, your monthly repayment is R 4 621, your total interest is R51 932 and your total estimated repayment is R 221, 832.
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Verdict
In the end, how much you'll pay comes down to two things: your car’s current trade-in value, and/or how much deposit you can afford to put down. It works out cheaper to save, save, and save some more to buy a new car, so you’re not stuck with mammoth interest and a huge installment every month.
