How much hatchback can I buy for R9 000 a month?
How much hatchback can I buy for R9 000 a month?
By Stuart Johnston
The purchase price upper-end limit for a R9 000 monthly repayment is R445 000. To compare apples with apples, so to speak, AutoTrader’s standard repayment template for this sort of purchasing advice article, we standardise on a 10 percent deposit on the list price, a repayment period of 60 months, and an interest rate on the financed amount of 12 percent.
Some customers with excellent credit records (and larger salaries) will be able to negotiate an interest rate closer to the current prime interest rate of 10 per cent but as a workable average, a rate of 12 percent interest on the financed amount is par for the course.
That 10 percent deposit works out at about R44 700...
We use WesBank’s repayment calculator (easily available on-line) to work out the ceiling purchase price for hatchbacks, with a R9 000 monthly repayment as out starting point. Using our standard repayment parameters the maximum list price is just under R445 000. The 10 percent deposit works out at just under R44 700.
A huge choice of hatchbacks on offer
In the bracket between R300 000 and R445 000 there are a total of 77 individual models to choose from. Of these, 38 are manual transmission offerings and 39 are automatics. This emphasises the huge swing to automatics we have seen in recent years. There are a number of reasons for this, but the big one is increasing traffic volumes and huge queues in the morning and afternoon commutes in the big city areas. Other reasons are the development of non-traditional automatic options, such as the Volkswagen Group’s DSG gearboxes, which offer manual performance and economy without the need to depress a clutch pedal. This is a tasty area of the SA new car market!
We have players from Japan, Korea, Germany, France, Sweden and Italy here
At the lower end of our price bracket, we have the one-litre Golf Trendline manual, while at the top end, we have the Hyundai Veloster Turbo Elite. The Hyundai, you might say, is not a traditional hatch, but it is a hatchback style, being front-wheel drive and it will appeal to the sporting end of the hatchback buyer profile, being much more practical than, say a Toyota 86, which is much more of a GT coupe.
In between, Renault fans will have the choice between Clio and Mégane offerings in this price range. Ford fans can choose between Fiesta and Focus offerings. And Volkswagen advocates can choose between a higher-spec Polo and a less-adorned Golf. Other interesting players here include the more cultish Fiat 500 and Abarth offerings and the Mini Cooper in three-door and five-door formats. Talking of cultish, you can also opt for the city-orientated Smart FourTwo in various trims in this price range. It is interesting that you can also get into the hybrid market here, via Toyota’s Auris Hybrid XR, while those with sporting and romantic natures will be keen to peruse the enticing options from Alfa Romeo.
In this line of thinking, if fast driving and track days are on your agenda, there are cars that will appeal here, such as the Ford Fiesta ST, the Mini Cooper S and the Renault Clio RS Trophy. And if you simply must have a “premium” nameplate, BMW weighs in here too, with its 118 five door at around the R430 000 mark. Audi, of course, is represented by both A1 and A3 offerings.
Here is a spread of hatchback picks, from R300 000 to R445 000
Opel Astra Hatch 1.0T Enjoy R307 800
Mini One Hatch 5-Door R309 500
Ford Fiesta ST R325 900
Abarth 500 595 1.4T R341 900
Audi A1 3-Door 1.4TFSI SE R345 000
Volkswagen Golf 1.4 TSI Comfortline R369 000
Volvo V40 T3 Kinetic R377 198
Kia Cerato Koup 1.6T R390 995
Alfa Romeo Giulietta 1.4 TB Super R393 900
Hyundai Veloster Turbo Elite (manual) R419 900
Toyota Auris Hybrid XR R424 000
Mini Cooper S Hatch 3-Door R426 552
Renault Clio RS 220 Trophy R434 900