New research showing the value of the car you can afford based on your monthly salary has left social media users shooketh.
The data is based on current SA vehicle prices and salaries, and assumes that people are not supposed to spend more than 20% of their gross monthly income on a car.
The calculations also assume that the cars are financed over five years at an interest rate of prime + 2% and a 0% deposit for home and car financing.
For example: the average value of a new Maserati GranCabrio is R 3,557,500. This means you should be earning an average monthly salary of R396,000 to afford a car in this price range.
Those earning R12,000 a month should be paying around R99,900 for a new car in 2019.
The table below shows how much you could spend on a car based on your salary.
The data has sparked a massive conversation on social media, with some calling BS on the figures.
Others resigned themselves to the fact that they will probably only be able to “afford a skateboard”.
Here are some of the top reactions.