South African motorists will need to earn at least R44,000 a month to be able to purchase the new Toyota Corolla Cross GR-Sport on a finance plan.
This is according to a calculation by TopAuto.
This latest crossover is a sporty take on one of Toyota’s most popular vehicles, offering unique GR branding and various improvements to the handling.
It is powered by the same four-cylinder 1.8-litre petrol engine found on the standard petrol models such as the XR, giving the GR a power output of 103kW and 172Nm and a resultant top speed of 185km/h.
Likewise, the mini-SUV’s powertrain is married to a CVT transmission, and this provides it with a combined fuel consumption of 6.8l/100km
In keeping with the athletic GR guise, this latest model has also had its steering and suspension reworked, leading to noticeably improved handling.
Visually, the Sport has received a new grille design, black wheel arches, a two-tone colour scheme, and various GR badges to set it apart from its siblings.
The interior then gets GR-specific leather seats with red stitching, as well as a black and red dashboard and a GR-branded push start button.
What you need to earn
We can use the following calculation to determine how much the monthly payments on the new Toyota Corolla GR-Sport would be:
- Car price – R453,200
- Payment term – 60 terms (5 years)
- Interest – 9.5%
- Deposit – 10%
- Balloon – No balloon payment
- Extras – No optional extras
From this, we know it will cost R8,660 per month to purchase the athletic crossover on a finance plan.
Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.
Therefore, we can calculate that anyone interested in buying Toyota’s sporty new derivative will need to earn a minimum of R43,300 a month in order to “afford” the car.
However, this figure does not include running costs such as insurance, fuel, and maintenance – which must also be considered when determining your budget.