Waaib, firstly, what are you doing with a car worth that much ?
Remember, the only asset that does not loose value is property. That is because they stopped making propery a very long time ago. So get it while you can. Don't spend your hard earned cash paying off someone else propery.
You should perhaps talk to a financial advisor. They will look at your situation and make sure that firsty your risks are covered - like : do you have enough insurance, are you making provision for when you are retired or no longer able to work and do you have good medical cover. The last thing you want to do is be a burden for your loved ones.
After your risks is covered you need to look at ways to settle your debts at the lowest costs to you. Pay off your cars as fast as you can and then use the money you would have spent on repaying cars (a value decreasing asset) on property.
I drive car worth R50k and it cost me R100k (used) 5 years ago. The finance cost was R20k and in the last 5 years my total maintenance and wear and tear costs was R50k. So in the end I spent about R170k on something that is worth R50k now and getting less every day. In the long run you will not have that with property.
Sign up with Google
