6 years from now, you can pick up a used, but far more modern Corsa, Fiesta, i10, etc etc, or something else infinitely more modern than a Citi for a very good price. I doubt anyone would choose a Citi, since most Citi's were manufactured using heavily outdated technology even in the 2000's.
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NeonNinja
Neon Resident
According to the calculator a R90k car with R10k deposit at 13% for 72 months is R1686. Pretty decent?
Yeah, except prime is at 8% now, so prime + 5% is shafting you. You can get better finance options. Maybe even look at 54 / 60 months finance terms. But yeah, up to R1.8k isn't bad ... and you can get a decent car for R90k 2nd hand.
My 06 Corsa 4 door 1.8 GSi has 60,000km on the clock and is trading for around R80-85k ... I wouldn't want to sell it for anything under R100k because of how good condition/etc. it is still in. It's also muuuuch better build quality than the citi's and with a 1.8L engine you'll leave it in the dust.
Before buying a 2nd hand car, make sure the dealer is reputable and they can do the servicing too. Also check for a FSH (Full Service History) and that the car is under roughly 80,000km on the clock. That way there shouldn't be anything wrong with it.
This is where I would say you need to start looking at what you want, and how important a car is for you.
The reason I ask is because over 6 years, a substantial amount of what you pay will be interest. By going with a shorter repayment period, you could save yourself a LOT of money. However, that may require a cheaper car, or a larger deposit, which might mean you would either have to look for longer, or save for longer, or both.
My brother constructed a spreadsheet that would calculate how much, in total, you would pay the bank, and how much of that is interest. Over periods of 5 years and over, very quickly you end up paying half the value of your car in interest.
Thats why I suggest thinking long and hard before getting into debt for 6 years. You might love your car now, but what about 6 years time? If you got a cheaper car now, you could pay it off quicker, pay less on interest, and then get a new car faster.
72 times R1686 is R121000. You pay the bank R30000 for borrowing their money to buy a car.
That being said, the other side of the coin is sometimes you NEED a car, and not everyone has R40k, or R90k, sitting in their back pocket for a car, so debt is practically unavoidable. And you might decide you like a R90k car now more than you like R30k at some point in the future. Up to you. But think about it carefully.
The reason I ask is because over 6 years, a substantial amount of what you pay will be interest. By going with a shorter repayment period, you could save yourself a LOT of money. However, that may require a cheaper car, or a larger deposit, which might mean you would either have to look for longer, or save for longer, or both.
My brother constructed a spreadsheet that would calculate how much, in total, you would pay the bank, and how much of that is interest. Over periods of 5 years and over, very quickly you end up paying half the value of your car in interest.
Thats why I suggest thinking long and hard before getting into debt for 6 years. You might love your car now, but what about 6 years time? If you got a cheaper car now, you could pay it off quicker, pay less on interest, and then get a new car faster.
72 times R1686 is R121000. You pay the bank R30000 for borrowing their money to buy a car.
That being said, the other side of the coin is sometimes you NEED a car, and not everyone has R40k, or R90k, sitting in their back pocket for a car, so debt is practically unavoidable. And you might decide you like a R90k car now more than you like R30k at some point in the future. Up to you. But think about it carefully.
Fazda
Honorary Master
The banks consider 90k as a small amount to finance, so will not give you a rate at prime or prime + 0.5. Sadly something between 10 and 11 would be closer to the mark @ 90k.
Remember that a second hand car may be barred from a 72 month contract, as they tend to reserve that for new cars at high prices.
Remember that a second hand car may be barred from a 72 month contract, as they tend to reserve that for new cars at high prices.
Nanfeishen
Executive Member
As mentioned in a previous post G2 cars
http://www.g2cars.co.za/
I bought very good Opel Corsa a few years back that was a year old at the time, no problems, and at the time cheaper than any other dealers for the same model.
You generally cannot go wrong with G2 authenticated vehicles
the graduate
Senior Member
You'd be surprised how cheap those cars are to maintain. They don't break, and run forever....the 124 series mercs were probably entirely built in S.A. back then...
Fair enough.
I had backlights on my front panel go out ... They quoted me R30 to replace the lamps and R2400 to remove the entire front dash section to get to the lamps. My front panel now remains partially lit.
Fair enough.
I had backlights on my front panel go out ... They quoted me R30 to replace the lamps and R2400 to remove the entire front dash section to get to the lamps. My front panel now remains partially lit.
Okay, I've got a list of parts so I can give you a bit more detail on this major service of mine. Total cost will be R11000 and R12000 depending things that need fixing that I dont know about.
Parts being replaced:
Front brake discs
Rear brake pads
Engine mounts
Gearbox mounts
Full gearbox service including transmission fluid, filter and gasket (its an automatic)
All other filters - oil filter, fuel filter, aircon filter plus air filter element
All fluids replaced - transmission oil as mentioned, plus engine oil and radiator coolant
Expansion tank for cooling system
V-Belt and V-Belt tensioner
Sparkplugs
Windscreen wiper