The New Toyota Corolla Cross: Everything You Need to Know
The Toyota Corolla Cross is one of the most popular and sought-after cars in South Africa, and with its recent facelift, it is only getting more attention. With seven models now available, the Corolla Cross offers a wide range of prices, starting from R414,800 to R561,700. But how much do you need to earn to afford one of these cars, especially if you’re looking to finance it?
According to calculations by TopAuto, South Africans will need to earn at least R46,000 per month to afford the new Toyota Corolla Cross on a finance plan. Let’s break down the numbers and explore what’s involved in making this iconic vehicle your own.
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New Features and Pricing
The latest Corolla Cross has received a significant upgrade in both design and features. The most noticeable change is its exterior facelift, which includes a new honeycomb-style front grille, updated head and taillights, and larger alloy wheels, starting at 17 inches. Inside, the car offers an expanded features list, making it a competitive option in its class.
The seven different Corolla Cross models vary in price, and depending on the model, you can expect to pay anywhere from R414,800 to R561,700. Here’s a quick look at the key models:
- Xi (Base Model) – R414,800
- XS (Mid-Range Model) – R463,400
- XR (Higher-End Model) – R504,700
- GR-Sport (Hybrid Model) – R561,700
Each model comes with its own set of features. For example, the Xi model includes LED headlights, a touchscreen with Apple CarPlay and Android Auto, cruise control, and rear parking sensors. The XS adds dual-zone climate control, a leather steering wheel, and partial leather upholstery. The XR comes equipped with advanced tech like a 12.3-inch digital instrument cluster, lane-trace assist, and blind-spot monitoring. The top-tier GR-Sport features unique bumpers, GR badges, and bespoke suspension for a sportier ride.
Monthly Payments and the Ideal Salary
When it comes to financing the Toyota Corolla Cross, you’ll need to take a few factors into account, such as the car’s price, the financing term, the interest rate, and whether there’s a deposit or balloon payment involved. For this calculation, let’s assume:
- Car Price: Between R414,800 (for the Xi) and R561,700 (for the GR-Sport)
- Payment Term: 60 months (5 years)
- Interest Rate: 11.25%
- Deposit: 0%
- Balloon Payment: None
- Extras: No optional extras included
Using this information, here’s what the monthly payments would look like:
- For the Xi model, your monthly payment would be R9,166.
- For the GR-Sport model, your monthly payment would rise to R11,394.
Now, financial experts recommend that you should not spend more than 20% of your gross monthly salary on vehicle payments. This is a good rule of thumb to ensure you don’t overextend your budget and still have enough for other expenses.
How Much Do You Need to Earn?
To calculate the salary you would need to afford the Toyota Corolla Cross, we can use the 20% guideline:
- For the Xi model (R9,166 per month), you would need to earn at least R45,830 per month.
- For the GR-Sport model (R11,394 per month), you would need to earn at least R56,970 per month.
Keep in mind that these calculations are for the monthly car payment only. They don’t account for additional expenses such as:
- Insurance – which can vary depending on your driving record and the model you choose.
- Fuel – the Corolla Cross has a fuel-efficient engine, but fuel costs should still be considered.
- Maintenance and Service – although Toyota offers a service plan, there could still be additional costs for repairs and routine maintenance.
The Engine and Performance
The Toyota Corolla Cross comes with a 1.8-litre engine that can either be hybrid-assisted or conventional. The conventional model produces 103kW and 172Nm of torque, while the hybrid version generates 90kW. The fuel consumption is impressive, with the regular models averaging 6.8l/100km, and the hybrid models consuming just 4.3l/100km.
In conclusion, to comfortably afford the new Toyota Corolla Cross, you’ll need to earn between R45,830 and R56,970 per month, depending on the model you choose. This range is based on financing options for a 60-month term at an interest rate of 11.25%, with no deposit and no balloon payment.
If you’re in the market for a reliable, stylish, and feature-packed car, the Toyota Corolla Cross could be an excellent choice. However, always make sure to consider your total monthly expenses, including insurance, fuel, and maintenance, before making such a significant financial commitment. Happy driving!
