By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
The Auto Magazine
  • Home
  • Auto Shows
    Auto ShowsShow More
    Driving Trade Forward: AfCFTA, AGOA,BRICS and the Tariffs – All On The Menu At Automechanika CEO Breakfast
    May 9, 2025
    LDV (Maxus as Known in China) Makes a Bold Statement at Shanghai Motor Show
    April 30, 2025
    Upcoming OMODA C3 redefines the crossover with cyber-mecha aesthetics
    April 29, 2025
    Mazda Unveils MAZDA EZ-60 New Electric SUV at Auto Shanghai 2025 
    April 29, 2025
    Chery unveils HIMLA brand at 2025 Shanghai Auto Show
    April 28, 2025
  • Bikes
    BikesShow More
    25YM Honda NC750X
    May 13, 2025
    BMW Motorrad presents the new R 18 models
    January 22, 2025
    BMW Motorrad presents the BMW Concept F 450 GS
    November 5, 2024
    BMW Motorrad presents the new bikes
    November 1, 2024
    24YM HONDA NX500
    October 15, 2024
  • News
    NewsShow More
    Meet Maritza Kichenbrand, Dealer Network & Channel Development Manager at Jetour South Africa
    May 21, 2025
    Hyundai Automotive SA awarded 2025 Best Distributor of the Year at Global Service Seminar
    May 20, 2025
    Celebrating Excellence at the Mercedes-Benz South Africa Agent of the Year Awards
    May 19, 2025
    BYD commits to new HQ and R&D base in Hungary
    May 19, 2025
    OMG! GSE: Opel Hints at High-Performance, Fully-Electric GSE Models
    May 16, 2025
  • Concepts
    ConceptsShow More
    Audi unveils Q6 e-tron offroad concept
    January 28, 2025
    CITROEN PRESENTS C5 AIRCROSS CONCEPT
    October 15, 2024
    Lotus Unveils Theory 1:  The Future Of Intelligent Performance
    September 23, 2024
    First sketches of Škoda Enyaq RS Race
    May 3, 2024
    W16 Mistral: the art of bringing Bugatti’s ultimate roadster to life
    January 24, 2024
  • EVs
    EVsShow More
    The new Volvo XC70, Volvo Cars’ first extended-range plug-in hybrid
    May 13, 2025
    BYD brings new-energy vehicles to Romania
    May 12, 2025
    Enviro Automotive Unleashes Cutting-Edge 4×4 EVs and Unprecedented Price Reductions
    May 9, 2025
    Mazda Unveils MAZDA EZ-60 New Electric SUV at Auto Shanghai 2025 
    April 29, 2025
    RANGE ROVER ELECTRIC PROTOTYPES EXCEL IN LATEST WINTER TESTING AND DEVELOPMENT CYCLE
    April 25, 2025
  • Motosport
    MotosportShow More
    TOUGH START FOR TGRSA CREWS AT SOUTH AFRICAN SAFARI RALLY OPENER
    May 21, 2025
    LATEGAN AND BRANCH IN CHARGE AFTEROPENING STAGE OF SA SAFARI RALLY
    May 21, 2025
    LOCALS DOMINATE FIRST COMPETITIVE ACTION AT SOUTH AFRICAN SAFARI RALLY
    May 20, 2025
    ZWARTKOPS THRILLS INTO THE NIGHT
    May 19, 2025
    GOOSEN FIGHTS TO AN ATE VW CHALLENGE DOUBLE
    May 19, 2025
  • Trucks & Buses
    Trucks & BusesShow More
    Volvo reaches milestone with 5,000 electric trucks sold worldwide
    April 29, 2025
    HINO ONCE AGAIN ANSWERS FARMERS’ CALL FOR HELP
    April 24, 2025
    Daimler Truck Southern Africa appoints Wolf Edmayr as the General Manager of TruckStore
    March 28, 2025
    ISUZU Motors South Africa Celebrates 60 Years of Isuzu Trucks in South Africa
    March 3, 2025
    Itumeleng Segage, General Manager of Hino South Africa
    HINO SCORES MORE THAN 99% IN ALL FOUR CUSTOMER CARE SURVEY CATEGORIES
    February 5, 2025
  • Reviews
    ReviewsShow More
    All-new Suzuki Dzire is here to please
    May 12, 2025
    ISUZU MU-X Range Refreshed with Increased Luxury, Style and Safety
    May 5, 2025
    Tow Like a Pro with the Ford Ranger
    April 10, 2025
    MEET THE ALL-NEW LEXUS GX: A PREMIUM OFF-ROADER REIMAGINED
    April 8, 2025
    Aston Martin Vanquish Volante: The world’s fastest, most powerful front-engine convertible
    March 29, 2025
  • Tech
    TechShow More
    Chery unveils AiMOGA: Revolutionising the car-buying experience through intelligent robotics
    April 24, 2025
    Volvo Cars uses AI and virtual worlds with the aim to create safer cars
    March 21, 2025
    Chery drives AI innovation with DeepSeek partnership
    March 3, 2025
    Stellantis Unveils STLA AutoDrive
    February 20, 2025
    Mercedes-Benz and Google Partner on AI-powered Conversational Search within Navigation Systems
    January 14, 2025
Hot News
Meet Maritza Kichenbrand, Dealer Network & Channel Development Manager at Jetour South Africa
TOUGH START FOR TGRSA CREWS AT SOUTH AFRICAN SAFARI RALLY OPENER
LATEGAN AND BRANCH IN CHARGE AFTEROPENING STAGE OF SA SAFARI RALLY
Hyundai Automotive SA awarded 2025 Best Distributor of the Year at Global Service Seminar
LOCALS DOMINATE FIRST COMPETITIVE ACTION AT SOUTH AFRICAN SAFARI RALLY
Motosport

Larry ten Voorde also wins the fourth Supercup race of the season

Motosport

Nissan Formula E Team ready to dice in the dark at Diriyah E-Prix

Latest News

Mercedes-Benz reaffirms its commitment to sustainability and puts ambitions on the road with the all-new CLA

Motosport

TOYOTA GAZOO Racing takes on WRC’s snow spectacular

Font ResizerAa
The Auto MagazineThe Auto Magazine
  • Home
  • Auto Shows
  • Bikes
  • News
  • Concepts
  • EVs
  • Motosport
  • Trucks & Buses
  • Reviews
  • Tech
Search
  • Home
  • Auto Shows
  • Bikes
  • News
  • Concepts
  • EVs
  • Motosport
  • Trucks & Buses
  • Reviews
  • Tech
Follow US
Crafted by Intellegere Media. © 2024 The Auto Magazine. All rights reserved.
Latest News

WesBank advises car buyers to consider the total cost of ownership amid rising vehicle ownership costs

Itumeleng Garebatshabe
Last updated: May 8, 2025 13:32
By Itumeleng Garebatshabe
71 Views
5 Min Read
Share
5 Min Read
SHARE

South Africa is widely regarded as a car-loving nation, often passionately loyal to certain brands and models. However, with the seemingly endless entry of new models, consumers have more choice than ever.

As variety abounds and more buyers visit showrooms in search for their next set of wheels, WesBank encourages prospective customers to have a full understanding of all the costs involved in car ownership, and not to base their decision on just the purchase price.

“Despite the recent improvement in passenger car sales, South Africa remains a price sensitive market,” says Lebo Gaoaketse, Head of Marketing and Communication at WesBank. “Which means when deciding on buying a car, new or used, most buyers base their decision primarily on the vehicle purchase price. But it’s important to look beyond just the purchase price, and consider the total cost of ownership, which is influenced by several other factors.”

To illustrate this, WesBank has calculated the estimated total monthly expenses associated with owning and maintaining one of the top-selling hatchbacks locally. The data also shows how the total cost of ownership has changed over time.

Cost breakdown

For a mid-range hatchback with a retail price of around R294 000, including VAT, consumers can expect to pay an estimated monthly instalment of R5 554.80. This instalment is of course influenced by the interest rate linked to the vehicle finance contract, which in turn is influenced by factors such as credit score and loan term.

Insurance

As stipulated in all vehicle finance contracts, it is compulsory for a financed vehicle to be comprehensively insured. Even in instances where the vehicle is not financed, insurance protects the owner against the loss of their vehicle that might result from an accident or theft.

Insurance premiums vary depending on factors such as the make and model of the car, as well as the driver’s history and location. For the model in question, a monthly comprehensive insurance premium of approximately R1 827.24 can be expected.

Fuel costs

Despite recent improvements, from a consumer perspective, in the price of fuel, this remains one of the largest ongoing expenses in vehicle ownership. To estimate your monthly fuel costs, determine your car’s fuel consumption rate and the distance you travel each month. The average monthly fuel costs for the vehicle in this scenario is R3 902.50.

Ongoing maintenance

Routine vehicle maintenance is important to ensure the safe and reliable operation of your vehicle. For the study vehicle, owners can expect to pay in the region of R475.75 per month, or R5 709 annually, for running costs, including routine maintenance and general upkeep.

Total monthly mobility costs

When combining the monthly instalment, fuel, insurance, and running costs, the total monthly cost for one of the best-selling hatchbacks in South Africa comes to roughly R 11 760,29 – marginally higher than the average total cost of ownership in 2024, which was R11 578.70 per month.

Historical data

Reviewing historical data, the increase in the total cost of vehicle ownership becomes apparent. For instance, due to vehicle price inflation, the estimated monthly instalment for the study model has jumped from R2 417.03 in 2012 to R5 554.80 in 2025. Insurance premiums have increased from R802.66 to R1 827.24 over the same period, while fuel costs have ballooned from R1 856.75 to around R3 902.50 per month.

“Viewing the cost of vehicle ownership from this perspective is important and underscores the need to objectively and honestly evaluate one’s affordability level before signing a long-term vehicle finance contract, to ensure a fulfilling vehicle ownership experience,” says Gaoaketse.

To aide car buyers in determining their monthly instalments before buying a car, WesBank provides access to its free online vehicle finance calculator, which allows buyers to calculate their estimated monthly repayment and apply for finance online.

TAGGED:WesBank

Sign Up For Daily Newsletter

Stay Updated! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp LinkedIn VKontakte Telegram Email Copy Link Print
Share
ByItumeleng Garebatshabe
Editor
Follow:
Itumeleng is the Managing Editor of The Auto Magazine. He is a tech and car enthusiast

Follow US

FacebookLike
XFollow
InstagramFollow
YoutubeSubscribe
TiktokFollow
TelegramFollow
Google NewsFollow
LinkedInFollow

You Might Also Like

Latest News

WesBank fortifies data security with transition to secure digital document access

By Itumeleng Garebatshabe
April 29, 2024
Latest News

Blip of positivity for April new vehicle sales

By Itumeleng Garebatshabe
May 2, 2024
Latest News

Hopeful tone for 2025 new vehicle sales

By Itumeleng Garebatshabe
February 5, 2025
Latest News

New vehicle sales out-voted by elections

By Itumeleng Garebatshabe
June 5, 2024
Latest News

THE FESTIVAL OF MOTORING UNVEILS DATES AND WESBANK’S EXTENDED PARTNERSHIP

By Itumeleng Garebatshabe
December 5, 2023
Lebo Gaoaketse, Head of Marketing and Communication at WesBank
Latest News

November best new vehicle sales month of 2024

By Itumeleng Garebatshabe
December 3, 2024

The Auto Magazine

  • Advertise
  • About Us
  • Contact
  • Privacy Policy
  • Terms of Use
  • Cookie Policy
  • Bikes
  • Electric Vehicles
  • Trucks & Buses
  • Auto Shows
  • Latest News
  • Motosport

Crafted by Intellegere Media. All rights reserved. 2024

Don't not sell my personal information
Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc.

Zero spam, Unsubscribe at any time.
adbanner