Honda CRV Monthly Installment
by Leland Morrison, on 27 November 2023
Jump to
- Overview
- Evolution of the Honda CRV
- Honda CRV Price
- Honda CRV Monthly Installment
- Minimum Monthly Salary
- Alternatives
- Stats
- Tips to Secure the Best Monthly Installment
- Conclusion
Overview
The Honda CR-V is a hallmark of reliability and versatility, positioning itself as a leading choice in the crossover SUV marketplace. Since its inception, the Honda CR-V has been known for its stylish design, advanced technology, and impressive safety features. It boasts a modern exterior with a new grille, sculpted lines, and an aerodynamic hood that make it instantly recognizable. Inside, the CR-V invites drivers into a spacious interior that includes high-quality materials, sophisticated dashboard finishes, and a commitment to comfort and refinement.
On the performance front, the CR-V offers an all-wheel-drive system that intelligently provides additional traction when necessary, while maintaining the efficiency of a front-wheel-drive vehicle under normal driving conditions. The CR-V's technological suite is both advanced and user-friendly, designed to enhance the overall driving experience and provide essential information at a glance. For families, the inclusion of a Child Restraint System (CRS) ensures compatibility with various child car seats, further reinforcing the CR-V's position as a safe and sensible choice for drivers with passengers of all ages.
Evolution
Since its debut in the mid-1990s, the Honda CR-V has undergone numerous transformations, reflecting the brand's dedication to innovation and improvement. Early models of the CR-V set the foundation for excellence in the compact SUV segment, offering increased interior space, car-like handling, and a strong value proposition. Over the years, the CR-V has evolved to include more powerful engines, improved fuel economy, and a bevy of technological advancements.
The most recent iterations of the CR-V showcase a marked evolution in appearance, with a more aggressive and modern aesthetic, as well as an upgrade in interior luxury and technology features. Safety has also been paramount in the CR-V's evolution, earning it high ratings in crash tests, and leading to the integration of advanced driver-assistance systems aimed at preventing accidents before they occur. The evolutionary journey of the Honda CR-V is a testament to Honda's commitment to meeting and exceeding the dynamic needs and expectations of drivers around the world.
Price
The Honda CRV is available in a range of variants, each with its own set of features and price tag. The base model starts at R609,900, while the top-of-the-line variant is priced at R838,900. The price of a particular variant depends on its engine, transmission, and other features.
| Variant | Price |
|---|---|
| 2.0 Comfort CVT | R609,900 |
| 2.0 Elegance CVT | R669,900 |
| 1.5T Executive CVT | R755,900 |
| 1.5T AWD Exclusive CVT | R838,900 |
Additional Costs to Consider:
- Dealer Fees: Can include documentation, processing, and other administrative charges.
- Optional Add-ons: Upgraded features, accessories, or enhancements that come at an extra cost.
- Extended Warranties: Offer prolonged protection for the product at an additional price.
- Other Costs: Miscellaneous expenses that might arise such as transfer of ownership.
Monthly Installment
Monthly payments for the Honda CRV vary between R10,378 and R16,730
The following table provides a few example calculations using the prime interest rate + 2% (13.75%) over a period of 6 years or 72 months.
| Variant | Price | Installment | 10% deposit | 10% deposit and residual |
|---|---|---|---|---|
| 2.0 Comfort CVT | R609,900 | R12,163 | R10,947 | R10,378 |
| 2.0 Elegance CVT | R669,900 | R13,359 | R12,023 | R11,399 |
| 1.5T Executive CVT | R755,900 | R15,074 | R13,567 | R12,863 |
| 1.5T AWD Exclusive CVT | R838,900 | R16,730 | R15,057 | R14,275 |
The installment goes down when a 10% deposit is provided and even further when a 10% residual is added
Factors affecting your monthly installment:
- Prime interest rate
- Loan term
- Deposit
- Residual
- Credit score
Minimum monthly salary
Banks typically recommend not spending more than 15% of your monthly salary on a car repayment. With that in mind, here is the recommended monthly salary for each variant:
| Minimum Salary | |||
|---|---|---|---|
| Variant | No deposit | 10% deposit | 10% deposit and residual |
| 2.0 Comfort CVT | R81,086 | R72,977 | R69,189 |
| 2.0 Elegance CVT | R89,063 | R80,156 | R75,995 |
| 1.5T Executive CVT | R100,496 | R90,447 | R85,751 |
| 1.5T AWD Exclusive CVT | R111,531 | R100,378 | R95,167 |
Alternatives
As a compact SUV, the Honda CR-V fits into the SUV-B segment, characterized by its versatile design and practicality for urban and suburban use. The table below gives a comparison to other alternatives in the SUV-B segment.
| Name | Monthly From | Monthly To | Popularity |
|---|---|---|---|
| Toyota Corolla Cross | R6,360 | R10,843 | High |
| Omoda C5 | R7,148 | R10,169 | Very Low |
| Hyundai Creta | R7,359 | R10,420 | No Data |
| Kia Seltos | R7,509 | R11,208 | Low |
| Mazda CX-5 | R8,677 | R15,529 | Low |
| Nissan Qashqai | R9,547 | R13,373 | Very Low |
| Ford Puma | R9,581 | R12,243 | No Data |
| Hyundai Tucson | R9,872 | R16,271 | No Data |
| Honda CRV | R10,378 | R16,730 | Very Low |
| VW Tiguan | R10,472 | R16,562 | Medium |
| Citroen C5 Aircross | R10,857 | R13,639 | Very Low |
| Kia Sportage | R10,939 | R15,934 | Low |
| Toyota RAV4 | R12,147 | R16,618 | Low |
| Audi Q3 | R12,734 | R16,203 | Low |
| BMW X1 | R14,031 | R17,960 | Low |
| Hyundai Kona N | R15,145 | R16,929 | No Data |
Stats
Current popularity for the Honda CRV is Very Low with around 12 140 searches per month.
Tips to Secure the Best Monthly Installment Deal
Securing the best monthly installment deal is crucial for managing your finances effectively. Whether you're financing a car, home, or any other purchase, a favorable installment plan can save you money and reduce financial strain. Here are some tips to help you land the best deal:
- Research & Compare: Investigate various lenders, comparing their rates, terms, and fees using online tools.
- Check Credit Score: A better score can lead to lower rates. Regularly review and work on improving it.
- Negotiate: Don't settle for the first offer. Be informed about market rates and available promotions.
- Choose Shorter Terms: Longer terms might have smaller payments but higher interest. Opt for shorter terms if possible.
- Consider a Deposit: A significant deposit can reduce monthly payments and possibly get a better rate.
- Understand the Terms: Be clear on all conditions, especially penalties for early or missed payments.
- Maintain Your Budget: Determine your monthly limit and stick to it. Avoid tempting deals that exceed it.
- Seek Pre-approval: It provides clarity on what you qualify for and aids in negotiations.
By being diligent, informed, and proactive, you can secure a monthly installment deal that aligns with your financial goals and provides peace of mind.
Conclusion
Understanding the Honda CR-V price and monthly installment options is crucial for any potential car buyer. The CR-V's competitive pricing, coupled with thoughtful financing solutions, means that owning this versatile SUV can be within reach for many. It is therefore vital for buyers to conduct thorough research on the various models and their associated costs, as well as to explore available deals and financing options.
Potential buyers should also consider consulting with financial advisors to better understand the implications of their vehicle purchase on their personal finances. By being well-informed and seeking professional guidance, purchasers can make a decision that aligns with their financial realities and lifestyle needs. In the journey towards vehicle ownership, knowledge is the key to making a wise and satisfying investment.