Hyundai Santa Fe Monthly Installment
by Leland Morrison, on 5 February 2024
Jump to
- Overview
- Evolution of the Hyundai Santa Fe
- Hyundai Santa Fe Price
- Hyundai Santa Fe Monthly Installment
- Minimum Monthly Salary
- Alternatives
- Stats
- Tips to Secure the Best Monthly Installment
- Conclusion
Overview
The Hyundai Santa Fe has established its reputation as a versatile and reliable family SUV. It is designed to accommodate the needs of consumers who seek comfort, safety, and performance in their daily commute and adventurous outings. Over the years, the Santa Fe has been an ideal choice for those looking to create lasting memories with family and friends.
Evolution
Over time, the Hyundai Santa Fe has undergone significant evolution. From its earlier models, known for their practicality and affordability, to the newer iterations that boast a premium look and feel with features like 20” alloy wheels, full LED headlamps, and sophisticated safety systems. The Elite model, in particular, showcases Hyundai's dedication to luxury and technological advancement with its plush interior and a host of convenience features.
Price
The Hyundai Santa Fe is available in a range of variants, each with its own set of features and price tag. The base model starts at R931,900, while the top-of-the-line variant is priced at R1,094,500. The price of a particular variant depends on its engine, transmission, and other features.
| Variant | Price |
|---|---|
| R2.2 Executive FWD | R931,900 |
| R2.2 Elite AWD | R1,050,500 |
| R2.2 Elite AWD MY23 | R1,094,500 |
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 Hyundai Santa Fe vary between R15,858 and R21,827
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 |
|---|---|---|---|---|
| R2.2 Executive FWD | R931,900 | R18,584 | R16,726 | R15,858 |
| R2.2 Elite AWD | R1,050,500 | R20,949 | R18,855 | R17,876 |
| R2.2 Elite AWD MY23 | R1,094,500 | R21,827 | R19,644 | R18,624 |
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 |
| R2.2 Executive FWD | R123,895 | R111,506 | R105,717 |
| R2.2 Elite AWD | R139,663 | R125,697 | R119,172 |
| R2.2 Elite AWD MY23 | R145,513 | R130,962 | R124,163 |
Alternatives
With its 7-seater capacity, enhanced performance, and sizable dimensions, the Hyundai Santa Fe is appropriately placed in the SUV-D segment. It offers the space and functionality typically expected in this class. The table below gives a comparison to other alternatives in the SUV-D segment.
| Name | Monthly From | Monthly To | Popularity |
|---|---|---|---|
| Toyota Fortuner | R10,697 | R19,053 | No Data |
| Ford Everest | R15,201 | R24,427 | No Data |
| Hyundai Santa Fe | R15,858 | R21,827 | No Data |
| Kia Sorento | R15,899 | R22,315 | Very Low |
| Toyota Land Cruiser Prado | R20,117 | R26,910 | No Data |
| Hyundai Palisade | R21,294 | R24,021 | No Data |
Stats
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 price and monthly installment options for the Hyundai Santa Fe is crucial for potential buyers. Given the significant investment that a vehicle purchase represents, it is important for customers to conduct comprehensive research and even seek the guidance of financial advisors to ensure that the decision to buy aligns with their financial situation. By delving into the specifications, safety features, and performance data of the Santa Fe, consumers can make an informed choice that matches their lifestyle and budgetary needs.
source: https://www.hyundai.co.za/new-vehicles/showroom/suv/santa%20fe