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How using Uber could save you R5,490.19 every month

by , 04 October 2016
How using Uber could save you R5,490.19 every month
If you've been thinking of buying a new car, think again.

Buying a new car is generally a bad investment because it depreciates in value quickly and has high monthly costs.

Like most bad investments you make, the decision to buy a new car is ultimately driven by your emotions. You want to be the envy of your colleagues, friends and family pulling up in a spanking new vehicle.

Slick car sales people will entice you with the features of the car, the air-conditioning system, power steering, smooth driving experience, petrol consumption and the shiny metallic finish on the paint job.

But, imagine having your personal driver available to you 24 hours a day seven days a week. Imagine the surprise on the faces of your peers when you are picked up from your location, within four minutes of you booking your car, in a clean sedan. A few minutes later, you are dropped at your location with very little hassle.

Now, thanks to the innovative Uber app, you can get work done while you're moving around the city, drink as much as you want at parties, not worry about the traffic and save yourself as much as R5,490.19 every month.
 
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The SHOCKING true cost of buying a new car in South Africa today

I want to show you how much you can expect to pay on a new car every month. Let’s say you’re interested in a new Toyota Carrola 1.3 Esteem. There are no special bells on whistles on this car. It’s a stock standard Sedan with an air conditioner, power steering, airbags and metallic paint.
 
Toyota’s recommended retail price for the car is R256,900 – That’s what you’ll pay if you fork out cash. But can you really afford to walk into a dealership and pay that amount in cash?
 
Probably not...
 
You’ll have to get car finance payable over 36, 48 or 60 months.
 
So let’s take a closer look at your monthly repayment options as calculated by Toyota Financial Services repayment calculator. Note that I’ve included a service plan. For simplicity sake, I’ve excluded general maintenance costs like the cost of tyres, brake pads, shock absorbers and petrol.
 
This calculation is based on a 48 month payment plan with an 11% interest rate. Here’s what you can expect to pay at the end of your 48 months:
  • 10% Deposit – R25,600
  • Extras (accessories, service plans and warrantees – R12,000
  • Admin fee R68.00
  • Once off initiation fee – R1,197
  • Monthly instalment – R6,390.19 x 48 months=R306,729.12
  • Average monthly insurance payment – R1,700 x 48 months=R81,600
  • Monthly petrol – R2,400 x 48 months
  • TOTAL PAYMENT AFTER 48 MONTHS – R427,194.12
That’s shockingly high when you consider that when you buy the car cash, it’s valued at R256,900.
 
 
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How Uber can save you R5,490.19 a month or R263,529.12 in 48 months

 
When I sat down to do this calculation for myself I was shocked. You see, for the past four months I’ve been using Uber at least 8 to 10 times a week to get to and from meetings.
 
The average trip in an Uber cost me R125. At 10 trips a week, that’s around R5,000 a month for a personal driver that’s available 24/7. I have no stress in traffic, speeding fines, E-toll payments, petrol worries or general maintenance on a car.
 
To calculate how much money I am saving every month I looked at the total monthly repayments on a new car and included the average cost of petrol every month:
  • Monthly instalment – R6,390.19
  • Monthly Insurance – R1,700
  • Petrol – R2,400
  • TOTAL MONTHLY COST – R10,490.19
I was gobsmacked. 
 
 
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Just because I am using Uber to get around, I am saving around R5,490.19 a month

 
If I put that money away in a savings account that offers zero interest, my savings would come to R263,529.12 in 48 months.
 
So, if you’ve been thinking of buying a new car, think again. Calculate the total cost of a new car. Then find out how much it would cost you to use Uber to and from work every day. I think you’ll be surprised at how much money you can save every month.
 
Bonus Tip: If you’re in a lift club, Uber allows you to split the fare with your fellow riders. So, you could further reduce the cost of your Uber trips. 
 
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Aiden Sookdin
Contributing Editor, Real Wealth



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