A recent study found that South Africa has the most expensive cars.
It costs 55% more to get and keep an entry-level vehicle on the road in South Africa than it does in the USA.
It will also take 95% of the average salary of a public school teacher to buy the vehicle, compared to only 23% in the USA.
This means that if that teacher could spend his entire monthly salary towards saving to buy the car, it would take South Africans 11.4 months to save the amount, while it would take an American teacher just shy of three months.
In an International Mobility Study released on Wednesday by moveable asset-based financier Wesbank, the cost of buying, using and maintaining an entry-level vehicle was compared across seven countries – Australia, Brazil, China, Germany, South Africa, the UK and the United States.
Using the salary of a public high school Mathematics teacher with five years’ experience would make in the specific country, the purchasing parity comparison put South Africa as the second most expensive country just after Brazil. In Brazil the purchasing price of the vehicle amounts to 122% of the teacher’s annual salary.
Read more on moneyweb.co.za