The true cost of buying a car

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Imagine if, over the next 15 years, whenever you buy a car, you opt for the more affordable option and keep  investing that R2 000 a month into a tax-free savings account. Photo: iStock
Imagine if, over the next 15 years, whenever you buy a car, you opt for the more affordable option and keep investing that R2 000 a month into a tax-free savings account. Photo: iStock

PERSONAL FINANCE

Banks say that the main reason they turn down home loan applications is affordability, and that the main culprit is often car finance. This is because potential homeowners are spending far too much of their disposable income on paying off their cars.

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