It's sinful what South Africans spend on cars but research into M-division BMW shows that it could be worse.
We hear it often: South Africans pay too much for cars and that there is the truth of it. But do we? Do we actually spend that much more on cars than the rest of the world? The facts show that South Africans buy a lot of cars - expensive ones too - and was third on the global list of M-division BMWs sold last year, which is extraordinary considering that M-division BMWs are the most expensive of an already expensive brand. South Africans certainly punch above their weight when it comes to car buying.
So, in honour of its name, in honour of all BMWs out there, Gusheshe did some research to figure out what we are actually paying for M-division BMWs compared to the rest of the world, and hope that it can give some insight into the broader research of how much we are paying for cars in general compared to other humans. Are we actually being as ripped off as we think we are? What we found was both encouraging and frightening and, for the most part, we can consider ourselves lucky.
Of course, it's difficult to compare prices in different economies. People earn differently elsewhere and we should not forget that South Africans, in general, still pay more for cars compared to what they earn. Regardless, the below graph shows that we are not worse off than our economic and political contemporaries but are certainly worse off than the developed nations of the world.
In South Africa, a BMW M3 Sedan costs R1,212,536. I'll let you figure out the rest.
Bear in mind, Russia does not sell the M3 Sedan and its value here is for the M4 Coupe, which is globally a tad more expensive.