As a child we grow up thinking, ‘I want to be a millionaire’. However, what does it really mean? Having a million rand, dollars or euro’s depends entirely on one thing: what does it equate to?
What does it equate to, what does it mean to have a million?
In order to understand the value of a million dollars, rand or euro’s, one needs to understand what you can buy with the money. Let us use South Africa as an example: what vehicles can you buy in South Africa for a million rand?
Here is a list of vehicles that you can buy that cost a million rand:
Number One – A Polo Vivo
The polo vivo is the most popular vehicle in South Africa. Since its introduction, it has raced to the top of the pack and it is largely thanks to its affordability and reliability. If you were to buy a million rands worth of polo vivo’s you would be able to purchase 8.3 cars.
Number Two – The RAV4
The Toyota RAV4 is the most popular sports SUV (small utility vehicle) in South Africa. The 2.0litre GX model (the entry level) costs R320 900. This equates to 3.1 Toyota RAV4’s for one million rand.
Number Three – The Renault Scenic
The Renault Scenic is seen as one of the top family vehicles in South Africa. The latest 2013 Scenic 1.6 Expression has a retail price of R259 900. Therefore, if you had one million rand, you could purchase 3.8 Renault scenic’s.
Number Four – The Hyundai I20 1.4
The Hyundai I20 is seen as another entry level vehicle. This vehicle is fitted with power steering, airbags, alloyed wheels, central locking and parking assistance. Purchasing a new one will cost you R168 990 and therefore, if you where to buy a million rands worth of this vehicle, you would be able to purchase 5.9 cars.
Number Five – The Audi A3
The new Audi A3 is considered a luxury vehicle in South Africa. The new 2013 model has a sportier and more handsome shape than previous models and is priced at R267 000. This means that for your million rand, you will be able to purchase 3.7 Audi A3’s.
In conclusion, having a million rand used to mean that you were in the top bracket of the economy. Nowadays banks offer personal loans for over a million simply to afford a new car or house. Having a million rand in 2013 compared to in 1950 is a completely different story.
I am Greg Jones, a wealth and personal loans advisor. When my clients come to me, they often ask what they can do with my money. I always start by explaining how small their investment really is in the grand scheme of things. I do this so that they are not disillusioned by money and have a realistic idea on how it can grow.
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