The salary you need to earn to afford BMW’s cheapest sedan in South Africa

Motorists aspiring to own a BMW sedan will need to earn at least R80,000 per month to afford one on a finance plan in South Africa, according to a calculation by TopAuto.

The German carmaker has officially launched the new 2 Series Gran Coupe, which shares a platform with the next-gen 1 Series hatchback.

This makes it the most affordable sedan in BMW’s roster, with prices ranging from R733,559 to R1,043,099.

There are two powertrains on offer, starting with the 218 – a 1.5-litre turbocharged petrol plant with 115kW and 230Nm.

This is sent down to the front wheels via a seven-speed dual-clutch automatic gearbox, letting the sedan sprint to 100km/h in 8.5 seconds before capping out at 226km/h.

It also has an average fuel consumption of 6.4l/100km.

The other option is the flagship M235, which features a 2.0-litre turbo engine with 225kW and 450Nm.

This model can accelerate to 100km/h in just 4.9 seconds, and has a higher top speed of 250km/h.

It also uses the xDrive all-wheel-drive system for better traction and power delivery, with the only drawback being a higher fuel stat of 7.8l/100km.

Standard equipment on the 218 includes LED headlights, 17-inch alloy wheels, eco-friendly leather-free upholstery, keyless entry and start, a multifunction steering wheel, heated and electronically adjustable front seats, automatic climate control, and ambient lighting.

On the dashboard, you’ll find a new dual curved display comprised of a 10.25-inch digital instrument gauge and a 10.7-inch infotainment screen, which supports cloud-based navigation, Apple CarPlay and Android Auto.

Additionally, the BMW is fitted with assistance functions like front-collision warning, lane-departure warning, exit warning, traffic sign recognition, and a Parking Assistant with a 360-degree camera and parking sensors.

The M Sport package (standard on the M235) then adds a quad exhaust, M Sport seats with massage and lumbar support functions, an M Sport leather steering wheel with paddle shifters, larger 18-inch alloys, and adaptive M suspension.

Each purchase comes with a 2-year/unlimited-kilometre warranty and a 5-year/100,000km maintenance plan.

What you need to earn

We can use the following formula to work out the monthly payments on the new BMW:

• Car price – R733,559/R1,043,099
• Payment term – 60 terms (5 years)
• Interest – 11.00%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R16,044 per month for the 218, and up to R22,775 per month for the M235.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

This means you’ll need to earn anywhere from R80,220 per month to R113,875 per month to afford the new 2 Series Gran Coupe on a finance plan.

Note that this figure does not account for insurance, fuel, and maintenance, which must all be factored into your budget.