The salary you need to afford South Africa’s cheapest plug-in hybrid SUV

You will need to earn at least R54,000 per month to afford the new BYD Sealion 5 on a finance plan, according to a calculation by TopAuto.

The Sealion 5 is a new plug-in hybrid (PHEV) SUV that is available in two specifications – the Comfort and Dynamic – with prices starting at R499,000.

This makes it the cheapest PHEV in South Africa, claiming the title from the Geely E5 EM-i, which asks for a minimum of R599,999.

BYD’s latest model is equipped with a 1.5-litre petrol engine and a single front-mounted electric motor, which combine to produce 156kW and 300Nm.

Both versions use a 12.96kWh battery, which gives it an electric driving range of 52km.

Owners can use a 3.5kWh AC outlet to charge the battery in around four hours.

BYD claims that the SUV has an average fuel economy of just 1.2l/100km, provided you use the electric mode, as the combustion engine alone consumes roughly 5.2l/100km.

Standard features include 18-inch alloy wheels, rain-sensing wipers, automatic LED headlights, LED daytime running lights, keyless entry and start, an imitation leather multifunction steering wheel, climate control, six speakers, voice commands, USB Type-A and Type-C ports, an 8.8-inch digital driver display, and a 12.8-inch infotainment screen with Apple CarPlay and Android Auto.

It also comes with adaptive cruise control, traffic sign recognition, intelligent speed limit control, forward and rear collision warning, lane-departure warning, automatic emergency braking, blind spot detection, hill hold control, hill descent control, ABS, electronic stability control, tyre pressure monitoring, a rearview camera, and four rear parking sensors.

Anyone who opts for the higher-spec Dynamic can also expect silver roof rails, auto-folding side mirrors, an electric tailgate, six-way electric driver’s seat with heating and ventilation, a four-way electric front passenger seat, two front parking sensors, a 360-degree camera system, and an electric sunroof.

Each purchase includes a 5-year/100,000km warranty, a 4-year/60,000km maintenance plan, and an 8-year/200,000km hybrid battery warranty.

What you need to earn

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

• Car price – R499,900/R569,900
• Payment term – 60 terms (5 years)
• Interest – 10.25%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R10,778 per month for the Comfort, and up to R12,274 per month for the Dynamic.

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 R53,890 per month to R61,370 per month to afford the new Sealion 5 on a finance plan.

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