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

Should you wish to get your hands on South Africa’s new cheapest plug-in hybrid (PHEV), the BYD Atto 2 DM-i, you will need to earn at least R49,000 per month to afford it on a finance plan, according to a calculation by TopAuto.

BYD recently unveiled the crossover SUV in two derivatives and a R449,900 starting price, making it the cheapest PHEV in South Africa.

It is R60,000 cheaper than the country’s previous cheapest PHEV, the R509,900 BYD Sealion 5, and around R110,000 more than the Chinese automaker’s cheapest local offering, the R341,900 Dolphin Surf.

For this price, buyers can expect a compact SUV fitted with a 1.5-litre petrol motor mated to a single, front-axle electric motor and 7.85kWh Blade battery.

This configuration allows for a maximum overall output of 122kW and 300Nm, a total battery-only travel distance of 40km, and a combined total range of 930km.

These numbers are true for both the Comfort and Dynamic derivatives, so the difference between the two models comes down to their equipment and features.

The base trim level is fitted with 16-inch alloy wheels, rain-sensing wipers, automatic LED headlights, and LED daytime running lights and taillights.

For convenience, it features keyless entry and start, while inside, buyers can expect to find a multifunction steering wheel, cloth upholstery, automatic climate control, a digital driver display, and a 10.1-inch infotainment screen with wireless Apple CarPlay and Android Auto.

Safety features and driver conveniences include tyre pressure monitoring, six airbags, lane-keep assist, blind spot detection, traffic sign recognition, cruise control, rear parking sensors, and a rearview camera.

The higher-spec Dynamic trimline adds an electrically adjustable driver’s seat, artificial leather upholstery, heated front seats, auto-folding side mirrors, a 50W wireless charger, and a larger 12.8-inch touchscreen.

It also boasts a wide range of driver assistance features, including lane-keep assist, blind spot detection, traffic sign recognition, adaptive cruise control, front parking sensors, and a surround-view camera.

What you need to earn

We can use the following formula to work out the monthly payments on South Africa’s most affordable plug-in hybrid electric vehicle:

• Car price – R449,900/R489,900
• Payment term – 60 months (5 years)
• Interest – 10.50%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R9,765 per month for the entry-level Comfort, and up to R10,625 per month for the top-spec Dynamic.

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

Considering this, you’ll need to earn anywhere from R48,850 per month to R53,150 per month to afford the BYD Atto 2 on a finance plan, assuming you don’t pay a deposit.

It must be noted that this does not take into account other ownership costs, like insurance, fuel, and maintenance, which must all be factored into your budget when calculating affordability.