The salary you need to earn to afford the new GWM P500 bakkie in South Africa

Motorists will need to earn roughly R78,000 per month to afford the new GWM P500 on a finance plan in South Africa, according to a calculation by TopAuto.

Great Wall Motors recently launched a new derivative for its flagship pickup series, adding a 3.0-litre turbocharged diesel engine to the range.

The new model is available in two specifications, the Super Luxury and Ultra Luxury, with prices starting at R724,900 and R799,900, respectively.

The Super Luxury is rear-wheel-drive, while the Ultra Luxury is four-wheel-drive. In both cases, a nine-speed automatic transmission sends power to the wheels.

With its new diesel block, the bakkie develops a hefty total of 170kW and 620Nm, compared to the 2.4-litre turbo-petrol unit’s 135kW and 480Nm.

It also achieves a lower fuel consumption of 7.3l/100km, compared to the petrol’s 8.6l/100km. The towing capacity maxes out at 3,500kg.

Equipment on the high-end high-rider includes a 12.3-inch digital driver cluster, a head-up display, and a 14.6-inch infotainment screen with wireless Apple CarPlay and Android Auto.

It also has leather upholstery with heating, ventilation, and massage functions for the front seats. These seats are electronically adjustable and have memory settings for the users.

A 360-degree HD camera system with a transparent chassis view setting is included, as is Intelligent Cruise Control, Adaptive Cruise Control, Autonomous Emergency Braking, parking sensors, and seven airbags.

Each purchase comes with a 7-year/200,000km warranty, a 7-year/unlimited-kilometre roadside assistance plan, and a 7-year/75,000km service plan.

What you need to earn

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

• Car price – R724,900/R799,900
• 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 R15,676 per month for the Super Luxury, and up to R17,288 per month for the Ultra Luxury.

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 R78,380 per month to R86,440 per month to afford the new P500 on a finance plan, assuming you don’t pay a deposit.

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