The salary you need to afford the new Chery Tiggo 7 in South Africa

Motorists will need to earn at least R46,945 per month to afford the new Chery Tiggo 7 on a finance plan, according to a calculation by TopAuto.

The Chinese automaker recently launched the facelifted Tiggo 7 in South Africa, which is available in three specifications – Prime, Prestige, and Legacy – with prices ranging from R429,900 to R549,900.

The base Prime features a 1.5-litre turbocharged petrol engine, which delivers 108kW and 210Nm.

This connects to the front wheels via a six-speed dual-clutch automatic gearbox, leading to an average fuel consumption of 6.9l/100km.

The other two models are fitted with a more powerful 1.6-litre turbo, which produces 145kW and 290Nm.

These units also have seven gears instead of six, and consume slightly more fuel at 7.2l100km.

In terms of its looks, the updated SUV has a new diamond-effect grille, a more prominent front bumper, and new LED headlights.

Standard equipment across the range starts with 18-inch alloy wheels, electric side mirrors, rain-sensing wipers, keyless entry and start, a multifunction steering wheel, six speakers, dual-zone climate control with rear vents, and a pair of 12.3-inch screens for the driver and infotainment systems.

The Tiggo 7 also comes with Apple CarPlay, Android Auto, voice commands, cruise control, traction control, tyre pressure monitoring, parking sensors, a rearview camera, and four airbags.

The mid-range Prestige then adds larger 19-inch alloys, artificial leather upholstery, a six-way electronically adjustable driver’s seat, ambient lighting, a 540-degree camera, blind-spot detection, and rear cross-traffic alert.

Anyone who picks up the Legacy can also expect heated front seats, a panoramic sunroof, an electric tailgate, an eight-speaker Sony stereo, lane keep assist, adaptive cruise control, automatic emergency braking, emergency lane keeping, intelligent headlamp control, and traffic jam assist.

Each Chery is sold with a 5-year/150,000km warranty, a 5-year/60,000km service plan, and a 10-year/1-million kilometre powertrain warranty valid for the first owner.

What you need to earn

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

• Car price – R429,900/R549,900
• Payment term – 60 terms (5 years)
• Interest – 10.75%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R9,389 per month for the Prime, and up to R11,983 per month for the Legacy.

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 R46,945 per month to R59,915 per month to afford the Tiggo 7 on a finance plan.

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