The salary you need to afford the new GWM P300 in South Africa

Motorists will need to earn at least R57,425 per month to afford the new GWM P300 on a finance plan, according to a calculation by TopAuto.

The Chinese carmaker recently introduced an LS variant for the P300 bakkie, which is positioned as the new starting point of the range.

The LS is available in both rear-wheel and four-wheel-drive configurations with prices starting at R529,900 and R579,900, respectively.

It is equipped with a 2.4-litre turbocharged diesel engine, which generates 135kW and 480Nm.

It also has a nine-speed automatic gearbox, and fuel consumption averages out to 8.2l/100km.

Both versions of the GWM can take 1,050kg in the load tray, though the towing capacity changes depending on the model.

The rear-wheel units can tow 3,000kg, while the 4×4 can take up to 3,500kg.

The four-wheel-drive version also features an electronic rear differential.

In terms of equipment, the P300 comes standard with automatic LED headlights, daytime running lights, rain-sensing wipers, 18-inch alloy wheels with silver brake calipers, fixed side steps, roof rails, a chassis guard, an electronic-lock tailgate, and a full-size steel spare wheel.

Furthermore, the pickup is fitted keyless entry and start, a leather multifunction steering wheel with paddle shifters, an aviator-style gear selector, automatic air conditioning, leatherette upholstery, a wireless charger, front and rear USB ports, six speakers, a 7-inch digital driver display, and a 12.3-inch infotainment screen with voice commands, Apple CarPlay, and Android Auto.

On top of this, the GWM has assistance features such as cruise control, ABS, electronic stability control, tyre pressure monitoring, driver attention alert, rear parking sensors, and a reverse camera.

Each purchase comes with a 7-year/200,000km warranty, a 7-year 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 – R529,900 /R579,900
• Payment term – 60 terms (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 R11,485 per month for the LS, and up to R12,559 per month for the LS 4×4.

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 between from R57,425 per month to R62,795 per month to afford the new P300 on a finance plan.

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