The salary you need to afford the cheapest electric car in South Africa

You will need to earn at least R37,000 per month to afford the cheapest electric vehicle (EV) on a finance plan, according to a calculation by TopAuto.

BYD recently launched the new Dolphin Surf, a battery-powered hatchback that starts at R339,900, setting a new benchmark for affordable EVs in South Africa.

The Surf is available in two specifications – Comfort and Dynamic – which determine the battery size and driving range.

The Comfort has a 30kWh cell with a range of 232km, while the Dynamic has a larger 38.8kWh block good for 295km.

Both versions are equipped with a front-mounted electric motor, which generates 55kW and 135Nm.

The EV can also support charging speeds of up to 40kW DC, which can top up the larger battery from 30 to 80% in just under 30 minutes.

It’s also worth noting that the Surf supports V2L charging, which lets owners use the battery to power external devices.

Standard equipment on the base Comfort includes 16-inch alloy wheels, electric side mirrors, automatic LED headlights, keyless entry and start, a multifunction steering wheel, synthetic leather upholstery, a four-way manually adjustable driver’s seat, automatic air conditioning, four speakers, USB Type-A and Type C ports, a 7-inch digital driver display, and a 10.1-inch inch infotainment screen with voice commands, Apple CarPlay and Android Auto.

It also comes with front airbags, side curtain airbags, ISOFIX child seat anchor points, tyre pressure monitoring, cruise control, hill assist, regenerative brakes, rear parking sensors, and a reverse camera.

The Dynamic will then throw in front-side airbags, a six-way electric driver’s seat, a four-way manually adjustable front passenger seat, a one-touch electric driver’s window, and a wireless phone charger.

Each purchase includes a 3-year/100,000km warranty, a 3-year/60,000km service plan, and an 8-year/200,000km 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 – R339,900/R389,900
• 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 R7,401 per month for the Comfort, and up to R8,475 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 R37,005 per month to R42,375 per month to afford South Africa’s cheapest electric car on a finance plan.

Note that this figure does not account for insurance, which must also be factored into your budget.