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

You will need to earn at least R65,000 per month to afford the new Geely E5 EM-i on a finance plan, according to a calculation by TopAuto.

Geely is the latest Chinese car brand to open its doors in South Africa, brining with it two new models – the E5 and the E5 EM-i.

The EM-i is a plug-in hybrid (PHEV) SUV that is available in two specifications – the Aspire and Apex – with prices starting at R599,999 and R679,999, respectively.

Both versions feature a 1.5-litre naturally aspirated petrol engine with 73kW and 125Nm.

This is assisted by a front-mounted electric motor, which contributes an additional 160kW and 320Nm.

This gives the PHEV a combined output of 193kW, letting it sprint from 0 to 100km/h in 8.0 seconds.

Powering the e-motor is an 18.4kWh battery, which affords an electric driving range of 83km.

Charging the cells can be done with either a 6.6kWh AC or 36kW DC outlet, the latter of which can achieve an 80% charge in roughly 20 minutes.

Looking at its equipment sheet, the base Aspire comes with LED headlights and daytime running lights, roof rails, 18-inch alloy wheels, keyless entry and start, a faux leather multifunction steering wheel, artificial leather upholstery, automatic air conditioning, a 10.2-inch digital driver display, and a 15.4-inch infotainment screen.

It also has a driver assistance suite comprising adaptive cruise control, emergency lane-keep assist, ABS, hill start and descent control, parking sensors, and a rearview camera.

Anyone who springs for the Apex can expect larger 19-inch alloy rims, a panoramic sunroof, a powered tailgate, 256-colour ambient lighting, a heads-up display, electric front seats with ventilation, a wireless charger, rear cross-traffic alert, lane-change assist, and blind spot detection.

Each purchase comes with a 6-year/150,000km warranty, a 5-year/75,000km service plan, a 5-year/unlimited-kilometre roadside assistance 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 Geely:

• Car price – R599,999/R679,999
• Payment term – 60 terms (5 years)
• Interest – 10.25%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R12,917 per month for the Aspire, and up to R14,627 per month for the Apex.

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 R64,585 per month to R73,135 per month to afford the new E5 EM-i on a finance plan.

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