The salary you need to afford South Africa’s cheapest electric car

If you are considering South Africa’s cheapest electric car as your next purchase, you will need to earn at least R36,500 per month to afford the Geely E2 on a finance plan, according to a calculation by TopAuto.

The E2 is a compact, all-electric hatchback that enters the local market at R339,900, making it R2,000 cheaper than the country’s former cheapest electric car, the BYD Dolphin Surf.

It arrived in two specifications, the Aspire and Apex, which feature identical single rear-mounted electric motors.

This setup produces 85kW and 150Nm, which allows the E2 to accelerate from 0-100km/h in 11.5 seconds and reach a top speed of 130km/h

The E2’s 39.4kWh battery enables a driving range of up to 325km on the WLTP cycle, and supports both 7kW AC and 70kW DC charging.

AC charging requires around six-and-a-half hours to refill the battery from 10% to 100%, while DC charging gets 30% to 80% done in 25 minutes.

The Aspire is fitted with 15-inch steel wheels, LED headlights and daytime running lights, LED taillights, keyless entry and start, manual air conditioning, fabric seats, rear parking sensors, and a reversing camera.

It also features an 8.8-inch digital instrument cluster and a 14.6-inch infotainment screen with Apple CarPlay, Android Auto, and 4G connectivity.

The higher-spec Apex adds 16-inch alloy rims, two-tone paint, rear privacy glass, and chrome detailing on various components.

Inside, it has vegan leather upholstery, soft-touch surface materials, an electric driver’s seat, a wireless charger, ambient lighting, and a six-speaker stereo.

The Apex also adds adaptive cruise control, a 360-degree camera with a chassis view, automatic emergency braking, lane-departure warning, forward collision warning, and intelligent high beam control.

What you need to earn

The following formula can be used to work out the monthly repayments on a new Geely E2:

• Car price – R339,900/R389,900
• Payment term – 60 terms (5 years)
• Interest – 10.25%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you will need to pay at least  R7,359 per month for the Aspire variant, and up to R8,427 per month for the Apex derivative.

Financial experts 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 R36,800 per month to R42,150 per month to afford the Geely E2 on a finance plan.

It must be noted that this figure does not take into account insurance, electricity, or maintenance, which must all be factored into your budget.