The salary you need to afford the new Ford Everest in South Africa

You will need to earn at least R88,000 per month to afford the new Ford Everest in South Africa if you decide to buy it with a finance plan, according to a calculation by TopAuto.

The Blue Oval recently updated the Everest series for South Africa, lowering the number of models from six to five.

More importantly, the SUV’s starting price was slashed by R128,000, dropping from R953,000 to R825,000.

However, the price of the range-topping model – the Platinum – increased from R1,324,000 to R1,340,000.

Engine-wise, the 2.0-litre bi-turbo diesel block has been dropped from the range, along with the XLT trim level.

Instead, there is a new Active specification with a 2.0-litre single-turbo powertrain, which generates 125kW and 405Nm, and is available in 4×2 or 4×4 configurations.

The mid-range Sport and the top-end Wildtrak and Platinum feature the brand’s 3.0-litre V6 turbo-diesel engine, which has a higher output of 184kW and 600Nm and a 4×4 system.

All five models use a 10-speed automatic gearbox.

The 4×2 Adventure SUV also has driving modes for Normal, Eco, Tow/Haul, and Slippery – and the 4×4 units add two more settings for Mud/Ruts and Sand, as well as a locking rear diff.

Equipment on the base Everest starts with 18-inch alloy wheels, automatic LED headlights, roof rails, and side steps.

It also comes with seven cloth seats, an electric driver’s chair, keyless entry and start, a multifunction steering wheel, automatic climate control, a wireless charging pad, an 8-inch digital instrument cluster, and a 12-inch portrait infotainment screen with wireless Apple CarPlay and Android Auto.

Additionally, it has driver-assistance features such as adaptive cruise control with Stop & Go, lane centring, lane-keep assist, driver alert monitoring, ABS, electronic stability control, front and rear parking sensors, and a rearview camera.

Higher-spec models will then add nice-to-haves like 21-inch alloys, Matrix LED headlights, heated and ventilated front seats, a heated steering wheel, a larger 12-inch driver display, a 12-speaker Bang & Olufsen stereo, and a moonroof.

Each purchase comes with a 4-year/120,000km warranty.

What you need to earn

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

• Car price – R825,000/R1,340,000
• Payment term – 60 months (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 R17,725 per month for the 4×2 Active, and up to R28,731 per month for the 4×4 Platinum.

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 R88,625 per month to R143,655 per month to afford the SUV on a finance plan, assuming you don’t pay a deposit.

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