The salary you need to afford Toyota’s first electric car in South Africa

You will need to earn around R125,000 per month to afford the Toyota’s first electric car in South Africa if you decide to buy it on a finance plan, according to a calculation by TopAuto.

Toyota has finally launched the bZ4X, an electric SUV that has been in the pipeline for our market for several years.

It is available in a single all-wheel-drive specification with a starting price of R1,182,800.

The bZ4X features an electric motor over each axle, which combine to generate an output of 255kW and 438Nm.

This lets it accelerate from 0 to 100km/h in just 5.1 seconds, faster than most hot hatchbacks.

The e-motors get their power from a 73.1kWh battery that provides an electric driving range of just over 450km.

Using a 150kW DC fast charger, owners can achieve a 0-80% recharge in roughly 29 minutes.

Alternatively, a 7.4kW AC home charger will get the job done in 3.5 hours.

Equipment on the Toyota starts with adaptive LED headlights, LED daytime running lights, rain-sensing wipers, roof rails, a rear spoiler, a powered tailgate, electric side mirrors with blind spot indicators, and 20-inch alloy wheels.

Other features include keyless entry and start,  leather upholstery, a heated steering wheel, dual-zone climate control, electric front seats, a 7-inch TFT instrument cluster, a nine-speaker JBL stereo, and a 14-inch infotainment screen with Apple CarPlay and Android Auto.

It even comes with paddle shifters, though since the EV obviously doesn’t have a gearbox, these are used to adjust the regenerative brakes.

Lastly, the SUV comes with driving aids such as adaptive cruise control, a panoramic camera system, lane-keep assist, blind spot monitoring, crawl control, hill start assist, hill descent control, tyre pressure monitoring, and front and rear parking sensors with sonar.

Each purchase comes with a 3-year/100,000km warranty, a 6-year/90,000km service plan, and an 8-year/160,000km battery warranty.

What you need to earn

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

• Car price – R1,182,800
• Payment term – 60 months (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 R25,518 per month for the bZ4X.

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 R127,590 per month to afford Toyota’s electric car on a finance plan, assuming you don’t pay a deposit.

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