The salary you need to earn to never spend money on petrol again

South Africans earning at least R37,000 per month can say goodbye to petrol and diesel vehicles forever if they so choose, as this is the salary you need to afford the cheapest electric vehicle (EV) in the country.

This title currently belongs to the Geely E2, a battery-powered hatchback available in two trim levels with prices ranging from R339,900 to R389,900.

Both models, the Aspire and Apex, are fitted with a single rear-mounted electric motor that produces 85kW and 150Nm.

The e-motor gets its power from a 39.4kWh battery, which affords a WLTP range of 325km and supports both AC and DC charging.

With a standard 7kW AC charger, owners can achieve a 10% to 100% charge in around six and a half hours, according to the manufacturer.

On the other hand, using a 70kW DC fast charger will top up the cells from 30% to 80% in just 25 minutes.

The E2 also supports vehicle-to-load (V2L) charging, meaning owners can use the battery to power external devices.

Equipment on the Chinese hatchback starts with 15-inch steel wheels, LED headlights and daytime running lights, LED taillights, keyless entry and start, manual aircon, fabric seats, rear parking sensors, and a reversing camera.

On the dashboard, you’ll find an 8.8-inch digital driver display and a 14.6-inch infotainment screen with Apple CarPlay and Android Auto.

The higher-spec Apex adds 16-inch alloy rims, two-tone paint, rear privacy glass, vegan leather upholstery, soft-touch surface materials, an electric driver’s seat, a wireless charger, ambient lighting, and a six-speaker stereo.

It also has an expanded driver-assistance suite with 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.

Each purchase comes with a 4-year/150,000km vehicle warranty, an 8-year/200,000km battery warranty, a 3-year/200,000km service plan, and a 5-year/unlimited km roadside assistance plan.

What you need to earn

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

• Car price – R339,900/R389,900
• 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 R7,401 per month for the Aspire, and up to R8,476 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 R37,005 per month to R42,380 per month to afford the EV 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.