The salary you need to earn to afford South Africa’s newest Chinese bakkie

Bakkie enthusiasts looking to pick up South Africa’s newest model will need to earn at least R54,000 per month to afford one on a finance plan, according to a calculation by TopAuto.

The model in question is the new T60, the first vehicle to come from Chinese automaker LDV which has just opened shop on our shores.

The double cab is sold in 10 specifications, and prices range from R480,000 to R790,000.

Engine options in the T60 family consist of two 2.0-litre diesel blocks that come in single and bi-turbo variants, with the former producing 120kW and 375Nm, while the latter puts out 160kW and 500Nm.

The single-turbo can be had with either a 4×2 or 4×4 layout, and a six-speed manual or automatic gearbox. Meanwhile, the bi-turbo is exclusively married to a 4×4 system and an eight-speed auto shifter.

As for its spec sheet, every T60 comes standard with 16-inch alloy wheels, daytime running lights, a reverse camera, electronic stability control, cruise control, a 7.0-inch media screen with Apple CarPlay and Android Auto, fabric seats, four speakers, a multifunction steering wheel, and manual air conditioning.

Upgrading to one of the higher tiers will then add larger wheels, automatic LED headlights, rain-sensing wipers, side steps, roof rails, rear parking sensors, a 360-degree camera, lane-departure warning, driver alert monitoring, a rear diff lock, keyless entry, a 10.25-inch central display, two more speakers, leather upholstery, heated seats, and climate control.

Each purchase comes with a 5-year/200,000km warranty and a 5-year/100,000km service plan.

What you need to earn

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

• Car price – R480,000/R790,000
• Payment term – 60 terms (5 years)
• Interest – 11.75%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you will need to spend anywhere from R10,713 per month and R17,569 per month to purchase the new bakkie.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

This means you will need to earn at least R53,565 per month and R87,845 per month to afford the Chinese double cab on a finance plan.

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