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Wednesday / 13 November 2024
HomeFeaturesThe salary you need to earn to afford the new GWM P500 in South Africa

The salary you need to earn to afford the new GWM P500 in South Africa

Bakkie enthusiasts who are keen to own South Africa’s first hybrid model will need to earn over R100,000 if they opt for a finance plan rather than an outright purchase, according to a calculation by TopAuto.

GWM recently launched the country’s first hybrid double cab in the form of the new P500, which is positioned as the flagship of the brand’s P-Series of bakkies.

Prices for the P500 start at R799,900and goup to R999,900 if you want the semi-electric version.

In terms of powertrains, the base units feature a 2.4-litre, turbo-diesel engine which produces 135kW and 480Nm and is paired with a nine-speed automatic gearbox and a 4×4 system.

This powertrain consumes an average of 8.6l/100km and can tow up to 3,500kg.

The hybrid, meanwhile, pairs a 2.0-litre petrol block with an electric motor, generating a combined total of 255kW and 648Nm in the process.

It uses an alternate version of the nine-speed auto transmission and 4×4 system, and drinks 9.8l/100km.

All variants of the bakkie come with driving modes for Normal, Eco, and Sport, as well as an electronic rear diff lock.

In terms of equipment, the P500 range is fitted with automatic LED lights, roof rails, side steps, 18-inch alloy wheels, automatic wipers, keyless entry and start, leather seats, a digital driver’s display, a 12.3-inch infotainment system with wireless Apple CarPlay and Android Auto, and six speakers.

It also comes with a long list of assistance items including front and rear parking sensors, a 360-degree camera, trailer sway mitigation with adaptive cruise, intelligent cruise assist, traffic jam assist, intelligent turning, rear cross-traffic alert with braking, driver fatigue monitoring, hill assist, lane-change assist, front-collision warning, automatic emergency braking, pedestrian safety assist, and bicycle safety assist.

Upgrading to the mid-spec units adds an easy-lift tailgate with a 40:60 split, auto-adjusting fog lamps, an electric rear window, a panoramic sunroof, an electronic rearview mirror, electric front seats with heating, ventilation, and massaging, Nappa leather upholstery, a larger 14.6-inch touchscreen, a wireless charger, and a 220V power outlet.

Finally, the range-topping hybrid throws in electric rear seats with heating and ventilation, a heated steering wheel, ambient lighting, a rear wireless charger, a heads-up display, a parking assistant, and a Harman Infinity sound system.

The GWM is sold with a 7-year/200,000km warranty, a 5-year/75,000km service plan, and 7-year/unlimited-kilometre roadside assistance, with an additional 8-year/150,000km high-voltage warranty for the hybrids.

What you need to earn

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

  • Car price – R799,900/R999,900
  • Payment term – 60 terms (5 years)
  • Interest – 11.75%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras

According to this, you’ll need to pay at least R17,788 per month for the P500, or up to R22,212 per month if you want the hybrid.

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 between R88,940 per month and R111,060 per month to afford the Chinese double cab on a finance plan in South Africa.

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

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