The salary you need to earn to afford the new Mitsubishi Outlander Sport in South Africa

South Africans will need to earn at least R48,000 per month in order to afford the new Mitsubishi Outlander Sport on a finance plan in South Africa, according to a calculation by TopAuto.

The Outlander is the brand’s latest crossover, coming in four specifications – GL, GLS, Aspire, and Exceed – with prices ranging from R429,990 to R499,990.

The base GL is offered with 17-inch alloy wheels, LED headlights daytime running lights, keyless entry, a multifunction steering wheel, manual aircons, a height-adjustable driver seat, a rear-view camera, hill-start assist, six speakers, a 4.2-inch driver display, and an 8-inch infotainment system with Apple CarPlay and Android Auto.

Upgrading to the GLS will then add blind-spot monitoring, lane-change assist, and rear cross-traffic alert functions.

One step up from this is Aspire, which throws in 18-inch two-tone alloys, automatic headlights, rain-sensing wipers, push-button start, dual-zone climate control, a leather steering wheel, synthetic leather upholstery, cruise control, a wireless charger, an auto-dimming rearview mirror, rear parking sensors, tyre-pressure monitoring, an electric tailgate, an 8-inch digital instrument cluster, and a larger 12.3-inch central screen.

Finally, the top-spec Exceed rounds things out with an eight-speaker Yamaha stereo.

All four units are equipped with a 1.5-litre petrol engine, which sends 77kW and 141Nm down to the front wheels.

Combined with a CVT transmission, the Mitsubishi averages a fuel spend of 6.2l/100km.

Every model is sold with a 5-year/unlimited-kilometre warranty, a 3-year/45,000km service plan, and 5-year/unlimited-kilometre roadside assistance.

What you need to earn

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

• Car price – R429,990/R499,990
• Payment term – 60 terms (5 years)
• Interest – 11.00%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R9,444 per month for the GL, all the way up to R10,964 per month for the Exceed.

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 R47,220 per month to R54,820 per month to afford the new Outlander Sport 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.