The salary you need to earn to afford the new GWM P300 in South Africa

Bakkie enthusiasts will need to earn at least R65,695 per month to afford the new GWM P300 on a finance plan in South Africa, according to a calculation by TopAuto.

The P300 is a thoroughly updated version of the P-Series already on sale in South Africa, serving as a top-end model that splits the difference between the P-Series and the larger P500.

It is 5,416mm long, 1,947mm wide, and 1,884mm wide, with a wheelbase measuring 3,230mm.

Power is sourced from a 2.4-litre turbocharged diesel engine, which produces a total of 135kW and 480Nm and connects to a nine-speed automatic gearbox.

There are two trim levels to choose from – the LT and the LTD – the former of which is available as either a rear-wheel-drive (RWD) or four-wheel-drive (4WD) model.

The LTD, meanwhile, is exclusively sold in 4WD guise.

The RWD units have an average fuel consumption of 7.4l/100km, while the 4WD system uses a slightly higher 8.0l/100km.

Also important to note is that the RWD LT can tow 3,000kg, while the 4WD models can manage 3,500kg.

The LT can carry 1,050kg in the load bin, but the LTD’s extra equipment means it can only take 875kg.

Looking at their equipment, the P300 spec comes standard with 18-inch alloy wheels, a full-size steel spare wheel, automatic LED headlights, daytime running lights, fog lamps, auto-folding side mirrors with indicators, rain-sensing wipers, side steps, a sunroof, roof rails, underbody protection, and a tailgate with a deployable step for getting into the back.

It also has a leather multifunction steering wheel with paddle shifters, push-button start, automatic aircon, leather upholstery, heated electronic front seats, a wireless charger, front and rear USB ports, ambient lighting strips, six speakers, a 7-inch digital driver display, and a 12.3-inch infotainment screen with Apple CarPlay, Android Auto, and voice commands.

Furthermore, all variants benefit from safety functions comprising six airbags, ABS, traction control, hill climb and descent control, trailer sway mitigation, tyre-pressure monitoring, adaptive cruise control, park-distance control, rear cross-traffic alert, lane-keep assist, driver fatigue monitoring, blind-spot detection, automatic emergency braking, traffic sign recognition, a 360-degree camera, and Crawl Control (off-road cruise control).

Anyone who purchases the LTD can also expect front and rear diff locks, a front winch, a snorkel, a chassis-view camera, a roof power supply for accessories, Trail Turn Assist, red brake calipers, a heated steering wheel, ventilated front seats, and seven airbags.

Every GWM P300 is sold with a 7-year/200,000km warranty and a 7-year/75,000km service plan.

What you need to earn

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

• Car price – R599,900/R699,900 
• 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 R13,139 per month for the LT, or up to R15,313 per month for the LTD 4×4.

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 R65,695 per month to R76,565 per month to afford the new P300 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.