The salary you need to earn to afford South Africa’s cheapest plug-in hybrid

South Africans who wish to own a plug-in hybrid vehicle (PHEV) will need to earn at least R70,000 per month to afford one on a finance plan, according to a calculation by TopAuto.

The nation recently welcomed its most affordable PHEV in the form of the new BYD Sealion 6, which retails for between R639,900 and R789,900.

While that is undeniably a lot of money, it is a lot more affordable than South Africa’s previous “entry-level” PHEV – the BMX X1 xDrive30e that costs R1,050,000.

The Sealion is avaliable with two different powertrains, starting with a 1.5-litre, naturally aspirated petrol engine paired to a front-mounted electric motor, which produces a combined 160kW and 300Nm.

The e-motor runs on an 18.3kWh battery, which lets the crossover travel for 85km on nothing but electricity.

Together with a 60-litre fuel tank, the BYD can travel for 1,092km before needing to refuel and recharge.

Motorists can also buy a range-topping model with a turbocharged version of the 1.5-litre engine and a second e-motor at the rear which brings the total output to 238kW and 550Nm.

It has the same 18.3kWh battery, but the added power means its electric range is reduced to 70km.

Charging the battery can be done with either a 7kW AC or an 18kW DC outlet, which can top up the cells in three hours or less than an hour, respectively.

In terms of features, the base Sealion 6 Comfort includes 19-inch alloy wheels, LED headlamps, rain-sensing wipers, a multifunction steering wheel, dual-zone climate control, artificial leather upholstery, electric front seats, a panoramic sunroof, six spekers, a 12.3-inch digital instrument cluster, and a 15.6-inch infotainment screen.

It also has safety equipment such as seven airbags, adaptive cruise control, autonomous emergency braking, rear parking sensors, a rearview camera, lane-departure warning, lane-departure prevention, emergency lane-keeping assist, front- and rear-collision warning, and blind-spot monitoring.

The mid-range Dynamic then adds a 360-degree camera, front parking sensors, an electric tailgate, a 10-speaker Infinity stereo, two wireless charging pads, and heated and ventilated front seats.

The flagship Premium’s only added feature is a heads-up display, as its main selling point is its more powerful drivetrain.

What you need to earn

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

• Car price – R639,900/R789,900
• 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 R14,008 per month for the Comfort, and up to R17,270 per month for the Premium.

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 R70,040 per month to R86,350 per month to afford the new Sealion 6 on a finance plan.

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