The salary you need to afford the new Hyundai Alcazar in South Africa

Motorists will need to earn at least R55,000 per month to afford the Hyundai’s newest seven-seater SUV on a finance plan, according to a calculation by Topauto.

The Korean automaker is set to launch the new Alcazar this May, which will replace the Grand Creta as the brand’s most affordable seven-seater.

The Alcazar will be made available in three specifications spread across two trim levels – the Executive and Elite – with prices ranging from R499,900 to R669,900.

Customers can choose from one of two engines, starting with a 2.0-litre naturally-aspirated petrol block good for 117kW and 191Nm.

This is sent down to the front wheels via a six-speed automatic gearbox, resulting in an average fuel consumption of 7.5l/100km.

Alternatively, buyers can pick up a 1.5-litre turbocharged diesel option, which raised the output to 85kW and 250Nm.

The diesel engine is found on the mid-range Executive and top-end Elite, and consumes approximately 5.9l/100km.

Regardless of the engine you go for, the Executive models come with a fair amount of kit.

This includes automatic LED lights, daytime running lights, 17-inch alloy wheels, a leather multifunction steering wheel, air conditioning, artificial leather upholstery, cruise control, USB ports for all three rows, and an infotainment system with Apple CarPlay and Android Auto.

The Hyundai is also fitted with safety functions like rear parking sensors, a rearview camera, hill-start assist, hill-descent control, tyre-pressure monitoring, and six airbags.

Anyone who picks up the range-topping Elite can expect additional equipment comprising automatic climate control, keyless entry and start, an electric driver seat, ventilated front seats, a panoramic sunroof, and front parking sensors.

The assistance features are upgraded, too, as the Alcazar is given adaptive cruise control, lane-departure warning, lane-keep assist, blind-spot monitoring, and driver attention assist.

Also worth noting is the SUV’s boot space, which clocks in at 180 litres when all the seats are up.

When the rear bench is folded, this increases to 579 litres, which goes up to 1,670 litres when only the front seats are up.

Each purchase comes with a 5-year/150,000km vehicle warranty with an additional 2-year/50,000km engine warranty, and a 3-year/45,000km service plan.

What you need to earn

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

• Car price – R499,900/R669,900
• Payment term – 60 terms (5 years)
• Interest – 10.75%
• Deposit – 0%
• Balloon – No balloon payment
• Extras – No optional extras

According to this, you’ll need to pay at least R10,902 per month for the Executive, and up to R14,577 per month for the Elite.

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 R54,510 per month to R72,885 per month to afford the Alcazar on a finance plan.

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