How much you need to earn to buy the new BMW X3 – TopAuto
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Tuesday / 19 October 2021
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How much you need to earn to buy the new BMW X3

To drive a new BMW X3, you will need to earn at least R84,000 per month to “afford” the SUV.

This is according to a calculation done by TopAuto, based on advice from financial experts.

The BMW X3 range starts at R895,658 for the X3 sDrive 18d and goes up to R1,415,042 for the X3 M40i.

Each SUV receives an updated design and a revised standard equipment list – along with new front and rear bumpers, and taillights.

The range also comes with LED matrix headlights as standard, while on the inside the centre console of the current 4 Series moves into the X3.

Providing power to the stylish SUV is a range of engine options, which are connected to an eight-speed Steptronic automatic transmission or eight-speed Sports gearbox.

Three diesel engines offer power figures of 110kW, 140kW, and 195kW. The petrol engines then offer 135kW or 285kW.

Affording the X3

To calculate how much you need to earn to afford a new BMW X3, we must first work out how much its costs to buy the SUV using a vehicle finance plan.

We can do this using the starting price of the X3 – R895,658 – and the formula below.

  • Car Price – R895,658
  • Payment Term – 60 terms (5 years)
  • Interest – 9%
  • Deposit – 10%
  • Balloon – No balloon payment
  • Extras – No optional extras

The result is a monthly car payment of R16,800. The total interest paid as part of the finance agreement is R198,100.

Financial experts then recommend that you do not spend more than 20% of your gross monthly salary on vehicle payments.

In the case of the entry-level BMW X3, this requires a buyer to earn at least R84,000 per month to “afford” the car.

A buyer looking to take home the R1.4-million X3 M40i would need to earn at least R132,500 per month to afford the car payments, based on this financial guidance.

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