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Wednesday / 19 June 2024
HomeFeaturesThe salary you need to earn to afford the new GWM Tank 300 in South Africa

The salary you need to earn to afford the new GWM Tank 300 in South Africa

South Africans who want to get their hands on GWM’s new Tank 300 will need to earn at least R81,000 per month in order to afford one on a finance plan, according to a calculation by TopAuto.

The new Chinese SUV is now on sale in three specifications, including a hybrid, with pricing as follows:

  • GWM Tank 300 2.0T 8AT 4×4 Super Luxury – R725,950
  • GWM Tank 300 2.0T 8AT 4×4 Ultra Luxury – R775,950
  • GWM Tank 300 HEV 2.0T 9HAT 4×4 Super Luxury – R851,950

All three versions are powered by a 2.0-litre turbocharged petrol engine which generates 167kW and 387Nm and consumes an average of 9.5l/100km.

The range-topping hybrid also features an electric motor that ups the power to 255kW and 648Nm while reducing the fuel usage to 8.4l/100km.

The Tank has an eight-speed automatic gearbox, a rear diff lock, and a four-wheel-drive system with settings for Standard, Standard 2H, Standard 4H, Snow 4H, Expert 4L, Irregular, Mountain, Mud, and Rock settings.

Standard equipment on the 300 includes automatic LED headlights, rain-sensing wipers, a sunroof, synthetic leather upholstery, keyless entry and start, a leather steering wheel with paddle shifters, electric front seats, dual-zone climate control with rear vents, ambient lighting, a 12.3-inch digital instrument cluster, and a 12.3-inch media unit with Apple CarPlay and Android Auto.

It also has assistance items comprising adaptive cruise control, automatic emergency braking, blind-spot monitoring, lane-departure warning, lane-keep assist, driver fatigue monitoring, hill climb and descent control, smart speed assist, a traffic sign reader, traffic-jam assist, front and rear parking sensors, and a 360-degree camera.

The Ultra Luxury additionally features a heated steering wheel and Nappa leather seats with heating, ventilation, massaging, and lumbar support functions.

Each purchase comes with a 7-year/200,000km warranty, a 5-year/75,000km service plan, 7-year/150,000km roadside assistance, with an additional 8-year/150,000km battery warranty for the hybrid.

What you need to earn

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

  • Car price – R725,950/R775,950/R851,950
  • Payment term – 60 terms (5 years)
  • Interest – 11.75%
  • Deposit – 0%
  • Balloon – No balloon payment
  • Extras – No optional extras

Based on this, you’ll need to pay R16,153 per month for the Super Luxury, R17,258 per month for the Ultra Luxury, and R18,939 per month for the HEV.

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 R80,765 per month to R94,695 per month in order to afford the new Tank 300 in South Africa.

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

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