The Omoda E5 is available at RM146,800, presenting a viable option for those interested in this modern vehicle. To ensure a comfortable ownership experience, it’s important to calculate all potential costs associated with this purchase—including loan payments, insurance, maintenance, and other yearly expenses. Below is a comprehensive breakdown of these costs.
Loan Options
With a 3.5% interest rate, here are the monthly payments based on different loan terms:
- 9 years: Monthly payment of RM1,608 (yearly RM19,296)
- 5 years: Monthly payment of RM2,587 (yearly RM31,044)
Additional Yearly Costs
- Road tax: RM180 (currently free until 2026)
- Insurance: RM1,873 (after 55% NCD), or RM4,163 if 100%
- Maintenance and wear & tear: RM2,298
These expenses total an estimated RM6,641 per year.
Estimated Monthly Expenses
Taking into account loan and other costs, the estimated monthly expenses for each loan duration are:
- 9 years loan: RM2,161.42/month
- 5 years loan: RM3,140.42/month
What Salary Do You Need?
Financial guidelines suggest dedicating no more than 20-40% of monthly income toward car-related expenses. Using this standard, here is the estimated income required for each loan term:
9 Years Loan
- 20% of income: RM10,807.10/month
- 30% of income: RM7,204.73/month
- 40% of income: RM5,403.55/month
5 Years Loan
- 20% of income: RM15,702.10/month
- 30% of income: RM10,468.07/month
- 40% of income: RM7,851.05/month
Conclusion
To comfortably afford the Omoda E5, your monthly income should ideally range from RM5,403.55 to RM15,702.10, depending on the loan duration and the portion of income allocated to car expenses.
