The GAC GS3 Premium-R is priced at RM128,900. To afford this car, you’ll need to consider loan payments, insurance, road tax, maintenance (including one set of tires), and other yearly expenses. Here’s a detailed financial breakdown to help you evaluate the monthly and yearly costs.
Loan Options
With a 3.5% interest rate, these are the estimated loan payment options:
- 9 years: Monthly payment of RM1,412 (yearly RM16,944)
- 5 years: Monthly payment of RM2,271 (yearly RM27,252)
Additional Yearly Costs
- Road tax: RM90 (considered under the Jeep category)
- Insurance: RM1,633 (after 55% NCD), or RM3,630 at 100%
- Maintenance and wear & tear: RM1,773 (includes one set of tires)
These expenses total an estimated RM5,493 per year.
Estimated Monthly Expenses
Adding the above costs, the estimated monthly expenses for each loan term would be:
- 9 years loan: RM1,869.75/month
- 5 years loan: RM2,728.75/month
What Salary Do You Need?
Financial experts suggest that car expenses should ideally take up no more than 20-40% of your monthly income. Based on these recommendations, here’s the estimated income needed:
9 Years Loan
- 20% of income: RM9,348.75/month
- 30% of income: RM6,232.50/month
- 40% of income: RM4,674.38/month
5 Years Loan
- 20% of income: RM13,643.75/month
- 30% of income: RM9,095.83/month
- 40% of income: RM6,821.88/month
Conclusion
To comfortably afford the GAC GS3 Premium-R, your monthly salary should ideally range from RM4,674.38 to RM13,643.75, depending on the loan duration and percentage of income you’re comfortable allocating to car expenses.
