The Jaecoo J7 AWD is priced at RM148,800. To afford this car, you need to consider the costs of the loan, insurance, road tax, maintenance (which includes 1 set of tyres), and other yearly expenses. The loan is calculated at a 3.5% interest rate.
Here’s a breakdown of the potential monthly and yearly expenses:
Loan options:
9 years: Monthly payment of RM1,621 (yearly RM19,452)
5 years: Monthly payment of RM2,608 (yearly RM31,296)
Additional yearly costs:
Road tax: RM120 (considered under the Jeep category)
Insurance: RM1,866 (after 55% NCD), or RM4148 if 100%.
Maintenance: RM2,259 (includes 1 set of tyres)
Estimated Monthly Expenses:
9 years loan: RM2,165/month
5 years loan: RM3,152/month
What Salary Do You Need?
To comfortably afford the Jaecoo J7 AWD, financial experts recommend spending no more than 20-40% of your monthly income on car expenses. Based on this guideline:
9 years loan:
20% of income: RM10,820/month
30% of income: RM7,213/month
40% of income: RM5,410/month
5 years loan:
20% of income: RM15,755/month
30% of income: RM10,503/month
40% of income: RM7,878/month
In summary, your salary should range from RM5,410 to RM15,755 per month, depending on the loan duration and percentage of income you’re willing to allocate to the car.
