The Chery Tiggo 7 Pro is available at RM123,800, a competitive choice in its class. To make an informed decision on this purchase, it’s crucial to understand the comprehensive costs beyond the sticker price, including loan payments, insurance, maintenance, and other yearly expenses. Here’s a breakdown of these costs.
Loan Options
With a 3.5% interest rate, here are the estimated monthly and yearly payments based on different loan terms:
- 9 years: Monthly payment of RM1,356 (yearly RM16,272)
- 5 years: Monthly payment of RM2,181.97 (yearly RM26,183.64)
Additional Yearly Costs
- Road tax: RM90
- Insurance: RM1,574.24 (after 55% NCD), or RM3,498 if 100%
- Maintenance and wear & tear: RM1,901
These expenses add up to an estimated RM5,489 per year.
Estimated Monthly Expenses
Factoring in loan payments and other costs, the estimated monthly expenses for each loan option are as follows:
- 9 years loan: RM1,813.42/month
- 5 years loan: RM2,639.33/month
What Salary Do You Need?
Financial guidelines suggest car expenses take up no more than 20-40% of your monthly income. Based on this range, here’s the estimated income needed for each loan term:
9 Years Loan
- 20% of income: RM9,065/month
- 30% of income: RM6,043.33/month
- 40% of income: RM4,532.50/month
5 Years Loan
- 20% of income: RM13,195/month
- 30% of income: RM8,796.67/month
- 40% of income: RM6,597.50/month
Conclusion
To comfortably afford the Chery Tiggo 7 Pro, your monthly salary should ideally range between RM4,532.50 and RM13,195, depending on the loan duration and the portion of income allocated to car expenses.
