As you know, Hyundai Sime Darby Motors (HSDM) recently introduced the new 2021 Hyundai Kona facelift on our shores. Now there are only 2 variants to pick with prices ranging from RM 119,888 for the Standard to RM 136,888 for the Active. So, how much should your monthly income be before you can apply for a loan?

Note that the prices we are using to calculate this monthly instalment feature are the price stated on Hyundai Malaysia’s official website.

The final price you will have to fork out usually varies on factors like the insurance provider that you use, the discount that you managed to get from your respective dealer, or the accessories you picked, amongst other things.

Our guide is to give you an idea of the recommended minimum salary and a basic estimate for the monthly repayment. With that out of the way, let’s get started.

Also read: Priced from RM 120k, 2021 Hyundai Kona facelift launched in Malaysia, no turbo for now

How much should my monthly income be?

The Kona Standard variant has an asking price of RM 119,888. With the factor of a 10 percent down payment and an average interest rate of 2.27 percent on a 9-year loan, the monthly repayment is roughly RM 1,200.

Since the recommended guideline is that you should not pay more than 20 percent of your monthly salary on a car’s monthly repayment, the minimum net income to purchase the Kona Standard should be RM 6,000 monthly.

The Kona Active now costs RM 136,888, based on the same calculations of 10 percent down payment and an average interest rate of 2.27 percent on a 9-year loan, the monthly repayment is roughly RM 1,370.

That means your minimum net monthly salary should be around RM 6,900.

Also read: New 2021 Hyundai Kona vs pre-facelift, what are the differences?

With the cost of insurance, maintenance, tyres, and other associated running costs factored in, your car-related expenses should not exceed 30 percent of your monthly salary.

Below are the monthly instalments for the new 2021 Hyundai Kona for 5-, 7-, and 9-year tenures. These rates have already factored in a 10 percent down payment and an interest rate of 2.27 percent.

Of course, the shorter 5-year loan is always a wiser choice as you pay less interest. But keep in mind that interest rates are always changing. For example, our country is in its recovery phase after the lockdown implemented last year, so the interest rates are very low.

Also read: Thinking of buying a 2021 Nissan Navara? Here’s the minimum salary required

We recommend checking with your respective banks for the latest interest rates.

Here’s a brief comparison of the monthly repayment rates between the Kona, Proton X50, and Honda HR-V. 

*The estimated prices stated are calculated with 10 percent down payment and an interest rate of 2.27 percent on a 9-year loan.