Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required

Jerrica · Apr 23, 2021 09:52 AM

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 01

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?

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 02

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

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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.

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 01

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

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 02

Hyundai Kona Standard variant

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.

 

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Hyundai Kona Active interior

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?

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 04

Hyundai Kona Standard interior

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.

5-year monthly instalment
Variant Price (RM) Monthly Repayment (RM)
Kona Standard RM 119,888 2,000
Kona Active RM 136,888 2,290

 

7-year monthly instalment
Variant Price (RM) Monthly Repayment (RM)
Kona Standard RM 119,888 1,490
Kona Active RM 136,888 1,700

 

9-year monthly instalment
Variant Price (RM) Monthly Repayment (RM)
Kona Standard RM 119,888 1,200
Kona Active RM 136,888 1,370

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

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 05

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. 

Payment Comparison
Model Price (RM) Monthly Repayment (RM)
Hyundai Kona Active 136,888 1,370
Proton X50 1.5T Flagship 103,300 1,040
Honda HR-V V 118,582 1,190

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

Looking to purchase the 2021 Hyundai Kona? Here’s the minimum salary required 06

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Jerrica

Writer

There isn’t a time in memory that doesn’t involve staring at cars. After discovering the excitement of watching Schumacher vs Hakkinen, Formula 1 became a major part of life. The love for cars and F1 ultimately led to a job with CAR Magazine. The untimely death of the magazine meant a hiatus from cars at lifestyle women’s magazine Marie Claire before another opportunity came knocking again.

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