If you are a fan of off-roading and adventure, you might have been tempted by the new Mahindra Thar, the rugged and stylish SUV that can take you anywhere. The new Thar has been launched in 2020 with many upgrades and features that make it more comfortable and capable than ever. But how much does it cost to own the new Thar, and what salary do you need to afford it? Let’s find out.
The new Thar is available in two broad variants: AX (O) and LX. The AX (O) is the more basic and off-road oriented variant, while the LX is the more premium and feature-rich variant. The top model of the new Thar is the LX 4-Str Hard Top Diesel AT, which comes with a 2.2-litre diesel engine that produces 130PS of power and 300Nm of torque. It also gets a 6-speed automatic transmission, a 4×4 drivetrain with a mechanical locking differential, a hard top roof, a touchscreen infotainment system, cruise control, LED DRLs, alloy wheels, ESP, dual airbags, ABS and more.
The ex-showroom price of the new Thar LX 4-Str Hard Top Diesel AT in Delhi is Rs. 16.78 lakh. However, this is not the final price that you have to pay to get the car on the road. You also have to pay for the RTO registration, insurance, road tax and other charges. The on-road price of this variant in Delhi is Rs. 20.06 lakh.
Now, assuming that you want to buy this car with a loan of 80% of the on-road price for a tenure of 5 years at an interest rate of 10%, your EMI would be Rs. 34,189 per month. This means that your annual loan repayment would be Rs. 4.1 lakh. According to some financial experts, your car loan EMI should not exceed 15% of your monthly income. This implies that your monthly income should be at least Rs. 2.28 lakh, or your annual income should be at least Rs. 27.36 lakh.
Of course, this is just an estimate based on some assumptions and averages. Your actual income requirement may vary depending on your other expenses, savings, investments and lifestyle choices. You may also opt for a different loan amount, tenure, interest rate or down payment as per your convenience and eligibility.
In conclusion, the new Mahindra Thar is an attractive and capable SUV that can fulfil your off-road dreams. However, it is also an expensive car that requires a high salary to own comfortably. If you are planning to buy the new Thar top model, make sure you have done your financial planning and budgeting well.