If you are planning to buy a new Hyundai Verna EX, the base model of the popular sedan, you might be wondering how much salary or income you need to afford it. In this article, we will help you answer that question by providing some estimates based on the current prices and loan options in Delhi.
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The ex-showroom price of Hyundai Verna EX in Delhi is Rs. 10,96,500. This means that this is the price you pay to the dealer before taxes, insurance, registration and other charges. The on-road price of Hyundai Verna EX in Delhi is Rs. 12,82,157. This includes all the additional charges that you have to pay to get the car on the road legally.
To buy a new Hyundai Verna EX, you can either pay the full amount upfront or opt for a car loan. If you choose the latter option, you will have to pay a certain percentage of the on-road price as down payment and the rest as monthly installments with interest. The down payment and interest rate may vary depending on your credit score, income and loan tenure.
For simplicity, let us assume that you have a good credit score and income and you can get a car loan with 10% down payment and 9% interest rate for 5 years. In that case, you will have to pay Rs. 1,28,216 as down payment and Rs. 23,720 as monthly installment for 60 months. The total amount that you will pay for the car loan will be Rs. 15,51,416.
Now, let us see how much salary or income you need to own a new Hyundai Verna EX comfortably. your car loan EMI should not exceed 15% of your monthly income. This means that your monthly income should be at least Rs. 1,58,133 to afford the car loan EMI of Rs. 23,720. Your yearly income should be at least Rs. Rs. 14,80,316.
However, this is not the only expense that you will have to bear for owning a car. You will also have to pay for fuel, maintenance, insurance and other costs. the average fuel cost of Hyundai Verna EX is Rs. 2.13 per km. Assuming that you drive 1000 km per month, your monthly fuel cost will be Rs. 2,130. The average maintenance cost of Hyundai Verna EX is Rs. 4,750 per year or Rs. 396 per month. The average insurance cost of Hyundai Verna EX is Rs. 57,097 per year or Rs. 4,758 per month. Adding these costs to the car loan EMI, your total monthly expense for owning a new Hyundai Verna EX will be Rs. 31,004.
Therefore, your monthly income should be at least Rs. 1,06,693 to afford the total monthly expense of owning a new Hyundai Verna EX comfortably. Your yearly income should be at least Rs. 24,80,316.
The following table summarizes the estimated monthly and yearly salary / income, ex-showroom price and on-road price of Hyundai Verna EX in Delhi.
|Salary / Income||Rs. 1,06,693||Rs. 14,80,316|
|Ex-Showroom Price||–||Rs. 10,96,500|
|On-Road Price||–||Rs. 12,82,157|
|Car Loan EMI||Rs. 23,720||Rs. 2,84,640|
|Fuel Cost||Rs. 2,130||Rs. 25,560|
|Maintenance Cost||Rs. 396||Rs. 4,750|
|Insurance Cost||Rs. 4,758||Rs. 57,097|
|Total Expense||Rs. 31,004||Rs. 3,72,047|
We hope this article has helped you get an idea of how much salary or income you need to own a new Hyundai Verna EX in Delhi. However, these are only estimates and may vary depending on your personal preferences and financial situation.
Disclaimer: The information provided in this article is based on the data available from various sources as of September 2023 and may change over time. Please consult your financial advisor before making any decision regarding buying a car or taking a car loan.
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