Toyota Fortuner Salary and EMI Calculation: Some vehicles in India are more than just vehicles, but have become synonymous with status and recognition. Toyota Fortuner is one of the most influential SUVs ruling Indian roads. Whether it’s politicians, big businessmen, or artists, a Fortuner graces everyone’s garage. But have you ever wondered how much your monthly income should be to bring home this “Sultan of the Road”? Starting at ₹34.16 lakh, this vehicle reaches ₹59 lakh by the time it’s on-road.
What should your annual income be
Financial experts have a golden rule that the cost of your car should not exceed 50% of your total annual income. This rule is designed to ensure you avoid debt after purchasing the car and maintain financial stability. If you’re planning to purchase a top-end Fortuner priced at ₹59 lakh, your annual income should be at least ₹1.18 crore. Maintaining this luxury with less income could negatively impact your future investments and other expenses.
How much will it cost you each month
If you live in a city like Delhi and choose the top model, you’ll need to make a down payment of at least 20 percent, or ₹11.76 lakh. You’ll need to take out a bank loan to cover the remaining ₹47.04 lakh. Most banks currently offer car loans at an annual interest rate of 8.5%. If you take this loan for 5 years (60 months), your monthly EMI will be approximately ₹96,500. Remember, this is only the loan EMI; it does not include the cost of diesel and servicing.
20% of Salary Rule
Another important financial rule states that your car EMI should not exceed 20% of your in-hand salary. This means that if your EMI is around â‚ą1 lakh, your monthly take-home salary should be at least â‚ą5 lakh. Only a person earning â‚ą5 lakh per month can afford an EMI of â‚ą1 lakh without any stress. Additionally, the maintenance and servicing costs of a heavy vehicle like the Fortuner are quite high, which requires a separate budget.
Make a Wise Decision
The Toyota Fortuner is undoubtedly a fantastic SUV with unmatched resale value and durability. Among vehicles like the Mahindra Thar, Scorpio-N, and Land Rover Defender, the Fortuner has established itself as a unique vehicle. However, owning one is not just a dream, but a significant financial responsibility. Besides the hefty EMIs, periodic tire repairs, service, and expensive spare parts also entail significant expenses. Therefore, only if you have a strong financial position and fit into the salary bracket mentioned above should you consider this powerful vehicle a pride of place in your garage.