The Tata Tiago is a renowned choice among car enthusiasts for its affordability, reliability, and sleek design. In this article, we’ll delve into the financial aspects of purchasing the base model of the 2024 Tata Tiago.
Ex-Showroom Price
The starting price for the 2024 Tiago base model stands at ₹5.65 lakh, although this figure may vary slightly depending on your city of purchase. It’s important to note that this price does not include taxes, registration, or insurance fees.
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On-Road Price
The actual amount you’ll pay for the car, inclusive of taxes, registration, and insurance, is termed the on-road price. For the base model, this figure will be slightly higher than the ex-showroom price due to these additional costs.
Down Payment
To initiate the purchase of a Tata Tiago, you’ll need to make a down payment. Typically, this amounts to approximately 20% of the on-road price. For instance, assuming a minimum down payment of ₹1.13 lakh (20% of ₹5.65 lakh), you’ll need to budget accordingly.
Monthly EMI
For most car buyers, securing a loan means committing to a fixed monthly payment, known as the Equated Monthly Installment (EMI). This amount is influenced by factors such as the loan tenure, interest rate, and down payment. Assuming a 5-year loan term and an 8% interest rate, the monthly EMI for the Tiago base model would be approximately ₹9,000.
Annual EMI
The annual EMI represents the total amount you’ll pay annually towards your car loan. For the Tiago base model, this would equate to ₹1,08,000 (₹9,000 × 12 months).
Annual Salary
To comfortably afford the Tata Tiago, it’s advisable to ensure your income aligns with certain criteria:
Monthly Salary: Ideally, your monthly income should be at least three times the monthly EMI. In this scenario, aiming for a monthly income of around ₹27,000 (3 × ₹9,000) is recommended.
Annual Salary: Similarly, your annual income should be at least ten times the annual EMI. Thus, targeting an annual income of approximately ₹10,80,000 (10 × ₹1,08,000) is advisable.
Conclusion
While the Tata Tiago base model presents an economical choice, it’s crucial to evaluate your budget carefully before making a purchase. Ensuring that your finances remain stable post-purchase is essential for a stress-free ownership experience.
Plan wisely, and enjoy the journey in style! Remember, it’s not just about the car; it’s the adventures that await.
