It isn't... but if you're not willing to spend that money, you could always buy an older car and re-invest the rest.

The Pajero Fieldmaster is less refined, but actually has decent body control compared to other off-road capably SUVs. It's got lots of toys, multiple AT modes, adjustable shocks, tire pressure sensors, compass, slope indicator, etecetera. It's got more headroom in the third row (side facing seats), and it's got a full ladder-frame (assuming we're talking Fieldmaster here).

The Pajero has a decent engine. Not as "wow"-ish as modern CRDis, but being a 2.8 turbodiesel, it's not lacking for grunt.

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The Santa Fe doesn't have the Pajero's suspension stiffness selector, but it has an adaptive rear suspension that automatically matches suspension compliance to load. It works. The Santa Fe doesn't bounce hard over high bumps when there are three or four people in the car, but it doesn't bottom out when you stuff three heavy bodies in the third row.

It doesn't have the Pajero's transmission toggle, but it goes the Pajero one better by having a manumatic. The engine is also much better, with more power and more revs from less displacement.

The Santa Fe's unibody won't off-road like the Pajero's, but it, along with the modern suspension, offer better on-road performance than the Pajero can hope to achieve.

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But if we're talking the "new" Pajero... then, yes, the Pajero is a superior car in some aspects... bigger space, bigger engines, etcetera. It's fast, handles well, and brakes well... But the Santa Fe is more economical, with its smaller CRDi. It's almost as fast, and handles just as well. The rear bench is also better shaped than the "new" Pajero's, but I might be wrong... it's been a long time since I've ridden in one.

Don't expect a windfall in terms of cheap maintenance for the "new" Pajero... this ain't exactly a Lancer or an Adventure, and parts will be more expensive. The "old" Pajero, the Fieldmaster, has more common parts, but maintenance at the dealership is similarly expensive... though it's much easier to find parts for this than either the new Pajero or the Santa Fe.