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Aion V


steveting99
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On 4/21/2025 at 2:41 PM, Jmontfort said:

Steve, 

What is your purpose in writing this informative but maybe flawed analysis?

You need to go down and negotiate and see what is the entire package and give us a more accurate analysis.

I don't think we buy cars based on dealer profit and markups.  It is the overall package.  The V is clearly a superior option in the market right now.

I have recommended the V to several friends and they have agreed that the value that V presents is unbeatable especially the future proofed fast charging battery, the front massage seats, heated front seats, etc etc cannot be found in competitive models.

Upon checking trade in value of their used cars with EV Hub's trade in booster and given discounts, the price of the AION V is effectively more competitive than the atto 3, which they were also considering.

I said your analysis is flawed because you did not consider the other actual trading factors, the numbers do not reveal the real deal.

@Jmontfort I was surprised and disappointed when working out the profit margin that VinCar (EV Hub) makes on the Aion V. Was expecting something more reasonable of around 30% to 40% of OMV and not in the triple digit figures. All the tech and features of the Aion V, as well as the manufacturer's warranty (from GAC) is included in the OMV price. The OMV is a key metric. 

Anyway, the numbers are based on what LTA publishes on their website for cost of cars on a monthly and yearly basis here: https://www.lta.gov.sg/content/ltagov/en/who_we_are/statistics_and_publications/statistics.html

Extracted cost of cars for March 2025 and specifically on the Aion V is shown below:

LTA_M032_Car_Cost_2025_03.thumb.jpg.a117003629cac8140f1a7b015ba07891.jpg

If you look at the line item highlighted in yellow for Aion V, the OMV ($31.9k), GST & Excise Duty ($3.4k + $6.4k = $9.8k), ARF ($36.6k), VES rebate (-$25k), EEAI (-$11.6k) rebate and registration fee ($0.4k) are all there. According to LTA, the basic cost for an Anion V (without CoE) is $42k. Missing from LTA number is the IU reader ($0.2k) and 1 year road tax ($1.5k) which increases the basic cost to $43.7k (before CoE). 

With current CoE Cat A being $97.7k, the total basic cost on the Aion V works out to $141.4k. Anything above this is VinCar (EV Hub) profit margin. Below is the quote from SG CarMart on the Anion V.

SGCarMart_2025_04.thumb.jpg.0cf89a9249f96eafa2b1036a75b9c941.jpg

Which is around $180k. 

So VinCar's (EV Hub) profit margin is $38.8k, which I consider to be excessive. One can argue that the profit margin is less due to the 10 year free service offered by VinCar (EV Hub) which is around $3k. That still means $35.8k of profit margin is still there, well above the OMV of $31.9k and in triple digit territory.

Even if I trade in my ride with VinCar, most likely will get a low ball offer. VinCar (EV Hub) game plan is to maximize their profit margin - it's just the nature of the business. Hence I'd be better off selling my ride on SG CarMart or Carrousel to get the best price. Maybe VinCar (EV Hub) will offer me an overtrade and make my ride the same value as selling on SG CarMart / Carrousel. But VinCar (EV Hub) would still be aiming to get their $35.8k profit margin after the trade in.

There should be room to negotiate with VinCar (EV Hub) on the final price. I reckon a reasonable profit margin of 40% of OMV works out to be around $13k. When including the 10 year servicing cost of $3k and Cat A CoE of $97.7k the reasonable price for the Aion V should be $157.4k. Would VinCar (EV Hub) be willing do this to gain market share and get ahead of it's rivals like BYD? 

So fat in Q1 2025, GAC has sold 159 vehicles. BYD has sold 2,183 vehicles. The Atto 3 isn't the only competitor to Aion V.     

Competition is coming in the form of Leapmotor C10, MGS5 and Geely EX5/Proton eMas 7 are going to be released this year. All are good alternatives to Aion V. If Vertex Automobile wise up and makes the Jaecoo J6 a Cat A vehicle - things will start to look even more interesting.  

 

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@steveting99 Thanks for sharing all the info. You speak like someone from the car industry. To a layman like me, I wouldnt know whats a reasonable price to pay the dealership for getting the car i want. Its is like telling us the milk is expensive because NTUC earns 1.80 out of the total price of 6 dollars. We wont understand why 1.80 is expensive and to general consumers we only look at the purchase price which is 6 dollars. You may want to share calculations for other cars in comparision to proof your point. How much is Xpeng or Zeekr's profit? Will be an insightful comparision.

 

I agree that competition is stiff and more EVs are coming in. I think leapmotor C10 and Emas 7(Geely EX5) may be comparable depending on their launch price and equipment. But MGS5, J6, Omoda E5 and Atto3 are quite abit smaller in size so i dont really think they are in the same category, especially the battery size. 

 

Anyway, dont be dissappointed. If you are shopping for EV based on profit margin. Maybe Tesla is the only deal out there. Haha. I believe direct sales should be the least profit margin.

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(edited)
On 4/22/2025 at 9:00 PM, 125Pegasus said:

@steveting99 Thanks for sharing all the info. You speak like someone from the car industry. To a layman like me, I wouldnt know whats a reasonable price to pay the dealership for getting the car i want. Its is like telling us the milk is expensive because NTUC earns 1.80 out of the total price of 6 dollars. We wont understand why 1.80 is expensive and to general consumers we only look at the purchase price which is 6 dollars. You may want to share calculations for other cars in comparision to proof your point. How much is Xpeng or Zeekr's profit? Will be an insightful comparision.

 

I agree that competition is stiff and more EVs are coming in. I think leapmotor C10 and Emas 7(Geely EX5) may be comparable depending on their launch price and equipment. But MGS5, J6, Omoda E5 and Atto3 are quite abit smaller in size so i dont really think they are in the same category, especially the battery size. 

 

Anyway, dont be dissappointed. If you are shopping for EV based on profit margin. Maybe Tesla is the only deal out there. Haha. I believe direct sales should be the least profit margin.

@125Pegasus The AD of Xpeng G6 (XPremium BEV) is even more greedier than VinCar (EV Hub). The OMV of the G6 standard range is $38.6k with basic cost less CoE of $59.2k. XPremium BEV is trying to flog off the G6 at $234k (with Cat B CoE of $117.9k) while making a huge $57k profit margin or 147% of OMV! Again, I consider this to be excessive. Please note that G6 is a Cat B vehicle - mainly due to the motor power output at 190kW. The road tax is also higher at $2.1k/year. It is also a bit larger in size to Aion Y in terms of length/width and wheelbase. The Aion V is taller so has a bit more headroom. G6 also has a much larger boot capacity compared to Aion V. The smaller LFP battery pack of 66kWhr means the G6 has a shorter driving range of 435km on WLTP standard. While I do like the G6 with the tech and features, the absence of a Cat A version on the standard range, shorter range and excessive profit margin of XPremium BEV has taken the G6 off the list. 

The Zeekr X is a smaller ride than Aion V and it's also in Cat B territory - so wasn't interested in doing a price analysis. Let me know if you want me to carry this out.

I had a look at a few comparable conti brands from Volkwagen ID4 and Skoda Enyaq vs Aion V. These European brands are built on the same platform architecture (believe it's called MEB) with styling differences to distinguish brands. Both have NMC battery packs with a longer WLTP range of 550km due to the bigger battery capacity of 82kWhr. Dimensions and wheelbase between ID4, Enyaq and Aion V are about the same. Aion V being a bit taller, giving more head room. Unfortunately both Volkswagen and Skoda don't offer Cat A versions of the ID4 or Enyaq, which means initial costs are more and yearly road tax is higher. Aion V wins out on this. 

For the ID4, the OMV is $45.6k. Basic cost less CoE works out to be $88.7k. With Cat B CoE of $117.9k, the basic cost with CoE is $206.6k. Volkswagen is asking $218.9k for the ID4 and the profit margin is $12.3k or 27% of OMV. I consider this to be fair and reasonable. 

On the Enyaq, the OMV is $47.4k. Basic cost less CoE works out to be $97.1k. With Cat B CoE of $117.9k, the basic cost with CoE is $215k. Skoda is asking $219.9k for the Enyaq and the profit margin is $4.9k or a little above 10% of OMV. This is a very reasonable margin and something at VinCar (EV Hub), XPremium BEV and other ADs can aspire to. 

If Skoda and Volkswagen can live off low double digit profit margins, why can't the rest do the same?

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@steveting99  Wow nice sharing. I think there is another dimension to look at profit margin. The legacy brands may cost more to make (compared to China). Place of build, labour cost, availibity of technology and build efficiency all contributes to this factor. Its a matter of u paying the carmakers more (higher OMV) or the dealers here more. Ultimately, u r paying the most to the Gov. Haha

Its an open market here anyway. Market forces will dictate the price. If there is no sales volume, brands will naturally reduce or give disocunt. V is rather new and im not sure if demand is healthy. Definitely takes time to adjust accordingly. Im sure they give some overtrade if they need the sales. I got some when trading in so maybe u can find out from SE to see if price hits the spot.

For traditional car brands in SG, i think the demand for EV may be much lesser. Today i feel confident in getting China made EV rather than from other palace. i trust they hv the technical expertise because legacy bands are now leaning forth to collaborate and use their technology. 

Just to share some first hand experience. Recently i also went car hunting w a fren. She was looking at entry conti EVs like the EQA and iX1/2. I told her to also take a look at smart #3 and Mini countryman electric. iX1 was quite good in value given that they provide huge overtrade, bringing the cost down by another 40/50k easily. The Merc was the most exp without much to offer(i guess SG still luv Merc). 

We also looked at the new Cupra Tavascan which is very gd looking inside out. The ID4 and Skoda Enyaq was rather blend in design and I cant seem to understand the handrest on the front seats of ID4/5, they dont look pleasing to me at all. 

All in all i think my fren very much prefer the Mini with the equipment and package that comes along but price is also rather steep (250k range). Unlike BMW, they dont really have much discount. I think Cupra is a very promising contender with a lower interest(2.08%) offer too. 

My personal opinion was that BMW and Merc's entry cars are not as premium as their mid size models. There is a huge quality difference. I guess you only get to enjoy the real build quality if u go for 3 series or C class and above. Otherwise the extra cost goes to the badge and some bragging rights. haha.

I guess u are now actively hunting for an EV. Enjoy the excitment and process. Dont get too carried away by the earning of dealers. Every business strategy is to earn more money. U can benchmark but i believe it should not be a reason to hold u back from a suitable purchase. 

Edited by 125Pegasus
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2nd Gear
On 4/23/2025 at 4:58 PM, Colin03 said:

Look into hybrid/petrol car if you are not willing to pay this amount 

Many distributors of hybrid or petrol ar3 earning 30 to 40k margin 

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Hypersonic
On 4/23/2025 at 8:51 PM, Evo5sg said:

Many distributors of hybrid or petrol ar3 earning 30 to 40k margin 

On average, the margin is 20% - 30%.

 

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On 4/23/2025 at 4:58 PM, Colin03 said:

Look into hybrid/petrol car if you are not willing to pay this amount 

There's a number of reasons why EVs are going to be better than hybrid/petrol vehicles. In no particular order, some these are:

(1) Singapore government is going to phase out petrol vehicles starting in 2030. Ministry of Transport post is here: https://www.mot.gov.sg/news/press-releases/details/singapore-joins-the-collective-2030-zero-emission-vehicle-deployment-goal/#:~:text=It is aligned with Singapore's,our vehicle population by 2040. Pure petrol vehicle days are numbered. Registrations for diesel vehicles have already stopped on 1-Jan-2025 (post from Ministry of Transport is here: https://www.lta.gov.sg/content/ltagov/en/newsroom/2024/7/news-releases/registration-of-diesel-car-and-taxi-to-cease-on-1-january-2025-i.html#:~:text=Cleaner Energy Models-,Registration of Diesel Car and Taxi to Cease on 1,Push for Cleaner Energy Models&text=As announced at the Ministry,Scheme and Vintage Vehicle Scheme.) and existing owners of diesel vehicles are facing hefty annual road taxes. The cost savings of having a diesel vs. petrol is no longer there.

(2) Singapore government is giving out VES and EEAI rebates for EVs. A minimum of -$25k on the VES and up to -$15k on the EEAI to offset the Additional Registration Fee (ARF) to a maximum of -$40k based on the EV's Open Market Value (OMV).  Aion V and most Cat A EVs no longer have to pay any ARF. That's money back into owner's pocket that petrol owners don't get. Hybrid owners only get -$2.5k for 2025 which is 50% lower than in 2024. Eventually VES rebate for hybrids are going to disappear. 

(3) Better Noise, Vibration and Harshness (NVH) on an EV. Without an ICE drivetrain and transmission/gearbox, an EV has better NHV characteristics. There's no engine/transmission noise so its much quieter in the cabin. The sound insulation on EV is always going to be better on B&B vehicles to ICE. Comparing the Subaru Forester to Aion V in terms of NVH is like night and day difference. 

(4) Vehicle breakdown reliability. A vehicle breakdown analysis in Europe's largest vehicle market (Germany) by Europe’s largest automobile association Allgemeiner Deutscher Automobil Club (ADAC) was carried out recently. Report is here: https://presse.adac.de/meldungen/adac-ev/technik/adac-pannenstatistik-2025.html. The summary is that ADAC says EV's are 2.5x less likely to have a vehicle breakdown compared to ICE vehicles. 

In 2024, ADAC had 3.6 million call outs due to vehicle breakdown events and found that ICE vehicles broke down 9.4 vehicles per 1000 units compared to 3.8 EVs per 1000 units. Comparisons are of vehicles of the same age, i.e. 2020 ICE vehicle vs. 2020 EV. The vehicles are relatively new from 2020 to 2022 with age range between two to four years.  

There are some variability amongst manufacturers for both ICE and EVs. Surprisingly Toyota's C-HR, registered in 2020, has 63.1 breakdowns per 1,000 vehicles is the worst offender. On the EV side Hyundai's IONIQ 5 has 22.4 breakdowns per 1000 units due to problems with the integrated charging control unit (ICCU). The stars of the report are the Mini (0.3 breakdowns per 1000 units) and Audi A4 (0.4 breakdowns per 1000 units) which are on ICE side. On the EV side, the Tesla Model 3 is the star with just 0.5 breakdowns per 1000 units. So it very much depends on make/model one is getting.  

Most of the breakdowns are due to the defective starter battery (contributing to 44.9% of the 3.6 million vehicle breakdown events) . Looks like replacing the standard 12V lead acid battery with a more reliable 12V lithium ion battery is a simple way to improve reliability.  

(5) Value for money is better on EVs compared to ICE on B&B. I looked at the tech, features and what I'm paying for. The EVs are consistently of a higher standard (particularly those from China) and offer a lot more for the money compared to a similar price ICE vehicles. An example is the Subaru Forester 2.0i Eyesight Hybrid AWD vs. GAC Aion V. Both are similar in a lot of ways and price around the same. Both are SUVs, have a rugged box like shape and have open space feel. Both have similar dimensions and wheelbase. But on the inside, that's when things start to differ a lot. It's clear that Subaru hasn't done much for the past 10 years and things are looking cheap, old / stale. The inside of Aion V is at a different and higher level. I'm thinking : "Why should I pay so much for an inferior ride?"

     

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@steveting99 I see the V pricelist got 12k discount at the motorshow. If goes by your profit margin logic, its a gd time purchase right (despite COE inched upward)?

Base on ur earlier calculation, its now:

$143.3k cost($99.5 COE) 

$169.9(non GTD)-143.3k = 26.6k Profit

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(edited)
On 5/1/2025 at 12:38 PM, 125Pegasus said:

@steveting99 I see the V pricelist got 12k discount at the motorshow. If goes by your profit margin logic, its a gd time purchase right (despite COE inched upward)?

Base on ur earlier calculation, its now:

$143.3k cost($99.5 COE) 

$169.9(non GTD)-143.3k = 26.6k Profit

@125Pegasus The motorshow promotion sounds good, but need to check if the price of $169.9k has some conditions attached to it. OMV for the Aion V won't change at $31.9k, which means all the associated duties, fees and taxes remains unchanged. The basic cost of $43.7k + Cat A CoE remains. Now that Cat A CoE is at $99.5k, basic cost is around $143.3k on the Aion V.

The first question to ask if the motorshow price still holds if the Aion V is paid fully in cash? Most likely not and if not then what is new price? This will tell you how much margin that VinCar is looking for. Most likely, there will be some conditions attached to the motorshow price including:

(1) Insurance being provided by VinCar (dealer insurance discount);

(2) Trade in discount; and

(3) Finance package by VinCar (financing discount).

Best to prepare for items (1) to (3).

On item (1) get some independent quotes from other insurance companies for your particular situation to see the true cost of insurance. Does VinCar require a multi-year insurance agreement? Ask what is the insurance discount if taking on the dealer insurance? Does it make sense to take on the dealer insurance or from an independent insurance company?

For item (2), look into SG Car Mart or Carousel to see how much your ride is worth. There is a high chance that VinCar will try to low ball your ride. Ask VinCar what they're willing to give you for your current ride. What's the trade in discount offered by VinCar? Does it make sense to sell your current ride elsewhere rather than trading in with VinCar?

On item (3) get some independent quotes from banks and outside finance companies on the loan amount for no more than 8 years (Aion vehicle warranty ends after 8 years). The Annualised Percentage Rate (APR) from independent banks should be competitive and be about the same. What is the APR that dealer financing is demanding?

Read the fine print and ask lots of what if questions before signing on the dotted line. VinCar has a number of "creative" ways to maximise their profit margins.

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Neutral Newbie
On 5/1/2025 at 8:28 PM, steveting99 said:

@125Pegasus The motorshow promotion sounds good, but need to check if the price of $169.9k has some conditions attached to it. OMV for the Aion V won't change at $31.9k, which means all the associated duties, fees and taxes remains unchanged. The basic cost of $43.7k + Cat A CoE remains. Now that Cat A CoE is at $99.5k, basic cost is around $143.3k on the Aion V.

The first question to ask if the motorshow price still holds if the Aion V is paid fully in cash? Most likely not and if not then what is new price? This will tell you how much margin that VinCar is looking for. Most likely, there will be some conditions attached to the motorshow price including:

(1) Insurance being provided by VinCar (dealer insurance discount);

(2) Trade in discount; and

(3) Finance package by VinCar (financing discount).

Best to prepare for items (1) to (3).

On item (1) get some independent quotes from other insurance companies for your particular situation to see the true cost of insurance. Does VinCar require a multi-year insurance agreement? Ask what is the insurance discount if taking on the dealer insurance? Does it make sense to take on the dealer insurance or from an independent insurance company?

For item (2), look into SG Car Mart or Carousel to see how much your ride is worth. There is a high chance that VinCar will try to low ball your ride. Ask VinCar what they're willing to give you for your current ride. What's the trade in discount offered by VinCar? Does it make sense to sell your current ride elsewhere rather than trading in with VinCar?

On item (3) get some independent quotes from banks and outside finance companies on the loan amount for no more than 8 years (Aion vehicle warranty ends after 8 years). The Annualised Percentage Rate (APR) from independent banks should be competitive and be about the same. What is the APR that dealer financing is demanding?

Read the fine print and ask lots of what if questions before signing on the dotted line. VinCar has a number of "creative" ways to maximise their profit margins.

Great advice!

Applies to all makes and dealers...

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@steveting99 Full cash definately wont be allowed discounted price. Dont think any dealer allows without added fee to it. Anw,  go ahead and ask many questions if ur still interested. Otherwise, move on for another better deal ya...

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Negotiate to take minimum loan amount and tenure.

 

Redeem it from financial institution after the one year mark. Let the sales person earn his due commission.

I do that always.

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@125Pegasus and @Hamburger The business model for Aion V in Singapore is interesting to say the least. It goes something like this:

GAC (Thailand) ---> VinCar (Distributor in Singapore) ---> EV Hub (Dealer in Singapore) ---> Customer in Singapore

So GAC (Thailand) sells the Aion V at OMV ($31.9k) wholesale price to VinCar the distributor in Singapore. VinCar and EV Hub will say they are independent of each other, even though there is a relationship to justify markups/margins between them when passing the Aion V from wholesale to dealer and finally to the customer in Singapore. Below is the pricelist valid to 23-Apr-2025.

Pricelist_2025-04-23.thumb.jpg.1adbaba3cae5c9801b6b17ed4e92fe43.jpg

The normal list price ($254k) less promotion discount ($57k) and before any trade-in, finance or insurance rebate means the Aion V is asking $209k in an all cash deal. But the problem is that no one is willing to pay for this on a Cat A ride - since it's no longer competitive against the likes of BYD, Tesla, MG, Geely, Chery, etc.  

Back in April when Cat A CoE was at $97.7k the basic cost for Aion V comes to $141.4k. So the margin that VinCar and EV Hub are targeting is about $67.6k or 212% of OMV. I consider this to be excessive. One can argue that the $67.6k is shared between VinCar and EV Hub. In the end the customer has to pay for this.    

The promotional price at the motorshow of $170k means there's going to be some "creative accounting" by VinCar and EV Hub in order to maintain their $67.6k margin. If the basic cost is now $143.3k due to the increase in Cat A CoE, making the margin of $26.7k to the promo price at the motorshow - assuming an all cash deal. I consider this is still high (83% of OMV), but some may accept this as fair and reasonable and they have to keep the lights on and make some money after all to stay in business. But VinCar and EV Hub is a bit greedy and aiming for $67.6k margin (212% of OMV). So the extra $40.9k has to be made up through the low ball trade-in, high APR dealer insurance and finance costs. 

Would like to compare VinCar and EV Hub's margin to the gold standard in terms of transparency in pricing when getting a new ride in Singapore -Tesla. For the new Model Y (either Cat A or Cat B version), Tesla's Singapore margin is around 39% of OMV which I consider to be fair and reasonable to keep the lights on and stay in business. Quite far away from VinCar and EV Hub's triple digit margin. 

I still like the Aion V and the features/tech that GAC is providing.  Was just a bit disappointed and surprised on what VinCar and EV Hub was making off the customer. Yah, can negotiate with the sales person at EV Hub - but make sure you know what the value of the current ride is, as well as the insurance and finance costs are when trying to do a deal. Better to be prepared rather than being taken for a ride before signing the dotted line. I'd like to see what the competition has to offer as there are lots coming.

With Shanghai motorshow over, there's going to be new models released at the end of this year or early next year. The Sealion 06 and Tai 3 from BYD, Geely EX5/Proton eMas 7, SAIC's MGS5 and Cyber X, Chery iCaur V23 and 03, Honda's P7 and S7, Chery Omoda C7, Mazda CX-6e, Chery Lepas L6, Leapmotor C10, Chery Jaecoo J5 and others. Lots of choice for those interested in getting an EV as their next ride. So its good time to be an EV buyer now.   

 

 

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@steveting99 Dont really agree with the logic of calculating the figures(profit) of percentage against OMV. Its a matter of dealer earns more or manufacturer earns more only. The way you calculate just simply means that cars w higher OMVs seems cheaper. End of the day, ur just paying more to manufactorer and gov taxes. Of course its a personnel choice if you prefer to pay more to manufacturer or the higher OMV makes u feel more worth it. 

Model Y Cat A is 202k now vs Aion V 170k. To me still doesnt make much sense to "feel cheaper" if u get a Model Y. Anw, i dont find much meaning being fixated at this. Get what u like or suits u best instead of being obsessed with how much mark up the product has. Otherwise, you will always be in a dilemma. 

There will always be new models and more competition. If you like to wait then sure. No rush. maybe a few years down when more variety of EVs are in the local market, price will ease more. But EV rebates will also be lifted soon too. 

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@125Pegasus Point taken. Everyone should have a budget for their new ride and feel comfortable with it.

At some point in the future, will look more closely at what VincCar and EV Hub has to offer on the Aion V and will decide if I can "swallow" the margin they're asking for.  Just a bitter pill to swallow since I know the basic cost of the Aion V is $43.7k + Cat A CoE. 

 As of today and at the roadshow, have to accept the $26.7k dealer margin at 84% of OMV ($31.9k) with lowball trade in, high dealer financing and high dealer insurance. Would like to give a real life example of the devious lowball tactics used and the bad experience by an MCFer (hky1985) who got taken for a ride on his trade in by a BMW dealer here: 

Effectively hky1985 lost $18k on his trade-in when the BMW dealer misled him on the "effective price" at the roadshow. Or looking at the real price paid by hky1985 for his new BMW ride is +$18k more than the roadshow's "effective price' and the additional margin the dealer made. This is how dealers' maximise their profit margins.

Will see if anything better than the Aion V comes out of China and ends up in Singapore in the Cat A bucket. At the moment, Aion V is on the list in terms of features, tech and for some - maybe a value proposition at around $170k.

 

 

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