Car Price (Porsche)

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Car Price (Porsche)

Postby Marinaris » Mon Mar 26, 2018 11:38 am

Hello, hello,

I don't know if some of you have been to Aeon Mall recently. They're having an event to show cars from different brand (Korean mostly).

Obviously, the star of the show are the Porsche.

- Cayenne S 2019 / 290K$
- 911 Carrera (2nd hand) / 210K$
- Panamera 4 2018 / 280K$

My topic is about the price, I found it really really Outrageous and would like to know our members opinions about it.

How did they come with these prices ?

For exemple, Cayenne S would be around 85 000$ in US, then for all the whatever options let's say 50 000$ more, the tax for a 2993cc engine brand new car would be around 70 000$ and maybe 5000$ for transportation.

85000 + 50000 + 70000 + 5000 = 210K$

And maybe add the VAT for 10%.

So are they doing are 50000$ margin ? :-D

Is there really any khmer buying their Porsche from the Porsche dealer ? We can see a lot of Porsche in Phnom Penh, on the road and on sales in different garage/dealer along the road.
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Re: Car Price (Porsche)

Postby Miguelito » Mon Mar 26, 2018 11:45 am

Marinaris wrote:For exemple, Cayenne S would be around 85 000$ in US, then for all the whatever options let's say 50 000$ more, the tax for a 2993cc engine brand new car would be around 70 000$ and maybe 5000$ for transportation.

85000 + 50000 + 70000 + 5000 = 210K$

And maybe add the VAT for 10%.

So are they doing are 50000$ margin ? :-D


I think that you should recheck your H-S Codes on the taxes... and don't forget that the taxes are cumulative (take the import tax, then apply the the special tax, and then the VAT).

(Also, yes the cars here should have all of the options, and this is a small point, but you also pay import tax on the transport fee.)
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Re: Car Price (Porsche)

Postby Spigzy » Mon Mar 26, 2018 12:04 pm

1% official dealer, 99% grey market/written off in other markets & reassembled in PP.
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Re: Car Price (Porsche)

Postby YaTingPom » Mon Mar 26, 2018 2:33 pm

Buying and owning cars in Singapore are more expensive. (Getting a licence for the car to drive it can double the price of the car)
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Re: Car Price (Porsche)

Postby Miguelito » Mon Mar 26, 2018 2:59 pm

YaTingPom wrote:Buying and owning cars in Singapore are more expensive. (Getting a licence for the car to drive it can double the price of the car)


Malaysia and Thailand as well. For a car such as these the tax comes to about 300% there! :-o
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Re: Car Price (Porsche)

Postby Marinaris » Mon Mar 26, 2018 3:23 pm

Miguelito wrote:
YaTingPom wrote:Buying and owning cars in Singapore are more expensive. (Getting a licence for the car to drive it can double the price of the car)


Malaysia and Thailand as well. For a car such as these the tax comes to about 300% there! :-o


I'm aware of that, those countries have decent public transportation hence the comprehensible high tax.

But does people there in general gives as much importance to car as in Cambodia ?

I think that you should recheck your H-S Codes on the taxes... and don't forget that the taxes are cumulative (take the import tax, then apply the the special tax, and then the VAT).

(Also, yes the cars here should have all of the options, and this is a small point, but you also pay import tax on the transport fee.)


To Mig, I know, it wasn't a super accurate number, please enlight me if you know the proper amount, is it more ? Is it less ? :cheers2:
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Re: Car Price (Porsche)

Postby ReasonstobefearfulP3 » Mon Mar 26, 2018 3:57 pm

Marinaris wrote:
To Mig, I know, it wasn't a super accurate number, please enlight me if you know the proper amount, is it more ? Is it less ? :cheers2:



Import tax of 35%, Special tax of 65%, VAT of 10%. As Migs said special tax added after the Import, (therefore 65% on 135% of cost plus insurance cost, then 10% VAT on all of the above). Add in actual shipping cost, plus rent/overheads/wages and they will not be marking up much on a sale

Say $100k for the car , you are already looking at $150k in tax before the shipping costs/insurance etc are taken into account.

I am no expert but these were the tax rates I found online:

http://www.customs.gov.kh/publication-a ... y-code-en/
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Re: Car Price (Porsche)

Postby Marinaris » Mon Mar 26, 2018 4:54 pm

ReasonstobefearfulP3 wrote:
Marinaris wrote:
To Mig, I know, it wasn't a super accurate number, please enlight me if you know the proper amount, is it more ? Is it less ? :cheers2:



Import tax of 35%, Special tax of 65%, VAT of 10%. As Migs said special tax added after the Import, (therefore 65% on 135% of cost plus insurance cost, then 10% VAT on all of the above). Add in actual shipping cost, plus rent/overheads/wages and they will not be marking up much on a sale

Say $100k for the car , you are already looking at $150k in tax before the shipping costs/insurance etc are taken into account.

I am no expert but these were the tax rates I found online:

http://www.customs.gov.kh/publication-a ... y-code-en/


Your number looks right but I think, there's specific customs for cars. For what I know, it's based mostly on the Car Model + Year of the Car + Engine Displacement (cc).

I'll take for exemple a Lexus RX200t and RX350 both 2017.
The first one is sold 112K$ and the second 125K$, same options only the engine is different.
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Re: Car Price (Porsche)

Postby Playboy » Mon Mar 26, 2018 4:56 pm

Also, a couple of years ago the RGC introduce a new specific cat tax, just on Luxury German Cars - in addition to all the others

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Re: Car Price (Porsche)

Postby Miguelito » Mon Mar 26, 2018 5:09 pm

ReasonstobefearfulP3 wrote:
Marinaris wrote:
To Mig, I know, it wasn't a super accurate number, please enlight me if you know the proper amount, is it more ? Is it less ? :cheers2:



Import tax of 35%, Special tax of 65%, VAT of 10%. As Migs said special tax added after the Import, (therefore 65% on 135% of cost plus insurance cost, then 10% VAT on all of the above). Add in actual shipping cost, plus rent/overheads/wages and they will not be marking up much on a sale

Say $100k for the car , you are already looking at $150k in tax before the shipping costs/insurance etc are taken into account.

I am no expert but these were the tax rates I found online:

http://www.customs.gov.kh/publication-a ... y-code-en/


Well, take a $100,000 car. Let's give it a transport & insurance cost of $3000, so CIF price would be $103,000.

$103,000 * 1.35 import tax = $139,050
Now, take that price and add the special tax. $139,050 * 1.65 special tax = $229,432.50
Now, give yourself a small margin, factoring in warranty. Then add 10% VAT on that.

In total a 35/65/10 scheme equates to a 145.025% tax.

Globally in the automobile industry you get about a 10% gross margin, which will equate down to a 1-2% net margin, or profit. That is really pathetic, but dealers end up making their profit through their after sales departments. Yes, luxury cars get a slightly better margin, but you can also easily purchase some aging stock under cost here.
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Re: Car Price (Porsche)

Postby Lucky Lucan » Mon Mar 26, 2018 9:19 pm

Miguelito wrote:

Globally in the automobile industry you get about a 10% gross margin, which will equate down to a 1-2% net margin, or profit. That is really pathetic, but dealers end up making their profit through their after sales departments. Yes, luxury cars get a slightly better margin, but you can also easily purchase some aging stock under cost here.


I've heard that the high-end official dealerships are doing very well because of their after-sales services and because they come with warranties which any gray import will often entirely lack.


Playboy wrote:Also, a couple of years ago the RGC introduce a new specific cat tax, just on Luxury German Cars - in addition to all the others


Is there any other kind of German cars these days? Even Volkswagen must get hit by "Luxury German Tax"? Is this a sort of tax on the rich or what? I know some probably manage to avoid these taxes, and they don't need to be paid for any government/ army/ civil service/ embassy/ ONG vehicles. Considering how much they cost there are a huge number of fancy looking cars here.
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Re: Car Price (Porsche)

Postby Playboy » Mon Mar 26, 2018 10:10 pm

Luckily for them, VW happened to avoid the Luxury German Tax when they officially set up last year.

Porches, Audi, BMW, Mercedes were not so lucky.

In response to an earlier comment, most of the official German brands here are making about a 4% profit on new car sales, not 10%.

Since they first opened, most of the official German brands have now changed their policies and have started servicing, spares and repairs, for grey market imports in addition to their work on officially imported vehicles to make ends meet.

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Re: Car Price (Porsche)

Postby Marinaris » Tue Mar 27, 2018 10:24 am

Here's the very good thread about Car Import Tax Table, which I agree on the tax calculation i.e (basic price*137.6%)

http://www.khmer440.com/chat_forum/viewtopic.php?f=12&t=60159&start=12

Playboy, is there an english or italian Luxury Tax too ?
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Re: Car Price (Porsche)

Postby Spigzy » Tue Mar 27, 2018 10:35 am

Playboy wrote:Since they first opened, most of the official German brands have now changed their policies and have started servicing, spares and repairs, for grey market imports in addition to their work on officially imported vehicles to make ends meet.

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Re: Car Price (Porsche)

Postby Playboy » Tue Mar 27, 2018 1:05 pm

Spigzy wrote:
Playboy wrote:Since they first opened, most of the official German brands have now changed their policies and have started servicing, spares and repairs, for grey market imports in addition to their work on officially imported vehicles to make ends meet.

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Yes they do.

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