KUALA LUMPUR - As the latest iPhone 16 becomes available in Malaysia, many consumers are considering whether buying the device locally is the best financial choice, especially considering the fluctuating ringgit against major currencies such as the US dollar and Singapore dollar.
At 2pm today, the ringgit stands stronger at RM4.1775 against the US dollar and RM3.2406 against the Singapore dollar, however, this has led to a noticeable price difference when comparing the cost of the iPhone 16 in Malaysia to prices in Singapore and even the United States.
UOB Kay Hian Wealth Advisors head of investment research Mohd Sedek Jantan told Bernama that Malaysians who choose to purchase the iPhone 16 in Singapore could potentially save RM1,008.98, while those buying it in the US would enjoy an even greater saving of RM1,153.98.
"These disparities reflect the impact of the ringgit’s exchange rate on consumer goods, especially high-ticket items like smartphones.
"Despite these potential savings, many Malaysian consumers may still opt to purchase locally for the convenience and access to immediate customer service, even at a higher cost,” he explained.
As for Malaysia’s market, the price starts from RM3,999 and RM7,999, depending on the storage size.
The local price of the iPhone 16 factors in taxes, import duties, and other fees, which add to the overall cost compared to foreign markets.
According to iPhone enthusiast Syaffiq Ashadi Saidin, the decision largely depends on personal circumstances, such as having friends travelling to those countries, which could make the purchase more worthwhile.
However, he emphasised that current iPhone users might miss substantial trade-in values if they buy internationally.
"The trade-in value for existing iPhones can range from RM200 to RM4,750, depending on the model and condition,” he said.
Syaffiq said he prefers to buy locally, as trading in his old iPhone provides a financial advantage that offsets the higher price, making the local option more appealing despite the potential savings abroad.
The weakening of the ringgit in recent months has been a cause for concern, especially for Malaysian consumers looking to buy imported goods.
As the currency continues to fluctuate, these price differences will likely remain a key consideration for tech-savvy shoppers.
The disparity in prices also highlights the broader implications of currency strength on consumer purchasing power, a factor that is particularly relevant as the ringgit’s performance remains a topic of national economic focus. - BERNAMA