Not exactly. In most use cases, you're better off buying it with contract with the Telcos.
Singtel has jacked up the price of the device this time round. Here's the maths for the 128GB version (which I shared the summary in another thread) -
5GB/mth from Singtel TCO - $360+$469 + 29.90*24 = $1546.6
Device / Add MobileShare or MultiSIM Service / Savings
AOS TCO = $1148 / $1404.8 / $141.8
AOS TCO w/EPP 25% discount = $861 [Unlikely you can get this] / $1117.8 / $428.8
AOS TCO w/EPP 15% discount = $975.8 [This is more likely but you have to wait] / $1232.6 / $314
Now, if you go with the AOS option, you still need a service plan for it. MobileShare/Multi-SIM all adds $10.70/mth to the TCO, resulting in $256.8 over 24 months.
If your usage is low and can be covered by your existing data entitlement, then buying contract free makes sense. However, if you can't get EPP pricing (or is not willing to wait until it's available), then I'll suggest you get one with a contract and the 5GB bundled data. To be honest, I'll just get the WiFi version if I don't want a contract.
The numbers will skew more in favour of a telco contract if you plug in M1's price.
Again, do your own maths and figure out what's best for your usage scenarios.
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