| Author | Message | ||
| TomD (Tifosi)
Advanced Member Username: Tifosi Post Number: 3925 Registered: 9-2001 |
no cut would really shake things up | ||
| James Glickenhaus (Napolis)
Intermediate Member Username: Napolis Post Number: 1793 Registered: 10-2002 |
I'll go with .25. Wild card bet is no cut. Best | ||
| Chris A. (Asianbond)
Junior Member Username: Asianbond Post Number: 138 Registered: 5-2002 |
I'm currently looking at a 93 Mondial T coupe as a minor restoration project. Very reasonable entry price. If I come across a early tr i would definitely consider it, after seeing the tr london reminded me how awesome it look from the rear corner view. So wide and low with those huge corner light slats, it is such an 80's icon. Given the accuracy of my last commment on fed rate cuts I think james g. could make a better call. | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 151 Registered: 1-2002 |
Chris, Great to hear from you again... What can I say? Another Fed cut? So whats your call...25 or 50? The am gravitating towards the Testa....better value for money I suppose. | ||
| Chris A. (Asianbond)
Junior Member Username: Asianbond Post Number: 137 Registered: 5-2002 |
Lung, sounds like my prediction came true about you getting back into a TR. I would get the 90 and save the bucks or maybe use it for a second project car. Undoubtly the 94 is a better car, I just don't think it's worth another 100k. I'm starting to appreciate the older ferraris (80's) much more due to their price/return ratio. Saw a beautiful 80's TR in London last week with nice rims and great sounding exhaust. Chris | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 150 Registered: 1-2002 |
Australia, UK, New Zealand for the ferrari. Regional countries for other makes. Japanese cars usually don't make it past 10 years. They literally get scrapped. Servicing is relatively expensive compared to other makes, but I think this is true for all other countries as well. A complete belt change on a Testa, drop engine, parts and labor would cost about S$6K. | ||
| James Glickenhaus (Napolis)
Intermediate Member Username: Napolis Post Number: 1780 Registered: 10-2002 |
Lung Thanks. Really very interesting. Where are these cars exported to? I assume they're right hand drive? UK spec.? What about cost of service? Is it very high? Best Jim | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 149 Registered: 1-2002 |
It quite a complicated system in Singapore. 1. Cars have an attached value called an OMV (open market value). The omv is calculated on taxes paid on the car, the imported price, etc. OMV is the value of the car determined by the government at the end of 10 years. Ferrari's have very high OMV about $100-$200K depending on which model) Honda Civic have very low OMV about $15K. 2. There is also another piece of paper called the COE (certificate of entitlement), which you have to buy when u initially purchase a car. The COE is good for 10 years, and its attached to a specific car. The COE value depreciates over 10 years straight line. COEs are obtained thru a bidding process...supply and demand determines the price. The government controls the total number of cars on the road via the COE process. The COE back in 1994 was over $100K before you even bot the car. Current price of COE is about $30K So, to summarize u must buy a COE before you can buy a car. COE can be renewed after 10 years at the prevailing rate. 3. To determine the price of a used car... u add the paper value i.e. OMV plus the residule COE value plus the value of the body and parts of the car. The sum of these 3 elements is called the export price. At the end of the 10 years, if you decide to scrap or export the car the government will pay you the OMV. If you decide to scrap b4 10 years the government will pay the OMV and the reminding COE value. 4. Confused? 5. Anyway, so in theory a car that has not reached 10 years old has "value" or at least paper value, while a car that is 10.1years old has zero value other than its body and parts. So to cut a long story short.... A 1990 Testa is worth about $160k in Singapore. This is the price of its body and renewed COE, it has zero OMV. A 1994 512TR is worth about $260K. The is for its body, residule COE and OMV (which is the 100K) difference. Now u say why not wait till it crosses the 10 year mark and buy it then. Well, the current owner would rather export/scrap the car b4 10 years coz he gets the extra $100K back. The moment it crosses 10 years, prices drop drastically, insurance companies don't want to cover, banks don't want to finance the car. Questions? All prices quoated in Sinapore dollars but we must take it as one to one USD. But if you want to get technical 1US$ is about 1.74 S$. | ||
| James Glickenhaus (Napolis)
Intermediate Member Username: Napolis Post Number: 1773 Registered: 10-2002 |
Lung Is that 100K US? That seems like a huge difference in price. A full major service plus new tires would be about 10K US in NY. What does service cost over there? Best | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 148 Registered: 1-2002 |
Question: Testa or 512TR? I just came across a Testa w only 4500km on the clock. Now that means that its hardly been driven which means there will be lots to be done to it. Or should I hold out for the 512TR that cost $100K more. Is there much difference to justify the 100grand difference? Yes, cars in Singapore are expensive. The is a 300% import tax levied on cars. Jim, Thanks for asking about the family...everyone is great. lung | ||
| James Glickenhaus (Napolis)
Intermediate Member Username: Napolis Post Number: 1723 Registered: 10-2002 |
Lung Hope you, your wife, and little one are well. Best | ||
| Eric Eiland (Eric308gtsiqv)
Member Username: Eric308gtsiqv Post Number: 884 Registered: 11-2001 |
Lung...sounds like you've made a great decision...can't go wrong with the 512TR for sure! And, with regards to the Maser, you can always say "been there done that"  . It's great to hear that the Maser was an all-around solid ride for you, as my wife is still "on the fence" about them. Since we don't plan to purchase "her" fun car for another year or two, she'll have plenty of time to decide. Right now, she's all over the map -- from the Maser, to the Vette, to the 911, all the way to the Mini C -- so who knows what she'll ultimately decide on. Keep us posted on your search for the 512TR...hope you find one soon! | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 147 Registered: 1-2002 |
The 550 has always been on the cards but the price differential here in Singapore is about S$200K. The 550 is a great car, drove it on the track in Mugello back in 98. Will probably pick it up when the price drops to more affordable levels. | ||
| Ming Cheng (Onlinesys)
Member Username: Onlinesys Post Number: 294 Registered: 5-2002 |
Lung -- How about the 97-98' 550?! V12 powerplant, power steering but still super handling | ||
| Lung (Lung7707)
Junior Member Username: Lung7707 Post Number: 146 Registered: 1-2002 |
I have just started discussions with my dealer on the above. As some of you are aware I originally swapped my Testa for the Maserati. Now 5 months later...I am looking to swap back to a Ferrari 512TR. After 5 months of driving the Maserati I have come to realize that I am having "difficulty" living with an 8 after being spoilt by a 12 for the last 4 years. There is nothing wrong with the Maserati. Its a great car, easy to handle, power steering, auto, comfortable, "quiet", etc. But now after these short months its just doesn't excite me anymore. Sigh. Any comments? Will let you guys know how discussions go. |