Any Singapore Ferrari owners?

just checked with my colleague, that sounds like the PI he has contact with..they did bring in a porsche. said could be possible with lambo and fcars though a bit harder. The savings are quite significant.. i'd try it if i had a few hundred thousand to spare.

 

Hmm, so is it advisable to have a 355 here or there assuming it is still available when i can afford it here..Or even buy here, enjoy for a few years n export them to malaysia n keep it there.. Is there anybody doing that??

Reading from the past thread, i realise that u(SF) bought yr 1st Ferrari before 30th birthday, wasn't that a great feeling!! through those photos, actually i had saw yr car before at millenia walk, park beside a 355...i was there too... wherever there are ferraris, i will try to be there...(",) .. the effect is like hooked on drug, started way back during my NS days...till now..

Now that the parking at Millenia walk will be on wilson parking, will it still be FOC for Ferraris there?

 

Quite a few guys doing Porsches now. But as I mentioned long ago in this thread, the market for F & L cars is very small, almost everybody knows each other or will know eventually. The brands are not just a sports car but a status symbol here & usually associated with wealthy people who I think would more likely to flaunt then save some money. It's a small circle & they don't like to be viewed as 'outcasts' & I don't know how will Ferrari Spa react if HS complains that some punk is eating their market share here, with the chassis nos, they can trace the origin then maybe penalise the agent who supplied the PI?

Then, it's the main issue on warranty & servicing. Though new cars come with international warranty 1-2yrs? & agents are technically obliged to maintain it but it's the 'after' maintenance which most people are worried. Cycle charges a S$500 for admin just to look @ your PI Merc while Stuttgart charges S$5K+/- to do it. Agents do charge more on their spare parts & sometimes refuse to sell to 2nd party. Well, they can simply tell you "No Stock, don't know when can get" & you have a sitting duck. Or simply charge you more on every servicing. There's many workshops that can fix Mercs, BMWs & Porsches out there but nobody has & will want to buy the hardware & software to even tune a 360 & above. Finally, you get a big hit when you want to sell which you eventually will after a few years.

Perhaps the situation will change soon. We'll see.

 

How much is PI 997 ? Cayman ? I think worth pursuing since Stuttgart agree to service. For F & L, I think its inadvisable unless HS and ES support. Not sure if there is an outcast effect or that buyers would care. Leaving aside support issues, problem is getting a car and price. I am not sure if F & L would be much cheaper, as compared to 997.

Why not self import a used F & L ? Probably same price but your OMV is way higher than sold by agents ie loss per year is less.

 

Yes, you actually spend so much time here reading? it was for my 30th birthday then & yesterday, my wife bought me an F430 in Lego, boy it was the toughest Lego I've ever fixed since I last touched Lego 20+ yrs ago! I took 4hrs just to finish the bottom chassis Hope the real car is easier to manage.

Don't procrastinate. Just do it, when your family grows, it'll be too late or it'll be much later when your kids grow up. Unless you want a 612. Many of my clients can easily buy a pair of such toys but they don't have the time & lifestyle to enjoy it so they stick to mundane tin cans.

Don't bother about buying one in MY unless you're going to spend a lot time there, actually using it & you must have a property there as well. Where else do you think you're going to leave that lovely car of yours? They won't steal such cars but it's probably going to get vandalised. Some years ago it was possible to export cars to MY but not now. It is still possible if you know the right people & situation but then it'll be even more difficult to sell there than Sg. So, NO.

Maybe you can get a F348 first? A couple of them selling below S$200K or even an F308 is "just" S$100K+/- & it's a living legend as well. How many 360s do you see on the road? Maybe last weekend. When was the last time we see an F308 running around? Ermmmmm

 

I don't know the prices now since they fuctuate while some PI even has the cars on their floor. Vincar had a black CaymanS few months ago. I remembered you save anything between S$30K for a Boxster to S$80K for a high spec 997. I'm tempted to check if they can bring in a GT3 for good deal.

As for used cars, must we be the registered owner of the said vehicle in that country before getting it in or get the dealer there to do it. While it must not be over 2-3yrs old?

 

Jon and car trader

another legal issue/tussle

What and how are your cars insured?

If we bring on comprehensive policy, and the car is insured for its "market value", what determines the M.Value?

Say if you take on a comprehensive policy and your paper value is worth $10,000. You drive into Malaysia and the car gets stolen, what is determined then as market value or just paper value?
It is a legit question as my E38 735il which was involved in an accident which totalled it was only paid up to its paper value.

What are views on this matter?

 

I have already seen the movie. 5mins of F430 spider... boring.
My tickets are with some other owner now.

 

I don't think its going to be wilson parking. The scanners are there to track the number of cars in and out. This is to prevent the carpark attendants from pocketing some money.
Ferrari, Lambo and Maserati are still free.

 

Fong,
U bring up a good point...thats why I make sure that all my cars have a value attached to them on the policy.

btw got ur sms, forgot to reply. Have not seen the quality of the new cam yet. Its in CCD format and not CMOS.

Steak when?

 

Hey Lung, I like your avatar

Fong, good question there. So far, it's a grey area on what market value they perceive. I know for sure that insurance companies will want to pay as little or nothing as possible. As for our COE but valuable cars, they'll most likely just pay the remaining COE or papervalue but I'm sure we can engage a lawyer, get facts from international values & fight for the bodyvalue if it's worth it. We often read that insurance companies would sometimes rather write off your accident car based on their marketvalue if the repair fee is too much. Then the poor owner will have to fork out money to pay balance to finance.

I used to pay just S$600 on 3rd party insurance for my classic SL & nothing happen within those 2/3yrs except a lady driver decided to kiss my door. I spent S$2K+ & claimed S$3K+ but they sat on it for more than a year & finally, a law firm (did it for free as they claimed fees from her insurance co.) succeeded to get my cheque.

Eg. My 911SC has a 993TT body & my agent got their underwriter to value it as a 993TT, I paid extra premium so in case anything happens, they're supposed to replace the value for it but how we value a 993TT is another ?

 

As for the Millenia parking, I hardly want to go there now because since they don't get $, they don't bother to service you & when it's peak hr, there's no lots. So, I park over @ Conrad & pay $ but get good service.

 

Actually there are alot of parking lots nowadays. This is coz they start to charge full rates. In the past, the attendants just charge you $10 for full day when they were suppose to charge you $29. So there were alot of people who took advantage of this "discount".
Management has now put in the scanners to track cars in and out so the attendants cannot underchage.

Apparently, first two days after the scanners where installed, the car park vendors were short of $200 to pay the management. That is after 2 days. So u can imagine how much "discounts" they were giving.

 

Really? OK I'll go over there for supper now.

 

Enjoy. btw I not sure what the condition is at night. But during the day its empty.
If u drive your testa... its free.

 

lung,

funny story abt the parking at M.Walk, the other day when i went to "hand over" to you, the guy actually bothered to explain to me at 3.50pm, its not worth parking there...as they ahve to charge me $4 for before 4.00pm and another $4.00 for after 4.00 pm..it seemed pretty cool to me that they explain...anyways..I just paid and smiled at the guy...I didnt want to be late meeting you..haha

Insurance is a daunting issue..

 

hahahaha

Sunday, I come drive ur track, and eat your seafood!

haha

 

Hey,
Thanks for the link,..

 

conversation went like this

Me: I need to insure my car..its the only one in singapore...how do you determine market value if it gets stolen or hit?"
IC: We will look at the market, and determine if its worth repairing.
Me: No, you wont be able to determine market value..there is only one in singapore.
IC: We have professional surveyors, dont worry, let me get back to you
FAST FORWARD TWO WEEKS
IC: We seek prfoessional surveryors, they cannot determine the market value for your car as there is no record of a similar make and model
Me: *rolls eyes* Were you not listening two weeks ago? Ok, how much for premium....comprehensive
IC: wah, ur car twin turbo, coupe...$5000
Mek, how do you determine market value? What is the cut off before you decide to total it, and if you do total it, how much would you deem it worth.
IC: We will probarly pay you out its paper value....
Me: Wait, you charge me $5000 per annual for the insurance and if I get another an accident, you will total the car and pay me $10,000(paper value right now) ?
IC: Yes....
Meo you realise what you are saying....
IC: Yes, this is our way of working the system and milking you dry
Me: Ok, how about this, let you and I come to an agreement and decide amongst ourselves what is the "market value"?
IC: I am sorry, we cannot do that, it is hard to determine the market value in the future..
Me: exactly, so how do you determine a permium and comprehensive coverage for something you cannot determine a value of? and yet already decide that any reapairs costing more than paper value would determine a write off and payout of actual paper value?
IC:..... let me get back to you...

Singapore...welcome to our land of First World Prices and Third World Service

 

Went to the Maserati event just now... The MC Victory nice! I like the colour...

 

I take it paper value refers to OMV only and market value OMV plus premium.

In the case of a total loss, the insurer will only pay you for your loss - that means not what you paid for the car but what your car is worth at the date of loss ie what you could have sold your car for - market value is obtained by looking at comparative sale prices ie car ads - for a small fee AA also provides a valuation.

Since your car loses 20% upon leaving showroom, its odd that people insure their car for exactly what they paid for the car. Its paying for insurance based on a value that you will never receive even if there is a total loss the day after you take delivery. Further, your coe will be refunded regardless of whether you insure it.

For accident, the insurer may elect to pay you for the car as if it was a total loss where the repair cost exceeds the market value of the car after repair.

For my own insurance, I vary the premium by varying the risk covered, the excess and also the capped value of the car (ie the max the insurer pays out). For example, I advised my friend who has a cabriolet not to insure the roof, loss of use or COE and increased the excess slightly. That cut the premium by 40%. For my F car, I lowered the cap value and massively increased the excess. Not all insurers are prepared to discuss this however.

Do you check to reduce your insurance premium regularly ? My insurance company tried to charge me the same premium for 2 years running until I asked them if they were saying that my car value remained the same. Obviously, the value of your car and thus what they have to pay you goes down more and more every year but does your premium go down coprrespondingly as well ? If not, ask them why not and get it reduced.

 

Lung,

Not all insurance have such values. Depends on insurers. Also, does yours mean insurers will pay the value ? I think the value only operates as a cap for fixing the premium ie they can pay you less (ie market value) but do not have to pay more than the value stated. There will still be a dispute over the amount payable in other words.

 

But if there is a dispute in future... ur lawyers can argue that the premium paid is for a specific sum insured. If not, why do they charge you the premium.

 

Interesting all this insurance talk.

My last Mondial was involved in an accident and the insurance company OK'd the large charge to repair it, which we then did. Then the IC reneged and we had to take them to court.

After proving (as had the Police when they fined the driver for neg driving) that their driver was solely at fault, we then had to prove value for the car so that it could determined that the car was worth the hefty repair bill. Which we did in the end - so now all classic car drivers have a legit Singapore Court case to use as a precedent over value beyond paper value.

FF

 

I understand the paper value, but how does the valuation of a "loss" car work when there is no omv(PI cars and renewed coe). Basically, how would I insure for example, a car which is one of its kind on singapore roads, and has no other market examples to follow sample valuations. And which has no omv value due to it being an import or coe renewed.

Insurance will come out and get you, when I acquired my second car(similar to the car in question, but a newer model) I moved my NCB to the next car, then they procedded to increase the premium on my first car due to it being a coupe and turbo charged. They also procedded to state that as I had laid up the car for a period and missed having insurance, my premium also increases.

on the other Topic, LTA still has not been able to answer my question about my increased road tax for no reason