Showing posts with label cars - bikes. Show all posts
Showing posts with label cars - bikes. Show all posts
Thursday, January 28, 2010
Sunday, November 29, 2009
An Essential Guide To Buying Your First Car
By iFAST Editorial Team
We've all heard about how buying a car is not one of the smartest financial moves to make. A car is after all, a depreciating asset. But we can't deny that having a car brings other intangible benefits - convenience, accessibility, freedom etc.
Damien Fong, from Singcapital Pte Ltd., tells potential car buyers what they need to know before signing on the dotted line for a new car purchase, and offers tips on how to source for a suitable car loan.
iFAST: What are the main factors to take into consideration when deciding whether to purchase a car?
DF: Many car owners around in the world, and especially in Singapore, do not have a full understanding of the financial implications of one's car purchase. In Singapore, it is important for a potential car buyer to note that there are some very specific factors that affect the value of a car and the overall cost of ownership. As Singapore is still one of the most expensive places in the world to buy and maintain a car, it is well worth one's time to understand the basic elements that make up the costs of owning a vehicle here.
OWNING A VEHICLE IN SINGAPORE
The 2 main factors that impact the cost of car ownership in Singapore are:
The vehicle tax regime including import duties, additional registration fees (ARF) and road tax.
The Vehicle Quota System which limits the vehicle population growth in Singapore to approximately 3% per annum. The tool which is used to limit the number of cars registered in Singapore is the Certificate of Entitlement or COE. Each vehicle registered in Singapore must have an accompanying COE which is "attached" to the vehicle throughout the vehicle's lifespan. For more information on the Vehicle Quota System and COEs, please visit www.lta.gov.sg (The Land Transport Authority) and www.onemotoring.com.sg.
RECURRING MAINTENANCE COSTS
In addition to incurring the cost of acquiring a vehicle, there are other costs associated with keeping the vehicle on the road. Here are some of those costs:
COMMON MISCONCEPTIONS
One of the most common misconceptions on the affordability of a car is the "low monthly installment" syndrome. This happens when prospective buyers are enticed into buying a car on the premise that the monthly installment is low. However, many consumers do not factor in other "costs" and can end up in a horrendous situation from a financial perspective.
Many car buyers also do not take enough time to consider their length of ownership and therefore do not make the best purchase decisions from a financial perspective. Unlike a property, a car is usually a liability as its value depreciates the moment you purchase the car. Therefore, when buying a car, it is important to take time to consider how much it will cost you overall, your intended ownership period and of course, your motoring needs.
iFAST: If an individual were to purchase a car, what would be the maximum percentage of the individual's salary that should be allocated for the monthly installments and other related expenses?
DF: To work out your Income and Expenses when deciding on a car purchase, one will need to work out his/her Debt Servicing Ratio (DSR) which is often used by banks to assess whether a loan application can be approved. DSR is the percentage of the borrower's total monthly financial commitment (including car loan, home loan repayment, and other financial commitments such as unsecured borrowing, etc) against his monthly income and it will determine the loan quantum to be granted. The acceptable DSR varies from bank to bank, but is usually between the region of 40% to 50%.
SOURCING FOR A SUITABLE CAR LOAN
There are three basic factors to think about when sourcing for a new car loan: interest rate, loan principal and loan period. Knowing these three items will enable you to understand how much loan you are able to obtain. Using these to make your loan calculation will help you establish your budget for making the monthly payments.It will be good to bear in mind that most lenders will want you to take out as much loan as you can possibly afford, since they will make more money, the larger the loan amount is. Therefore, always check the terms and conditions for the car loan before you commit to a loan. Below are the key items one needs to take note of, when it comes to car loans.
The Loan PrincipalLoan principal is a term used in finance that refers to the original amount of the debt or the original amount of money borrowed. Your total interest charges at the end of the loan period depend on the amount of the loan principal and the loan period. The higher the principal amount you borrow, the more money you will ultimately be paying back over the course of the loan.
Interest RateThe interest rate is usually expressed in percentage terms and is referred to as the amount of money charged outside the loan principal amount.
There are two common car loan interest schemes, i.e. the flat interest rate and the monthly rest schemes. Flat inter¬est charges are also known as "flat add-on rate". The interest rate is fixed throughout the loan period and it uses simple interest calculation. This means the total interest payable for the whole loan period is already added into the principal loan amount at the beginning. Borrowers pay equal monthly installments over the period of the loan. Currently, most car loans in Singapore are based on this scheme.
Monthly rest schemes are repayment schemes with floating interest rates. These rates are usually pegged at a certain percentage below or above a benchmark rate, such as the lender's prime lending rate or board rates. The interest is calculated on a monthly rest basis, meaning that the principal amount is reduced every month as the monthly installment is paid. The monthly instalments are a fixed amount, but the reduction in the principal and the interest payment vary according to changes in the interest rate.
Loan PeriodThe loan period refers to the life cycle of the loan. The longer the loan, the more expensive the loan will be.
Car loan calculation is an important part of sourcing for the right car loan. You can determine how much your loan is going to cost, by utilising good car loan calculation.By regulation, car loans have a maximum repayment period of 10 years and a financing limit of 100% of the car purchase price or market value, including COE, whichever is lower. The loan period added to the age of the car cannot exceed 10 years.
Terms and Conditions - DefaultFor hire purchase loans, if you default on the monthly installments, the lender has the right to repossess the vehicle. Upon the sale of the vehicle, you have to pay for the shortfall between the sales proceeds and the loan outstanding, including the costs arising from the repossession.
Late Fees and PenaltiesDifferent lenders charge different fees for late payment of installments. Make sure you check out all these fees before you commit to the loan.
iFAST Central provides services to more than 50 financial advisory companies, exempt financial advisers and financial institutions, and over 2,500 financial adviser representatives. Damien Fong is Financial Advisor Director at Singcapital Pte Ltd, a financial advisory company.
We've all heard about how buying a car is not one of the smartest financial moves to make. A car is after all, a depreciating asset. But we can't deny that having a car brings other intangible benefits - convenience, accessibility, freedom etc.
Damien Fong, from Singcapital Pte Ltd., tells potential car buyers what they need to know before signing on the dotted line for a new car purchase, and offers tips on how to source for a suitable car loan.
iFAST: What are the main factors to take into consideration when deciding whether to purchase a car?
DF: Many car owners around in the world, and especially in Singapore, do not have a full understanding of the financial implications of one's car purchase. In Singapore, it is important for a potential car buyer to note that there are some very specific factors that affect the value of a car and the overall cost of ownership. As Singapore is still one of the most expensive places in the world to buy and maintain a car, it is well worth one's time to understand the basic elements that make up the costs of owning a vehicle here.
OWNING A VEHICLE IN SINGAPORE
The 2 main factors that impact the cost of car ownership in Singapore are:
The vehicle tax regime including import duties, additional registration fees (ARF) and road tax.
The Vehicle Quota System which limits the vehicle population growth in Singapore to approximately 3% per annum. The tool which is used to limit the number of cars registered in Singapore is the Certificate of Entitlement or COE. Each vehicle registered in Singapore must have an accompanying COE which is "attached" to the vehicle throughout the vehicle's lifespan. For more information on the Vehicle Quota System and COEs, please visit www.lta.gov.sg (The Land Transport Authority) and www.onemotoring.com.sg.
RECURRING MAINTENANCE COSTS
In addition to incurring the cost of acquiring a vehicle, there are other costs associated with keeping the vehicle on the road. Here are some of those costs:
COMMON MISCONCEPTIONS
One of the most common misconceptions on the affordability of a car is the "low monthly installment" syndrome. This happens when prospective buyers are enticed into buying a car on the premise that the monthly installment is low. However, many consumers do not factor in other "costs" and can end up in a horrendous situation from a financial perspective.
Many car buyers also do not take enough time to consider their length of ownership and therefore do not make the best purchase decisions from a financial perspective. Unlike a property, a car is usually a liability as its value depreciates the moment you purchase the car. Therefore, when buying a car, it is important to take time to consider how much it will cost you overall, your intended ownership period and of course, your motoring needs.
iFAST: If an individual were to purchase a car, what would be the maximum percentage of the individual's salary that should be allocated for the monthly installments and other related expenses?
DF: To work out your Income and Expenses when deciding on a car purchase, one will need to work out his/her Debt Servicing Ratio (DSR) which is often used by banks to assess whether a loan application can be approved. DSR is the percentage of the borrower's total monthly financial commitment (including car loan, home loan repayment, and other financial commitments such as unsecured borrowing, etc) against his monthly income and it will determine the loan quantum to be granted. The acceptable DSR varies from bank to bank, but is usually between the region of 40% to 50%.
SOURCING FOR A SUITABLE CAR LOAN
There are three basic factors to think about when sourcing for a new car loan: interest rate, loan principal and loan period. Knowing these three items will enable you to understand how much loan you are able to obtain. Using these to make your loan calculation will help you establish your budget for making the monthly payments.It will be good to bear in mind that most lenders will want you to take out as much loan as you can possibly afford, since they will make more money, the larger the loan amount is. Therefore, always check the terms and conditions for the car loan before you commit to a loan. Below are the key items one needs to take note of, when it comes to car loans.
The Loan PrincipalLoan principal is a term used in finance that refers to the original amount of the debt or the original amount of money borrowed. Your total interest charges at the end of the loan period depend on the amount of the loan principal and the loan period. The higher the principal amount you borrow, the more money you will ultimately be paying back over the course of the loan.
Interest RateThe interest rate is usually expressed in percentage terms and is referred to as the amount of money charged outside the loan principal amount.
There are two common car loan interest schemes, i.e. the flat interest rate and the monthly rest schemes. Flat inter¬est charges are also known as "flat add-on rate". The interest rate is fixed throughout the loan period and it uses simple interest calculation. This means the total interest payable for the whole loan period is already added into the principal loan amount at the beginning. Borrowers pay equal monthly installments over the period of the loan. Currently, most car loans in Singapore are based on this scheme.
Monthly rest schemes are repayment schemes with floating interest rates. These rates are usually pegged at a certain percentage below or above a benchmark rate, such as the lender's prime lending rate or board rates. The interest is calculated on a monthly rest basis, meaning that the principal amount is reduced every month as the monthly installment is paid. The monthly instalments are a fixed amount, but the reduction in the principal and the interest payment vary according to changes in the interest rate.
Loan PeriodThe loan period refers to the life cycle of the loan. The longer the loan, the more expensive the loan will be.
Car loan calculation is an important part of sourcing for the right car loan. You can determine how much your loan is going to cost, by utilising good car loan calculation.By regulation, car loans have a maximum repayment period of 10 years and a financing limit of 100% of the car purchase price or market value, including COE, whichever is lower. The loan period added to the age of the car cannot exceed 10 years.
Terms and Conditions - DefaultFor hire purchase loans, if you default on the monthly installments, the lender has the right to repossess the vehicle. Upon the sale of the vehicle, you have to pay for the shortfall between the sales proceeds and the loan outstanding, including the costs arising from the repossession.
Late Fees and PenaltiesDifferent lenders charge different fees for late payment of installments. Make sure you check out all these fees before you commit to the loan.
iFAST Central provides services to more than 50 financial advisory companies, exempt financial advisers and financial institutions, and over 2,500 financial adviser representatives. Damien Fong is Financial Advisor Director at Singcapital Pte Ltd, a financial advisory company.
Saturday, November 7, 2009
What it's like to… drive a car underwater
Thu Oct 29 19:58 by Ben Pulman
This may look like a Lotus Elise sinking to a watery grave, but it's actually a fully working underwater car and we've, er, dived in it
This wasn't a good idea. I'm sitting in an electric Lotus Elise that's semi-submerged in the middle of Lake Zurich, and we're about to dive. If I don't get frazzled then I'll probably drown. Maybe both – I'll be the world's first deep-fried journalist in the world's first underwater car. Welcome to the Rinspeed sQuba. And did I mention it's worth a million quid?
This wasn't a good idea. I'm sitting in an electric Lotus Elise that's semi-submerged in the middle of Lake Zurich, and we're about to dive. If I don't get frazzled then I'll probably drown. Maybe both – I'll be the world's first deep-fried journalist in the world's first underwater car. Welcome to the Rinspeed sQuba. And did I mention it's worth a million quid?
The creation of Frank Rinderknecht, the sQuba exists for two reasons. One, because Rinderknecht likes to be different, and two, to promote the abilities of his Swiss firm Rinspeed, which constructs one-off motor show concept cars for big-brand car manufacturers. So what better way to demonstrate Rinspeed's talents than to design and build a diving car – if it works?Rinderknecht's beaming as he talks me round his baby, pointing out the (apparently waterproofed) lithium-ion batteries and 72bhp electric motor that have replaced the Toyota engine, assuring me that the first ‘sea trials' in Florida went off without a hitch.
I want to make a clever 007-style pun (dip the headlights, perhaps?) but Rinderknecht's Q is in full flow and now all the stories I've heard about leaky Lotuses are coming back to me. Yet Rinderknecht carries on as if letting a journalist pilot his one-off prototype down the nearest slipway and off across Lake Zurich is an everyday occurrence. Frankly I'm rather nervous about my maiden voyage; I've always believed that water and electricity don't mix.We're off, moving silently (it's electric, remember) through the docks and down to the water's edge.
We splash in, the nose goes light – made buoyant by all the foam sprayed into every nook and cranny – and our, er, car starts to float away from the shore.With the press of a button the sQuba transforms from roadster to boat. Louvres in the front grille (or should that be gill?) open to direct water into the jets mounted on the wings and drive stops going to the rear wheels.
A hand throttle controls the propellers, so I open her up and we head towards the middle of the lake, the sQuba bobbing gently on the waves. I trail my fingers in the cool waters that surround us and look back to land where the other cars motor along, their drivers unaware that they're passing a paddling car. What a perfectly lovely day out. It's time to dive, and to do so we have to effectively scuttle the sQuba. All that foam means it naturally floats, even with two big blokes on board, so to get this car to sink, sorry dive, we have to open the doors and let the water in…
It's not something I want to do, and Lake Zurich isn't helping either. The door barely opens under the weight of the water and it takes all my might just to create a tiny gap. The water trickles in at first, but suddenly it's a torrent, welling up around my ankles, filling my shoes, seeping into my wetsuit, freezing my nether regions.
There's no time to think. Mask on, mouthpiece in and I'm breathing through the car's onboard air supply as the sQuba starts to submerge. But with all that foam the sQuba only sinks so far, settling just beneath the surface. Yet my lanky frame means my head remains like a periscope above the water. I feel alone in Lake Zurich.
This was a bad idea.To dive further down we have to force the sQuba against its natural buoyancy using the wing-mounted jets. They're angled by two levers that replace the gearstick, and driven by the clutch and accelerator pedals.
Both are depressed and we begin to head downwards. Forget wind-in-your-hair motoring; this is water-in-your-wetsuit diving.Ever been in a fast car when it's accelerated and your stomach's been squeezed as you've been pushed back into the seat?
Like that sensation? Then try the sQuba.
Your whole body is compressed with every inch that you dive deeper, your mask is pressed against your face with the entire force of Lake Zurich piling in on top of you. Underwater it's eerily quiet except for my Darth Vader-esque breathing.
If only the visibility wasn't so poor at 16-feet under. But diving in the sQuba is still an incredible and magical experience. Like a child discovering its limbs for the first time, I'm drawn towards my hands, studying them, intrigued by this alien feeling of weightlessness in the familiar surroundings of the sQuba's cabin.
Perhaps it's the closest I'll get to driving on the moon.This isn't my overriding memory of the sQuba though, and nor is it my first guilt-free wee in a car (but that's another story).
What I will always recall will be free-diving around the sQuba once we resurface. The sQuba, a car, floating in the middle of Lake Zurich is a mesmerising sight.
Like a ship in a dry dock, it looks so different out of its natural habitat. It is magical, seductive and mysterious, a strange new type of car. It's a memory I shall always have, and thankfully one I didn't take to a watery grave.
Friday, October 30, 2009
Saturday, October 17, 2009
Thursday, October 15, 2009
Nissan Fairlady 370Z
Engine
Engine capacity 3,696 cc
Engine type V6 24-valve DOHC
Compression ratio 11
Bore x Stroke (95.5 x 86.0) mm
Power 332 bhp
Torque 363 Nm
Performance
Acceleration 4.8s (0-100kmh)
Top Speed 250kmh
Fuel consumption unknown
Misc technical data
Transmission 6-speed manual
Drive type RWD
Measurements
Dimensions (L x W x H) (4250 x 1845 x 1315)mm
Wheelbase 2,550mm
Min turning radius 5,200mm
Kerb weight 1,510kg
Fuel tank capacity 72L
Brakes
Brakes (Front) Ventilated disc
Brakes (Rear) Ventilated disc
Suspension
Suspension (Front) Double wishbone
Suspension (Rear) Multi-link independent strut
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