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Why were they developing the 2012 car till late?
They should take a page from Ross Brawn's F1 strategy book. As soon as ROss had found out that Honda was pulling out of F1, he planned to keep the team for himself and he stopped working on the 2008 car, and began working on the 2009 car. So when 2009 came they had a huge development lead on the rest of the field.
After the first 7-10 races they knew where their place was in the pack (not likely to score). So to get a jump on the field they should have started developing for 2013.