Buying A Car
Buying A Car
Buying A Car
Damien WHitmore
Part 1: What type of car will meet your needs? Take into account all the things you
may need to use your car for?
Will you need to haul anything with your car?
Yes
Will you need to have more than 2 people in your car?
Yes
Will you need four-wheel drive?
Sometimes
Will you need to drive lots of distance?
Not really
How much gas can you afford to buy each week?
$50/Week
None
Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
2014 Ford Raptor
2003 Lincoln Ls
2011 Corvette ZR-1
2013 Camaro SS
1969 Camaro SS
Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Automa
tic/
Manual
MANUAL
11
MANUAL
5.7L V8
3.0 V6
6.2L V8
Car
Engine
Corvette
zr-1
2013
Camaro SS
Dodge
Ram
Lincoln LS
Ford
Raptor
7.0 L
v8
6.2L V6
Extras
(Heated
Seats Etc.)
YES
18
YES
AUTO
14
YES
AUTO
AUTO
20
11
5
4
YES
YES
3
4
Fuel
Safety
Overall
Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Corvette ZR-1
Lincoln LS
Model
ZR-1
LS
Year
2012
2003
Price
$85K
$4K
Dodge Ram
1500
2014
$36K
Features
7.0L V8
COOL
SEAT
18K LB
TOW
Contact Info.
MORAN CHEVY
AA AUTO
PARKWAY CHRYSLER
Part 5: Look up the value of each of the three cars you found. Use kbb.com for this.
You must factor in Year, Make, Model, Features, Mileage, and Location to find the
price.
Car 1 $85,699
$35,894
Car 2
$4,399
Car 3
Part 6: Find at least three places where you could secure a loan for one car on your
list. You may want to consider banks and credit unions to find the best deal.
Institution 1: STATE FARM
Institution 2: BANK OF AMERICA
Institution 3: NATION WIDE
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
http://www.hondafinancialservices.com/static/pdf/LEASE_LOAN_APPLICATION_10201
4.PDF
Example additional fill-able example under assignment document
Part 8: Determine what your loan will actually cost. You should come up with the
monthly payment and determine the amount of principle and interest over the life
of the loan.
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full
Monthly payment $_$2412.31__________
Interest $_3.2%______ ___
Principle$____632______
Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
2
http://www.edmunds.com/calculators/car-loan.html
Plates:
Insurance:
45
450/MONTH
Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$
$450
3
Taxes: 510
Plates:45
Down Payment: 2300
Other:
Insurance: 450
TIRE RACK
Weekly
Gas: 43
Repairs
Find at least 3 cost
of repairs for our
vehicle
Supercharger$22k
Exhaust- $4k
Clutch- $8k
Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the benefit of buying a car brand new vs. used. Look in to
the price of that car for a lease option and present the cost of leasing vs. buying
brand new. What is the benefit of leasing? What are the drawbacks? Out of the 3
options, buying used, buying brand new, and leasing, when would each purchase be
required in someones life? What is the best option for you now? What is the best
option for you later on in life? Why?
New vs Used: Dont have to service as often, knowing it yours.
Lease vs Buy: Benefits of leasing, services included, new car often, drawbacks: have
to watch mileage
Buying used- 16-25
Leasing- 26-35
Buying 36- Whenever
The best option for me would be to buy used because I cannot afford a monthly
payment. My best option later on would be to buy because I will be successful and
able to make the payment.