Name:
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?
Will you need to drive lots of distance?
yes
yes
How much gas can you afford to buy each week?
How much could you spend on repairs each month?
Depends
$60
Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
Chevrolet Impala 2015
GMC Sierra 1500
Chevrolet Camaro ZL1 2015
Dodge Charger
Chevrolet Silverado 2015 1500
Ram 1500
Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Car
Engine
Impala
2015
V6
Camaro
V8
GMC Sierra
V8
Ram 1500
V6
Silverado
2015
V8
Automa
tic/
Manual
automati
c
Fuel
Safety
Regula
r
automati
c
automati
c
automati
c
regular
10
airbags/
onstar
onstar
regular
onstar
regular
automati
c
regular
Multitas
k
airbags
onstar
Extras
(Heated
Seats Etc.)
4G LTE Wif
Overall
Heated front
seats
12v charging
outlets
12v charging
outlets
4G LTE Wif
Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Chevy
Model
Impala
Year
2012
Chevy
camaro
2010
GMC
Sierra
2008
Price
$11,99
7
$15,00
0
Features
2 wheel
drive front
2 wheel
drive rear
$16,60
0
4 wheel
drive/Heat
ed door
mirrors
Contact Info.
1-888-693-1605
1-877-711-4544
1-866-919-9482
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 fnd the
price.
Car 1
$8,629
$16,434
Car 2
$16,956
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 fnd the best deal.
Institution 1: Light Stream
Institution 2: Capital One
Institution 3: Wells Fargo
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
http://www.hondafnancialservices.com/static/pdf/LEASE_LOAN_APPLICATION_10201
4.PDF
Example additional fll-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/fnancing/calc/loanCalc.jsp?mode=full
Monthly payment $_____332.01______
Interest $_____936.72_____
Principle$____15,000______
2
Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
http://www.edmunds.com/calculators/car-loan.html
Title Fee: ________$419.61__________
Plates:
Registration: ________$419.61__________
month
$35
Insurance:
$213 a
Total: _________$30,072 ____
____
Part 10: General Up-keep and Maintenance
You also need to be concerned with the general upkeep of your car along with how
much it is going to cost to keep gas in your car. This include regular oil changes
after 3000 miles, two new tires every year for Michigan winter weather adventures
and other car problems that could possibly occur. Below is a list for you to fll out
that will help you calculate the other yearly costs of operating your car.
1. The average number of miles driven per year by Americans is 12000.
A. How many times will you have to change your oil then? Every 5000
miles
B. If you will change it yourself, go to letter (d); if you plan on having
your oil changed by professionals go to letter (c)
C. What is the average cost of an oil change? $
40
a.
Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$
80
2) Since the average number of miles driven is 12000, we are going to determine
how much money you will spend in fuel for one year.
a) Does your car run on gasoline or diesel? gasoline
b) What is the average fuel mileage of your car (from page 1)? 15/19
c) What is the average cost of 1 gallon of fuel?
$60
d) Find the total cost of your fuel for one year:
(Number of miles driven / avg. fuel mileage)(Avg. cost of 1 gal. of fuel)
25 mpg/ cost of 1 gallon: $2.619/ miles driven: 185
3) What would the cost of 2 new tires for your car be?
$300
Site where you found this:
www.discountire.com
Part 11: Complete the following chart
One Time Cost
Monthly
Registration:
Loan:
________$419.61
________$419.6
1
Weekly
Gas: $60
Repairs
Find at least 3 cost
of repairs for our
vehicle
3
Taxes:
Plates:
Down Payment: 20%
Other: NA
Insurance:
$213 a month
$35
Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the beneft 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 beneft 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?
