Name: Andy Chen
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?
Will you need to have more than 2 people in your car?
No
Yes
Will you need four-wheel drive?
Will you need to drive lots of distance?
Yes
No
How much gas can you afford to buy each week?
How much could you spend on repairs each month?
1000
14L
Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
Benz GLK 350
Chevrolet 2015 corvette
stingray
Audi A5
2015 camaro ZL1
Benz E400
Audi A4
Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Car
Benz GLK
350
Engine
2.1L
BlueTE
C
turbodi
esel 4cylinde
r
engine
/ 2 of 8
302HP
Automa
tic/
Manual
Automati
c
Fuel
Up to
24
city,
33
highwa
y
Safety
Extras
(Heated
Seats Etc.)
Overall
$ 40,325
ATTENTI
ON
ASSIST
LED
Daytime
Running
Lamps
Adaptive
braking
technology
HDRadio
receiver
Central
controller
Handsfree
Bluetooth
interface
14way
Mercedes
Benz
mbrace
Chevrolet
2015
corvette
stingray
6.2L V8
Automati
c
Up to
17
city,
29
highwa
y
Active
handling
stability
control
Driver
and
passeng
er
frontal
and
sideimpact
air
bags1
OnStar
Directio
ns &
Connect
ions
plan for
6
months
Rear
power
driverseat
with
memory
Dualzone
automatic
climate
control
Versatile
cargospace
Infrared
remote
window
openingand
closing
Driver and
passenger
frontal and
side-impact air
bags1
Audio System
Bose
premium 9speaker audio
system
Bose
advanced 10speaker audio
system
Chevrolet
MyLink1
Radio
Chevrolet
MyLink1
Radio with
Navigation2
SiriusXM
Satellite
Radio1
$55,995
2015
camaro
ZL1v
Superch
argedV8
Automati
c
Up to
14
mpg
city,
19
mpghi
ghway
Vision
Camera
Traction
control,
allspeed
Performance
data and video
recorder
Antenna,
integral,
hidden
HVAC
Air filtration
system with
pollen filter
Dual-zone
automatic
climate control
Air bags1
Air bags1
LATCH
system
(Lower
Anchors and
Top tethers
for CHildren)
OnStar1
Directions &
Connections
plan for 6
months
Rear Park
Assist
Rear Vision
Camera1
Safety belt
pretensioners
Safety belts,
3-point, all
seating
positions
Separate
Daytime
Running
Lamps
StabiliTrak,
stability
control
system
Tire Pressure
Monitor
System
Trunk
emergency
release
handle
OnStar
Automatic
Crash
Response
OnStar Crisis
Assist
OnStar
Emergency
Services
Fascias, front
and rear bodycolor, ZL1specific with
front splitter,
rear diffuser
and side rocker
extensions
ZL1
aluminum
hood with
carbon fiber
extractors
Wipers, front
intermittent
Boston
Acoustics
premium 9speaker
system
$56,800
SiriusXM
Satellite
Radio1
Antenna,
OnStar and
SiriusXM
Satellite Radio
OnStar
Hands Free
Calling
OnStar Low
Mileage
Discount
OnStar
Remote Door
Unlock
OnStar
Remote Horn
and Lights
OnStar
Remote
Ignition Block
OnStar
Roadside
Assistance
OnStar
Stolen
Vehicle
Assistance
OnStar Turnby-Turn
Navigation
OnStar
Vehicle
Diagnostics
Audi A7
Premiu
m 2.0
TFSI
Automati
c
Up to
24
city,
38
highwa
y
Driver
and front
passenger
dual-stage
airbags,
front thorax
side
airbags,
knee
airbags,
and
Sideguard
head
curtain
airbags 1
Front
passenger
occupant
detection
for airbags
1
Power
central
locking
system with
safety
unlock
feature if
airbags
deploy
Anti-lock
Brake
System
Chevrolet
MyLink
Chevrolet
MyLink1 with
7" diagonal
color touch
screen
LED
taillights and rear
fog lights
Poweradjustable heated
exterior side
mirrors
Front fog
lights
Dual exhaust
outlet
Aluminum
trim around
exterior windows
LED turn
indicator lights
integrated into
the exterior side
mirrors
Heated
windshield
washer nozzles
Three-zone
$43,000
(ABS) with
Electronic
Brakepressure
Distribution
(EBD) and
brake assist
Electronic
Stability
Control
(ESC) with
traction
control
(ASR)
Anti-theft
alarm
system with
immobilizer
Tirepressure
monitoring
system
Safety
belt
reminder
for driver
and front
passenger
Lower
Anchors
and Tethers
for CHildren
(LATCH) in
rear seats
Electromec
hanical
parking
brake
Audi A4
Premiu
m 2.0
TFSI
Automati
c
Up to
24
city,
32
highwa
y
Driver
and front
passenger
dual-stage
airbags,
front thorax
side
airbags and
Sideguard
head
curtain
airbags 1
Front
passenger
automatic
climate control
Three-spoke
multifunction
steering wheel
Tilt and
telescopic
manually
adjustable
steering column
Folding and
sliding front
center armrest
with height
adjustment
Power
windows with
one-touch
up/down
operation and
pinch protection
Decorative
interior inlays 2
Panoramic
tilting sunroof
Dual front
sun visors with
lighted vanity
mirrors
Three 12-volt
power outlets
Tiltand
telescopicmanually
adjustablesteering
column
Foldingand
slidingfrontcenter
armrestwithheight
adjustment
Powerwindows
withonetouch
up/downoperation
$35,500
occupant
detection
for airbags
1
Power
central
locking
system with
safety
unlock
feature if
airbags
deploy
Anti-lock
Brake
System
(ABS) with
Electronic
Brakepressure
Distribution
(EBD) and
brake assist
andpinchprotection
Decorative
interiorinlays2
Sunroof
Dualfrontsun
visorswithlighted
vanitymirrors
Three12volt
poweroutlets
Eightbeverage
holders(fourcup
andfourbottle)
Frontandrear
footwellLED
lighting
AmbientLED
interiorlighting
Illuminated
lockinggl
Electronic
Stability
Control
(ESC) with
traction
control
(ASR)
Anti-theft
alarm
system with
immobilizer
Tirepressure
monitoring
system
Safety
belt
reminder
for driver
and front
passenger
Lower
Anchors
and Tethers
for CHildren
(LATCH) in
rear seats
Singleframe
grille
Xenon plus
headlights with
LED daytime
running lights
Automatic
headlights
LED taillights
Poweradjustable
heated exterior
side mirrors
Front and rear
fog lights
Headlight
washing
system
Dual exhaust
outlet
Aluminum
trim around
exterior
windows
LED turn
indicator lights
Electromec
hanical
parking
brake
integrated into
the exterior
side mirrors
Heated
windshield
washer nozzles
S line
exterior
appearance
Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Chevrolet
Mercedes-Benz
Model
Corvett
e
GLK350
Year
2015
2015
Price
$55,99
5
$40,32
5
Features
4G LTE
Connectivi
ty
HD Radio
receiver
Central
controller
Handsfree
Bluetooth
interface
14-way
power
driver
seat with
memory
6.2L V8
Beautiful
design
Contact Info.
MORAN CHEVROLET,
INC.
3.5L
Direct
Injection
V-6
engine
ECO
Start/Stop
system
7-speed
Mercedes-Benz of St.
Clair Shores
20101 East Nine Mile
Road,St. Clair
Shores, MI 48080
(586) 773-2369
Distance: 5.2mi
(1-800-367-6372)
35500 GRATIOT AVE
CLINTON TOWNSHIP,
MI 48035-2847
(586) 791-1010
Distance: 2.2 mi
800-323-9935
TTY: 800-833-9935
automatic
transmissi
on
Shift
paddles
AGILITY
CONTROL
suspensio
n
Audi
A4
2015
35,500
Xenon
plus
headlights
with LED
daytime
running
lights and
LED
taillights
Sunroof
Threezone
automatic
climate
control
Eightway
power
front
seats with
driver
seat
lumbar
Leather
seating
surfaces
Audi of Rochester
Hills
45441 Dequindre Rd,
Rochester Hills, MI
48307
(888) 705-9192
(800) 822-2834
(800) 822-AUDI
24 hours a day, 7
days a week
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
9.8
Car 2
8.5
Car 3
8.8
8
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:
Bank of America
Institution 2:
PENFED Credit Union
Institution 3:
LIGHTSTREAM
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 $1214.57
Interest $2304.56
Principal $55,995
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: $15
Registration: $8
Plates: $5
Insurance: $150
Total: $178
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 fill 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? 3 or 4 times
per year
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)
9
C. What is the average cost of an oil change? $50
a. Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$150-200
D. For the do-it-yourselfers, you need to determine the number of
quarts of oil you will need every year, the number of oil filters you will
need, we will assume you have the wrenches to complete the job, but
you will need to buy some ramps so you can get to our oil plug.
Number or quarts of oil:
Total cost of oil:
Total cost of all filters:
Cost of two car ramps:
Total yearly cost for your oil changes:
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)? 21 mpg
c) What is the average cost of 1 gallon of fuel?
$2-2.25
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)
$1285.714
3) What would the cost of 2 new tires for your car be?
$386
Site where you found this: http://www.westcoastcorvette.com/c-52corvette-tires.aspx
Part 11: Complete the following chart
One Time Cost
Monthly
Registration: $8
Loan:
Taxes: $3359.7
Plates: $5
Down Payment:
$5599
Other: $15 title fee
Weekly
Gas: $24-26
Repairs
Find at least 3 cost
of repairs for our
vehicle
Insurance:
$150
$5
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
10
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 one = $55,995
Basically, the most clearly benefit for buying used car is you can gain the car that
you want with lower price. In the same way the deficit for buying the old car is also
clear: The car is old and maybe in some how be damaged, mean while if you want
to own this car in the short run and then sell it, the price for that car must be much
more lower.
The advantage for using the leasing buy the car is that you can quickly used this
car, even you dont have enough money for now. You can pay a little money for
leasing by comparing buy a new car, and you can try a lot of new cars, especially
for short time using. The disadvantage for using the leasing is you want to used the
car in long run, you may charge lots of leasing fee, so that your final cost may be
much higher than it original cost. Meanwhile, if you dont pay fee or using the car
base on the contract, your car will be taken. To sum up, you are hard to feel the car
is complete belong to you.
In my own perspective, when people have enough surplus or budget surplus and
they desire the better quality and reputation, they can buy brand new car, for it
wont influence their normal life. When peoples budget just reach or below the new
car price, and they really like that car and dont mind the little deficits, they could
consider to buy a used car. If peoples budget can not reach cars original price in
the short time but can afford it for monthly cost (people who have fixed job) or just
want to use the car in short time and wont drive it too much miles, they may lease
the car. For me, due to Im a student and I dont own the enough money and the
fixed job, which means I cant promise I can get the enough money for monthly
leasing, and may use the car everyday, I think I can buy a used car, because it will
sharply reduced my familys cost and I can pay my family for long run , and it will
give me great freedom to used the car as well.
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