You are going to 'Buy' a new car - Emily Morris
You are going to "Buy" a new car (not used). You will go through the entire process from choosing a car, getting rid of your old car, researching your decision, and closing the sale.Your budget(10-15% of monthly income) is $1375Highlight each of the following in a different color if it is extremely important to you in your car purchase. Auto Transmission2 door 4 doorGas EfficiencyCargo CapacitySeating CapacityTowing CapacityLeather SeatsPower SeatHeated SeatsEngine Size Anti-lock BrakesCruise ControlAir ConditioningRemote Keyless StartRear Wheel DriveFront Wheel DriveFour-Wheel DriveCD PlayerMP3Integrated Bluetooth Phone Navigation SystemDVD SystemAlloy WheelsDual AirbagsSide Curtain AirbagsAnti-theft SystemSun Roof/Moon RoofPower Exterior MirrorsWarrantyAdd other important options here:Find two cars that are within your budget, and meet all or most of your important features listed above. They should be the same TYPE of car, made by competing companies! I suggest using Car #1 Mazda CX-5Car #2 Ford EscapeBased on your own personal preferences, which of these two cars would you buy? Why?Read at least 5 reviews found online for each car. Reviews are written by people who already own the car or by expert car reviewers. Find at least 5 of these types of reviews for each of your two cars. Write a short reflection based on what you read in the reviews below: (Don't make your decision yet, you still have some number crunching to do.) Good Website: -click on Car Reviews at the top and choose consumer reviews. Mazda: This car is great for driving and has great mileage. It is hard to view out of the back.Ford: This car is good for driving and has good gas mileage. It has a small interior.Based only on what you read in the product reviews, which of the two cars would you buy? Why?I would get the Mazda because it had great mileage and is bigger on the inside.Use to find the answers to the following questions about the two cars you have chosen to compare. Click on the Car Values link at the top and choose What Should I Pay For a New Car. Look up your two cars. Choose the newest year, the correct style, and the options you would like.What is the Fair Purchase Price including options? Car #1 $27,664 Car #2 $27,380Now take the Fair Purchase Price times 5% state sales tax. Use the formula at the right to find these figures.-22860023495Cost of Car #1 to you$29,047.2000Cost of Car #1 to you$29,047.20171450023495Cost of Car #2 to you$28,74900Cost of Car #2 to you$28,749Fair Purchase price x 1.05 sales taxCost of Car to youYou will follow the instructions on the next page to find out how much you will spend TOTAL on owning this vehicle over the next 5 years.Click on the link on the left side of the screen that says 5-Year-Cost-to-Own.Customize the Car’s 5-Year-Cost-to-Own, by imputing your average miles driven per year. For example, I drive only about 10,000 miles per year. Set the % APR at 5% for 60 months with a $0 down payment.What is the 5-Year-Cost-to-Own?Car #1 $36,605 Car #2 $38,417What is your old car? Year 2006 Make Kia Model OptimaMileage: 100,000 milesExplain the condition of your old car:TotaledLet's assume that your old car is paid off. Use (click on Car Values tab at top, and choose What’s My Current Car Worth?) to find the following answers. Find out how much it is worth for trade in $0Find out how much it is worth if you attempt to sell it yourself (private-party value) $0From the previous page, take the cost of each car to you, and deduct the amount of your trade in to find out how much you will owe on each car. 2286000160020Cost of Car to You Minus Trade in for Car #2$28,74900Cost of Car to You Minus Trade in for Car #2$28,7490160020Cost of Car to You Minus Trade in for Car #1$29,047.2000Cost of Car to You Minus Trade in for Car #1$29,047.20Based on Fair Cost only, which of the two cars would you buy? Why? I would buy the Mazda. Now, let's assume that you are going to get financing to pay for the balance, and you have no money to put down. You are able to obtain financing at 5% APR. Use any auto loan calculator (I like using the What Would My Auto Payments Be? Calculator) to find out how much your payments would be on each car over each period of time:# of PaymentsAfter Trade-In Payment amount of Car #1After Trade-In Payment amount of Car #2241274126136871862486696626054854372468463Which car do you choose based solely on monthly payments?MazdaHow many payments are you able/willing to make on this car?24Considering personal preference, price, 5-year-cost-to-own, monthly payments, and product reviews, which car do you choose to buy? Why?Mazda because it is what I am looking for and a good price. ................
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