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PURCHASING AN AUTOVOCABMSRP = Manufacturer’s Suggested Retail Price (often the sticker OR list price)Negotiation = the process of discussing back and forth with the seller to arrive at a better purchase priceLease = A contract between the business that owns a vehicle and the person who wants to USE or RENT the auto.NOTESMost autos can be purchased for less than the sticker price if you shop around, compare prices, and negotiate with the sellerA lease usually has a max mileage that you can drive the car without an added fee so you want to be aware of how far you typically drivePlacing a down payment on an auto reduces the amount of your loan and is sometimes necessary (lease).1 PRO AND 1 CON OF BUYING USED. Pros – Less expensiveCons – Less warranty, unless you pay for an extended warranty1 PRO AND 1 CON OF BUYING NEWPros – Warranty includedCons - Price1 PRO AND 1 CON OF LEASINGPros – Payment less than buying and repairs includedCons – No ownership of vehicleReminders: To figure the interest on a purchase, use formula I = P x R x T.(Lic Plate is either $9 or $76; Title is $51, Registration is $36, Loan Recording $24)1. Figure the principal loan amount by computing the tax and fees and adding to the purchase price.(The buyer has no cash upfront and will need a loan for everything.)2. Calculate the Interest WITHOUT using an online calculator (I=PxRxT)(Principal is what you calculated in #1.)3. Compute the total about of debt to be paid back. Add the interest (#2) to the principal (#1). 4. Calculate the monthly payment. Divide total to be repaid (#3) by the amt of months of the loan. ................
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