Vehicle Ownership
Buying your first carYou have started your first part-time job and you want to buy your first car. The job pays minimum wage and you will average 18 hours per week. Assuming that you will not pay income taxes, determine if you are able to afford a vehicle so that you can drive to work and school. You will need to research the minimum wage for students in Ontario. Use the budget sheet included at the end of the assignment sheet to make the calculations. Vehicle CostsDetermine the Year, Make and Model of the vehicle you wish to purchase, then look on Autotrader.ca and find the purchase price of the vehicle you wish to purchase. Include all the information about the vehicle along with the customer’s statements about the vehicle and the website url.Determine the sales tax when purchasing the vehicle.Google the RBC loan calculator to determine the monthly payments for a loan of the purchase amount over five years at 7.0% interest.Google search to get an instant online quote to insure the vehicle. List the company used and provide the information provided by the insurance company. Read the following article to see if it will help you with determining cost of insurance for teenagers. globe-drive/adventure/trends/why-ontario-drivers-pay-the-highest-car-insurance-rates-in-the-country/article19522860/What is the estimated monthly cost of maintaining and fueling this vehicle? Prove your numbers based on appropriate websites or parents help.Monthly Budget SheetMonthly Income:_$______________________Monthly payments on the loan for the vehicle$Monthly insurance costs$Maintenance cost averaged over a 1 month period$Estimated fuel costs$Total Monthly Costs$Does the money that you earn cover the cost of purchasing and maintaining the vehicle you’ve chosen? If not, how many hours would you have to work to be able to afford the vehicle you have chosen?Is there enough money left over to cover everyday purchases? (ie. Food, movies, games, etc...)How much easier is it if you save up half the cost of the vehicle purchase price?Final SubmissionYour submission should include:A cover page with a picture of your vehicle, your name and course code. All calculations of costs, estimates, etcAll questions answered fully…..not just one or two word answers. Everything should be well thought out and supported.Fully completed monthly budget sheet.Everything submitted in a duo-tang/folder with no loose papers.** All websites used must be properly documented and sourced. ................
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