OWNING AND OPERATING A VEHICLE
OWNING AND OPERATING A VEHICLE
PROJECT
Choose 2 vehicles that you can see yourself purchasing in the near future. One vehicle is going to be new, and one will be used. Your assignment is to calculate the cost of operating these two vehicles for one year. **Important: Choose a vehicle that can be found in Canada!**
First you must decide on what type of vehicle you would like to purchase. You may find this information on dealer websites, flyers, newspapers, car magazines, or by visiting a dealership, etc.
Using a word processor, explain the details of purchasing this vehicle. Please use full sentences and you may not copy directly from an internet article. The following items must be included:
❑ A title page (you may wish to include a picture of your vehicle)
❑ A table of contents
❑ A description of the type of car, model, year, etc. and why you would like to purchase this vehicle
❑ The purchase price, options, etc. (see Day 1 questions)
❑ Financing information (see Day 2)
❑ The cost for you to insure the vehicle (see Day 5)
❑ Fuel Costs (Day 3)
❑ Maintenance Costs (Day 4)
❑ Total cost per month and cost per year to purchase and operate the vehicles. Fill in a table like the one below:
[pic]
❑ Other
❑ A bibliography and/or resource list
Day 1A: Buying a New Vehicle
1. Investigate the costs of various options for the new vehicle you chose to research. Most automobile-makers have a website where you can select a car and options, and find out how much they cost, or you may contact a dealership directly. Pick the options you want and the costs for these options and record your choices in your project file.
2. Research the freight charges, and any other charges applicable on your vehicle.
3. Calculate the sticker price.
4. Imagine that you have a trade-in allowance of $5,000. Calculate the total price of your new vehicle before taxes.
5. Imagine that you manage to negotiate a “deal” for 2% less than the sticker price. Calculate the total price before taxes.
6. Calculate the total price including taxes. Use the tax rates for Manitoba.
Day 1B: Buying a Used Vehicle
1. What are the advantages and disadvantages of buying a used vehicle rather than a new one?
2. What should you look out for when buying a used vehicle? Make a checklist that shows how to avoid buying a “lemon”.
3. Calculate the total cost for the used vehicle you chose to research. If you selected a vehicle for sale privately, include the costs for a lien search, a vehicle inspection, and for new brake pads. Include all relevant taxes for Manitoba. You may consider the book value to be the same as the price asked for the vehicle. If you selected a used vehicle for sale through a dealer, you need only include the relevant taxes.
SUGGESTED WEBSITES
**You may choose to search any CAR website but make sure it is in Canadian dollars!!**
Steinbach Auto Dealers
Ford
Chrysler
General Motors
Volkswagen: St. James Volkswagen Audi
Toyota
Day 2: Taking out a Loan to Purchase a Vehicle
1. For your new or used vehicle, research the financing rates offered by the dealership you selected or a bank. Imagine that you have a down payment of 10% of the purchase price. Use the purchase price of the new car you chose to calculate the following:
a. The down payment
b. The amount to be borrowed
c. The monthly payment (state the period for the loan, ex. 3 years)
d. The total paid for the loan
e. The financing charge
f. The total paid for the vehicle, including your down payment
POSSIBLE BANKS AND FINANCIAL INSTITUTIONS
Scotia Bank
- go to Automotive Financing
Canadian Imperial Bank of Commerce
- go to Loans then Personal Car Loan then CIBC Loan Calculator
Royal Bank of Canada
go to Personal Loans then Tools and Car Loan Calculators
Bank of Montreal
- go to Personal Finances then Loan Calculator (right)
Day 3: Fuel Economy
1. Find the fuel economy of the vehicle you have chosen to research. You can do this by asking a local dealership or by referring to Transport Canada’s Fuel Consumption Guide (see below).
2. Determine the type of fuel used in each of your vehicles, and the cost per litre of this fuel (today’s cost).
3. Assume you are driving 32 km each way to work and an average of 50 km each weekend.
Calculate the total distance driven in one year, based on 50 weeks of
driving to and from work, and 50 weekends of driving.
Then calculate the distance traveled for a two-week road trip to a
destination in Canada. Choose a destination and establish the distance from your home. Complete a table like the one below:
[pic]
4. Use the fuel economy figures for each of your vehicles and the cost of fuel to estimate both the total number of litres used in one year and the total cost of fuel for one year for each of the vehicles you chose.
5. Divide the total yearly fuel cost from Q#4, above, by 12 to determine the average monthly cost for fuel for each vehicle.
Day 4: Maintaining your Vehicle
1. Determine approximate costs for one year of repairs and maintenance for each of your vehicles. You may research prices at a local automotive shop or you may estimate the costs using the Automotive Repair Price List. Record your choices of repairs and maintenance.
[pic]
2.
a. For your new vehicle, you must change the oil and filters three times, replace the antifreeze once, replace the windshield wipers once, and have a tune-up once during the course of one year.
b. For your used vehicle, you must do all of the listed items in 2(a), plus, you must include one major repair of your choice.
Day 5: Insuring and Registering your Vehicle
Go to a Manitoba Autopac dealer or go to the MPI (Manitoba Public Insurance) website and research the following:
1. Determine the annual insurance cost for the vehicle you chose. Be sure to state your merits, the deductible you choose and the TPL (third party liability) insurance coverage you choose.
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Tips:
- Check out to find out the fuel efficiency for your vehicle
- choosing a fuel efficient vehicle
Tips:
- Manitoba Autopac
- go to Insurance Rate Calculator
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