Old Car Purchase

ACTIVITY 4a: TRANSPORTATION ? OLD CAR Buying a brand new car may be impossible without help at the age of 18. Use CarMax () to search for your car within your budget. Don't forget you also need to pay for insurance, and gas/energy. Your car must be under $10,000. For the OLD car, answer the following prompts:

1. What is the: a. YEAR: b. MODEL:

c. MAKE: d. COLOR:

e. PRICE: f. MPG (miles per gallon): g. Condition (like new?, any broken pieces or are there repairs needed?):

h. additional features:

h. include at least three photos

2. What is the cost of tax, title, tags, and other fees? Use this car tax, title, tags, and fees calculator and screenshot the calculations.

3. Use this car payment estimator. You will probably pay around 30% APR. a. What is your monthly payment? b. How long is your contract for that particular monthly payment? c. Calculate how much you are actually paying for the car (monthly payment x the number of months you are going to take to pay off).

ACTIVITY #4a2: TRANSPORTATION ? NEW CAR Students will investigate the purchase of a vehicle. They should look into buying or leasing a vehicle. The monthly car payment will be included after the car dealership or the bank that is financing the loan for the car sets it. Factors to be considered in buying a vehicle would be the current interest rates on car loans, the cost of a certain vehicle, reliability of a used vs. new vehicle, taxes on the vehicle purchased, and the impact of the monthly payment on their budget. Additionally, the student should determine the property tax associated with their vehicle and include that in their budget. *NOTE: The student will assume that they have no vehicle when they leave school. This may not happen in someone's actual experience; but for the purposes of this project, everyone must purchase a vehicle. You are going to go directly to a car dealership website to look for new cars. For example, you might search for "purchase new Tesla X". For the NEW car, answer the following prompts:

1. What is the: a. YEAR: b. MODEL:

c. MAKE: d. COLOR:

e. PRICE: f. MPG (miles per gallon): g. additional features:

h. include at least three photos

2. What is the cost of tax, title, tags, and other fees? Use this car tax, title, tags, and fees calculator and screenshot the calculations.

3. Use this car payment estimator. You will probably pay around 30% APR. a. What is your monthly payment? b. How long is your contract for that particular monthly payment? c. Calculate how much you are actually paying for the car (monthly payment x the number of months you are going to take to pay off). 4. In a paragraph, explain if you rather buy or lease a car. You must include at least three reasons. ()

Car Insurance

1. Complete this chart. Write a brief definition for each of the terms.

*You will get a

quiz on these terms for our next class .(

insurance--terms--you--should--know)

Term

Definition

Deductible

Premium

Bodily Injury

Liability

Collision

Coverage

Comprehensive

Coverage

Property

Damage

Coverage

No--Fault

Insurance

Medical

Payments or

Personal Injury

Protection

Uninsured

Motorist

Coverage (UM)

Gap Insurance

2. In a paragraph, explain the type of roadside assistance you get with a AAA insurance membership. What are some other reasons to get AAA insurance? ()

3. In a paragraph, explain the minimum policy requirement required for a car insurance policy in the state of California. ( insurance--rates)

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