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Part 2: Buying a USED VehicleGo to HYPERLINK "" autotrader.ca or one of the local dealerships to find a USED vehicle that is similar to what you chose for a new vehicle. Remember your budget! ($25 000 with $3000 for a down payment) Complete the table.Make/Model/YearDetailsHow old is the vehicle?What options does it have?Number of km?Is there a CARPROOF report available?Other details of note?What is the cost of the vehicle?Less down paymentTax (5% GST, 7% PST)Total for Finance196913549593500How do you know if the asking price is reasonable? One option to guide you can be found under the price now tab on the autoTRADER website. Some dealerships will show the rating already. Go there and price the car you are considering. List the price and comment on the range of car prices. (Look at the visual that they use)If you are buying privately, you will need to negotiate a car loan with a bank of your choice. It works the same way as a loan for any other vehicle when you use your bank. When negotiating bank loans, know that the rates and term length of a loan can vary.Try two different bank car loan calculators. Record results in table below.(an example of a car loan calculator can be found here: )Complete the table with 2 financing options for your vehicle. Choose a credit rating of good. Use the same finance amount for both situations. What is the amount you are financing? ________________________ (from the information on your used car)BankTerm(Months)Monthly/biweekly?RateMonthly paymentCost of CreditTotal CostMaking Decisions!Now that you have investigated three options for purchasing a car, it is time to make a decision. Identify a pro and con for each option. Which choice do you think is better for you at this time and why? ProConPurchase NewLeasePurchase UsedMy choice …. Because …Part 3: Insuring Your VehicleBuying a vehicle is a big decision with many factors to consider. Insuring a vehicle, especially when you are young and have limited driving experience, is not cheap! For this part of the assignment, you will investigate insurance “options” in British Columbia. Visit bcaa.ca and select the insurance tab.Choose auto insurance and answer the questions below. What is included in ICBC basic autoplan?What is available under ICBC optional coverage?What is ICBC roadstar? Is it available to you? ................
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