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2.6.8.

A1

PurchasinganAutomobile

75

TotalPointsEarned

TotalPointsPossible

Percentage


Name

Date

Class

Gerilynn Pate

09/10/15

Yourmission:Findtheperfectautomobileforyourselforthescenarioprovided.Thisworkbookwillguideyou
throughtheplannedbuyingprocesstoevaluateyourop ons,determinehowyouwillpayforthevehicleand
protectyourinvestment.

StepOnePriori zeWants

Drawapictureoftheperson/family
purchasingthisautomobile.(1point)

Describehowtheautomobilewillbeused.(2points)

To go to work and school.

TakeChargeTodayAugust2013PurchasinganAutomobileAssessmentPage1
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteattheUniversityofArizona

2.6.8.A1

HowMuchCanYouAord?

Direc ons:UsethePrac calMoneySkillsforLifewebsitetocalculatehowmuchcaryoucanaord.


www.prac calmoneyskills.com/calculators
DownPayment,
TradeinValueand
Rebates

Varies

LengthofLoan

60months

AordableMonthly
Payment
(1point)

Monthlynetincome
141.26
x.054=_______

InterestRate

4.5%

SalesTax*

Varies

*Goheretolearnthesalestaxinyourstatewww.bankrate.com/finance/taxes/checktaxesinyourstate.aspx

Whatisthetotalamountyoucanaord?(1point)

8,521.46

7,577

StepTwoConductResearch
WhatTypeofCarsMeetMyNeeds?

Direc ons:Placeacheckmarknexttoimportantfeaturesforhowthevehiclewillbeused.
Spaceavailabletoaddaddi onalfeaturesifneeded.(5pointsforcomple on)
Price
Yearmade

Gasmileage
Fueltype

Numberofdoors
Totalnumberofmiles(ifused)
Countryofassembly

Numberofseats
Typeofengine

1.
2.
3.
4.
5.
6.

Transmission(automa cor

manual)

Bodystyle(SUV,compactcar,

etc.)
Naviga onsystem
Amountoftrunkorcargospace

Towingcapacity
Warranty

Safetyra ngs

Interiorstyle
Environmentalimpact
Color
__________________
__________________
__________________
__________________

Direc ons:
VisittheKellyBlueBookShowMeCarsThatMeetMyNeedswebsiteh p://www.kbb.com/carsforsale/.
Updateyourloca on.
Answertheques onstoindicateyourdesiredfeatures.
Clickviewtolearnwhatmodelshaveyourdesiredfeatures.
Clickmodeldetailsnexttothepictureofeachmodeltolearnmoreaboutthatmodelincludingaddi onal
features(underspecs).
Iden fythreeautomobilesyouareinterestedinfurtherresearching.Recordthemake,model,yearandpricein
thetableonthenextpage.

TakeChargeTodayAugust2013PurchasinganAutomobileAssessmentPage2
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteattheUniversityofArizona

2.6.8.A1

Priorize Features
Direcons:(20pointforcomple on)
1. Column one: Iden fytheeightmostimportantautomobilesfeatures.Listthemincolumnoneinorderof
importance.Whenapplicable,bespecificandiden fywhatisimportantaboutthatfeature.Forexample,ifhigh
gasmileageisimportant,ratherthanlis nggasmileageindicate30+milespergallon.
2. Column two: Indicatewhythatfeatureisimportant.
3. Columns threefive: Evaluateeachvehicleandplaceacheckmarkalongwithanyapplicablenotesineach
columnifthevehiclehasthatdesiredfeature.
4. Last row: Foreachop on,totalthenumberofcheckmarks.
Desired Features
(listedinorderof
importance)

Why

Automobile 1:
Make:Cadillac

Automobile 2:
Make: Jeep

Automobile 3:
Make: Dodge

Model:Escalade

Model:Cherokee

Model:Durango

Year: 2003

Year: 2005

Year:2007

Price:

Price:

Price:7,937

25+

yes

yes

yes

Body style

Suv, crossover

SUV

SUV

SUV

Number of seats

4+

Towing

For boats

yes

Yes

Yes

safety

having to take kids

good

good

good

7,755

(mostimportant)

Gas

places for work

6955

Transmission

automatic

automatic

Automatic

Automatic

low miles

200,000>

150,977

172,000

100,327

(leastimportant)

Totals:

Whichvehiclewouldyouselectandwhy?(2points)

Cadillac because it has everything I want and


I've wanted this car.

Wereyouabletogetallofthefeaturesyouwanted?If
not,whattradeosdidyoumake?(2points)

I got everything I wanted.

TakeChargeTodayAugust2013PurchasinganAutomobileAssessmentPage3
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteattheUniversityofArizona

2.6.8.A1

StepThreeSpendingPlanEvalua on
FinancingOp ons
1.Iden fythreefinancingop onsforyourdesiredautomobile.Consideravarietyoflendingsourcesincludingthe
dealership,depositoryins tu onsorwebsitessuchaswww.bankrate.com/funnel/auto.(9points)

FinanceOp on1:

LendingSource

Ascentra

InterestRate

6.10%

Addi onalTerms/Fees

LengthofLoan

FinanceOp on2:

FinanceOp on3:

Wells Fargo

Family Credit Union

3.57%

1.51%

36 months not 60

60 months

60 Months

36 months

60 months

60 Months

2.Prac calMoneySkillsforLifewebsitetocalculatethemonthlypaymentforeachfinanceop on.


www.prac calmoneyskills.com/calculators(3points)
MonthlyPayment

205.70

123.04.

116.90.

3.Iden fyanadvantageanddisadvantageofeachfinanceop on.(6points)


Advantages

Disadvantages

only three years

not
as expensive

cheapest

more expensive

doesn't
tell how

many
months

charged
for withdraw
of loan

Whichfinancingop onwouldyouuseandwhy?
(2points)

Family credit union because it is the cheapest


a month.

Whatwouldhappenifyoupaymorethanthe
minimummonthlypaymenteachmonth?(1point)

I wouldn't have money to pay for other things.

Ifyouhadapoorcreditscore,whataretwowaysthis
couldinfluenceyouraccesstocreditand/orcredit
terms?(2points)

Makes rates higher, not getting a loan.

Inaddi ontothemonthlypayment,whatarethree
addi onalautomobileexpensestoincludeinyour
spendingplan?(3points)

insurance,gas, breakdowns

TakeChargeTodayAugust2013PurchasinganAutomobileAssessmentPage4
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteattheUniversityofArizona

2.6.8.A1

StepFourMakethePurchase
YourPresentSelfImpactsYourFutureSelf

Direc ons:Useshortanswerstorespondtothefollowingques ons.


Over me,howwilltheautomobilesdeprecia on
impactyourStatementofFinancialPosi on?(1point)

It could coast less.

Wouldyoupurchaseanextendedwarrantyforthis
vehicle?Whyorwhynot?(2points)

Whataretwowaysyoucouldminimizeorreduceyour
outofpockettransporta oncosts?(2points)

car pool, get a car with more miles per gallon

Ifyouhaveanautomobileloan,whataretwoac ons
youwilltaketomaintainaposi vecredit.(2points)

Yes so if something happens it has warranty

pay on time, pay ahead

Whataretwowaysyouwillprotectyourselffromfraud
whenpurchasing/owninganautomobile?(2points)

Whyisitimportant,andrequired,tohaveinsurancefor
yourautomobile?(2points)

Check dealer, Pay in cash

If something happens to the car it covers it.

Throughouttheresearchandpurchaseprocess,what
aretwostrategiesyoucanusetocri callyevaluate
informa on?(2points)

Look at other cars in the same year, compare


prices.

Whataretwostepsyoucantaketofeelconfidentwith
thepoten allenders,dealershipsand/orsales
personnelyouinteractwith?(2points)

Research them, ask questions

TakeChargeTodayAugust2013PurchasinganAutomobileAssessmentPage5
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaIns tuteattheUniversityofArizona