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Name:

Alexandria billiet

Part 1: What type of car will meet your needs? Take into account all the things you
may need to use your car for?
Will you need to haul anything with your car?

no

Will you need to have more than 2 people in your car?

yes

Will you need four-wheel drive?


Will you need to drive lots of distance?

?
no

How much gas can you afford to buy each week?


How much could you spend on repairs each month?

?
?

Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
2010 ford focus
2000 ford focus
2010 ford escape

2011chevy hhr

2004 jeep Cherokee

2006
pontiac g6

Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Car

Engine

2010 ford
focus

2.0 L 4cylinder

2010 ford
escape

2.5 L 4cylinder,
3.0 L V6
4.0 L 6cylinder,
4.7 L V8
2.2 L 4cylinder,
2.4 L 4cylinder

2004 jeep
cherokee
2011
chevy hhr

Automa
tic/
Manual
Auto

35
freewa
y
28 free
way

7.9

Extras
(Heated
Seats Etc.)
none

8.0

none

Auto

21 free
way

7.9

none

auto

32 free
way

7.9

none

auto

Fuel

Safety

Overall

2006
pontiac g6

2.4 L 4cylinder,
3.5 L V6,
3.9 L V6

auto

34
freewa
y

7.9

none

Part 4: Find at least 3 cars listed locally that meet your needs.
Make
ford

Model
focus

Year
2010

Price
3999

ford

escape

2010

4598

chevy

hhr

2011

4900

Features
Blue, tan
interior
Blue,
black
interior
Silver, tan
interior

Contact Info.
586-879-8099
586-978-7854

586-448-7958

Part 5: Look up the value of each of the three cars you found. Use kbb.com for this.
You must factor in Year, Make, Model, Features, Mileage, and Location to find the
price.
Car 1

6,319

Car 2

6,420

Car 3

6,239

Part 6: Find at least three places where you could secure a loan for one car on your
list. You may want to consider banks and credit unions to find the best deal.
Institution 1: ussa bank
Institution 2: bank of America
Institution 3: chase
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
http://www.hondafinancialservices.com/static/pdf/LEASE_LOAN_APPLICATION_10201
4.PDF
Example additional fill-able example under assignment document
Part 8: Determine what your loan will actually cost. You should come up with the
monthly payment and determine the amount of principle and interest over the life
of the loan.
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full
2

Monthly payment $__88.52_________


Interest $__249.73________
Principle$____94.12%______
Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
http://www.edmunds.com/calculators/car-loan.html

Title Fee: ______122+____________


Registration: ___122+_______________

Plates:
Insurance:
Total: __8120___________

____

Part 10: General Up-keep and Maintenance


You also need to be concerned with the general upkeep of your car along with how
much it is going to cost to keep gas in your car. This include regular oil changes
after 3000 miles, two new tires every year for Michigan winter weather adventures
and other car problems that could possibly occur. Below is a list for you to fill out
that will help you calculate the other yearly costs of operating your car.
1. The average number of miles driven per year by Americans is 12000.
A. How many times will you have to change your oil then? 4
B. If you will change it yourself, go to letter (d); if you plan on having
your oil changed by professionals go to letter (c)
C. What is the average cost of an oil change? $40
a.

Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$ 160

D. For the do-it-yourselfers, you need to determine the number of


quarts of oil you will need every year, the number of oil filters you will
need, we will assume you have the wrenches to complete the job, but
you will need to buy some ramps so you can get to our oil plug.
Number or quarts of oil:
Total cost of oil:
Total cost of all filters:
Cost of two car ramps:
Total yearly cost for your oil changes:
2) Since the average number of miles driven is 12000, we are going to determine
how much money you will spend in fuel for one year.
a) Does your car run on gasoline or diesel? gas
b) What is the average fuel mileage of your car (from page 1)? 35 miles/gal
c) What is the average cost of 1 gallon of fuel?
1.925
d) Find the total cost of your fuel for one year:
(Number of miles driven / avg. fuel mileage)(Avg. cost of 1 gal. of fuel)
3

$660
3) What would the cost of 2 new tires for your car be?
100$
Site where you found this:
https://www.pepboys.com/tires/
Part 11: Complete the following chart
One Time Cost
Monthly
Registration: 122$
Loan: $8120

Taxes:
Plates:
Down Payment:
Other:

Weekly
Gas around $60

Repairs
Find at least 3 cost
of repairs for our
vehicle

Insurance:

Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the benefit of buying a car brand new vs. used. Look in to
the price of that car for a lease option and present the cost of leasing vs. buying
brand new. What is the benefit of leasing? What are the drawbacks? Out of the 3
options, buying used, buying brand new, and leasing, when would each purchase be
required in someones life? What is the best option for you now? What is the best
option for you later on in life? Why? Benefits- having a car for a select amount of
time. Drawbacks- paying every month, only being able to have a certain amount of
miles on the car, its not yours. The best option for me right now is buying a used
car. Later in life-probably leasing would be the best idea.