WebQuest

Buying an Automobile

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Monthly Budget and Operating Costs

Objective: You will develop a budget for personal expenses and car-related expenses to determine if you are able to afford a car.

1. Complete your Personal Monthly Budget. Write down all expenses you incur in a month. For example, snacks, entertainment, meals, gas, insurance, cell phone, and any other bills you incur and pay for with your paycheck and/or allowance.

2. After you calculate your Total Expenses, do you have enough money to afford a car payment? Use the standard interest rates below along with the  http://www.onlineloancalculator.org/ to determine if you can afford a car payment. Then go on to the next step below.

                                          Used
                                              STANDARD
                                                   APR

New
STANDARD
APR

24 Months:                          5.50%

5.19%   

36 Months:                          5.60%                 

5.35%

48 Months:                          5.65%

5.4%

60 Months:                         5.69%

5.5%

66 Months:

5.75%

72 Months:

5.75%

84 Months:
New Only
Minimum amount financed $25,000

7.75%


A. If your vehicle is 2009 or newer: Go to Edmunds.com True Cost to Own and enter the information for the vehicle you have chosen. Print a copy of the results showing the 5 Year Details. Circle/highlight the 5 Yr Total True Cost to Own your chosen vehicle.

or

B. If your vehicle is a 2008 or older: Go to MoneyZine.com and enter the information in the Buying a New or Used Car Calculator. Print a copy of the results showing the 5 Year Details. Circle/highlight the Total Cost of Ownership of your chosen vehicle.

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