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Personal Finance Section

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  1. Personal Finance Section Buying a Car

  2. Personal Finance Section • Don’t think of a car as a status symbol or a personal statement,. The best car is the one that suits your needs – and that you can afford. • A car is one of the biggest purchases you will make.

  3. Personal Finance Section • Getting the Best Deal on a New Car • Know what options you want on a car and how much you are willing to spend. • Don’t let the salesmen talk you into a more pricey car. • Don’t buy such things as fabric protection, paint sealant, rust-proofing, or an extended warranty.

  4. Personal Finance Section • Financing a New Car • Research the costs of auto loans at banks and other financial institutions before going shopping. • Look at the annual percentage rates that places offer. • Consider how much of a down payment you can afford. The more you put down the lower the amount you have to borrow. • Don’t buy a life insurance policy with the car from the dealership.

  5. Personal Finance Section • Used Cars • Automobiles depreciate quickly or lose their value. • The new car you drive off the lot today will be worth half what you paid for it in 3 years. • A used car has already depreciated and it will cost you a lot less money to buy. • Dealerships, rental and leasing companies or even individuals sell used cars.

  6. Personal Finance Section • Used Cars • Ask for the service records of any used car that you may be considering. • If the owner does not have the service record, then you need to walk away from it. The car is not going to last if it is not taken care of. • Any car that averages more than 15,000 miles/yr has experienced an excessive amount of wear and tear.

  7. Personal Finance Section • Used Cars • Arrange for an independent mechanic to look over the car before you buy it. A family mechanic would be a good person to turn to. • Look at the Blue Book Value to see if the price of the car is close to what it really is worth. {Kelly Blue Book}

  8. Personal Finance Section • Avoiding High-Pressure Tactics • Car salesmen are very good at selling cars – consumers have less experience at buying cars. • Tips: • 1. Be prepared – Know what you want, what you don’t want, and obtain bids based on the invoice. • 2. Don’t be talked into options you don’t want. • 3. Don’t discuss trade-ins until after you have settled on a sale price. • 4. Don’t be pushed into a decision quickly. Take your time. • 5. Get everything in writing.

  9. Personal Finance Section • Review • Why is it a wise idea to buy a car that has already depreciated a great deal? • What four features would matter most to you in buying a car? • What do you have to sacrifice in order to get your most-wanted feature?