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Buying a Car. Grade 11 Workplace Math. Agenda. Taxes on cars Buying a used car (Private & Dealer Buying a new car Financing . Taxes. In Ontario, buyers pay tax when they purchase a car.

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buying a car

Buying a Car

Grade 11 Workplace

Math

agenda
Agenda
  • Taxes on cars
  • Buying a used car (Private & Dealer
  • Buying a new car
  • Financing
taxes
Taxes
  • In Ontario, buyers pay tax when they purchase a car.
  • We used to only pay PST on a used car and PST and GST on a new car, but now we pay HST whether a car is used or new.
financing
Financing
  • When people purchase a car by borrowing money we call it purchasing by financing.
  • If Howard borrows $33,000 to buy his BMW. What would the total cost of his car be if he planned to pay off his car in 4 years, at 4% interest?

How much would he pay in interest?

dealer vs private
Dealer Vs. Private
  • We can purchase a new or used car through a dealer, which a company that has a license to sell cars.
  • Alternatively we can buy cars through individuals, which is known as a private sale.
depreciation
Depreciation
  • The decrease in value of something over time is called depreciation.
  • What are three things that decrease & increase the value of a car?
  • If something increases in value over time, it________________________.
examining depreciation
Examining Depreciation
  • Complete the table on page 187.
  • What is the value of the car after 5 years if it depreciates 20% per year?
buying new
Buying New
  • Why would someone purchase a new car over a used car, considering there is such a large price difference?
brand new suv
Brand New SUV
  • SUV is $58,000. How much would it cost for this vehicle with taxes?
  • How much will this car be worth after 5 years.
  • Complete the table on page 188 to find out.
retains
Retains
  • If a car retains 75% each year. How much is the car depreciating.
  • What factors would determine how fast a car depreciates? Is depreciation ever a good thing?