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Buying a Car

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

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  1. Buying a Car Grade 11 Workplace Math

  2. Agenda • Taxes on cars • Buying a used car (Private & Dealer • Buying a new car • Financing

  3. 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.

  4. 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?

  5. 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.

  6. 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________________________.

  7. Examining Depreciation • Complete the table on page 187. • What is the value of the car after 5 years if it depreciates 20% per year?

  8. Buying New • Why would someone purchase a new car over a used car, considering there is such a large price difference?

  9. 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.

  10. 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?

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