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Personal Finance Objective 6.02-B Students will understand options and practices for meeting transportation needs. 6.02-B “Choosing the Right Vehicle”. Source www.AAA.com December 2011 . Factors to Consider Before Purchasing. Determine what is affordable for you

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source www aaa com december 2011

Personal Finance Objective 6.02-BStudents will understand options and practices for meeting transportation needs. 6.02-B “Choosing the Right Vehicle”

Source

www.AAA.com December 2011

factors to consider before purchasing
Factors to Consider Before Purchasing
  • Determine what is affordable for you
  • Evaluate your driving habits
  • List needed features
  • Consider vehicle depreciation costs
  • Will you buy New or “new to you”?
what can you afford
What Can You Afford?
  • Value of your trade-in
  • Amount of down payment
  • Budget $ available for
    • Monthly installment payments or
    • Monthly lease installment
    • Lump sum payment for vehicle
  • Investment financing options
  • Insurance costs
evaluate your driving habits
Evaluate Your Driving Habits
  • How will vehicle be used?
    • What types of trips will be most frequent?
      • Local Short distance…will Electric car work?
    • How many passengers will vehicle need to carry?
    • How much cargo space is needed?
      • Need trunk to lock
      • Open storage (pickup truck)
    • Will vehicle be mostly on 4 lane highways?
      • Weather/geographic conditions? snow, mountains, gravel/muddy roads
    • Where will you park at home/work?
list of needed features
List of Needed Features
  • Needed or Wanted?
    • Seating
    • Cargo space
    • Fuel economy
    • Commute –Electric- MPG
    • Style: 2 door, 4 door, 2WD, 4WD, sedan, truck, SUV
    • Safety features
    • Specialty or convenience: GPS, CD player, DVD player, Sirius radio
consider depreciation costs
Consider Depreciation Costs
  • Biggest yearly expense for new cars is DEPRECIATION
  • Consider a model that has a track record of holding its value for longer
  • Research how much models depreciate within the first 5 years
new or new to you
New or “New to You”?
    • Will you buy NEW or NEW to YOU vehicles?
  • Both have Benefits & Detriments
  • Consumer must weigh options and related costs to make best decision.
  • New Vehicle
    • Higher pricing
    • Possible purchase incentives-rebates, gas for year bonuses, etc.
    • Longer & broader warranties
    • Wider variety of units available
    • More variety in features
    • Can order “custom” from factory
new or new to you1
New or “New to You”?
    • Will you buy NEW or NEW to YOU vehicles?
  • Both have Benefits & Detriments
  • Consumer must weigh options and related costs to make best decision.
  • New to You
    • Lower pricing
    • Less buying incentives
    • Warranties more limited
    • Harder to find desired vehicle & features
    • Less choices widely available
    • Search longer to find desired vehicle
    • More maintenance due to age & prior usage
    • Get inspection to ensure quality and performance
warranties maintenance
WARRANTIES & MAINTENANCE
  • Review Warranty
    • Length
    • Coverage
    • Limitations
  • Investigate maintenance costs
    • Check with an auto repair shop ( a reputable or trusted mechanic) for estimated costs of
      • Fluids-oil changes, etc.
      • Parts-tires, batteries, etc.
      • Other repair items
      • Overall value of vehicle
      • Check out major components-engine, 4WD
investigate safety ratings
INVESTIGATE SAFETY RATINGS
  • Check with National Highway Traffic Safety Administration (NHTSA)
  • www.SafeCar.gov
  • Insurance Institute for Highway Safety (IIHS)
  • www.IIHS.org/Ratings
  • # of airbags
  • Vehicle “roll” factor
  • If using car seat, chek out access to vehicle’s LATCH system
seek recommendations
SEEK RECOMMENDATIONS
  • Recommendations
    • Ask friends
    • Ask family
    • Ask colleagues
    • Ask your mechanic
  • Reviews
    • Check webwsites for expert opinions or reviews
    • www.AAA.com/autosales
    • www.AAA.com/Go , click “On New Cars”
don t limit choices
DON’T LIMIT CHOICES
  • Don’t get stuck on one vehicle that you can’t live without!
  • Be flexible to get more negotiating room with seller
  • Check out vehicles that meet your needs