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Chapter 23. Buying and Owning a Vehicle. Steps in the Car-Buying Process. Identify your _________________ Determine what you can _______ Identify and _________ your choices Decide whether to buy ____________ Decide how you will _____ for it Check ___________ rates

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chapter 23

Chapter 23

Buying and Owning a Vehicle

steps in the car buying process
Steps in the Car-Buying Process
  • Identify your _________________
  • Determine what you can _______
  • Identify and _________ your choices
  • Decide whether to buy ____________
  • Decide how you will _____ for it
  • Check ___________ rates
  • _________ for available vehicles
  • _____________vehicles
  • Check the car’s __________
  • Get the vehicle __________ checked
  • Determine/negotiate a ______ ______
steps in the car buying process1
Steps in the Car-Buying Process
  • Identify your wants and needs
    • What ________ would you like
    • ________ your wants
    • Be ___________ about your needs
  • Determine what you can afford
    • Monthly payments should be no more than _______of $ left after paying all regular monthly expenses
    • Budget for
steps in the car buying process2
Steps in the Car-Buying Process
  • Identify and Research Choices
  • Decide Whether to Buy New or Used
    • New:
    • Used
steps in the car buying process3
Steps in the Car-Buying Process
  • Decide how you will pay for it
    • Pre-approval –
    • Approval is good for ___________
    • Loan officer will determine how much the bank/credit union is willing to loan
  • Check Insurance Rates
    • Call you insurance agent for a preliminary quote
steps in the car buying process4
Steps in the Car-Buying Process
  • Search for Available Vehicles
  • Test Drive Vehicles
  • Check History of Used Vehicles
    • VIN –
    • Use VIN to check car’s history; can use _______; will list all previous owners, accidents, mileage at each sale
steps in the car buying process5
Steps in the Car-Buying Process
  • Get the Vehicle Checked Mechanically
    • For used vehicles:
    • Have a mechanic conduct a compression test, check the transmission, tires, brakes, etc.
    • Emissions test –
    • Ask the seller for records of maintenance, emissions tests, and inspections
steps in the car buying process6
Steps in the Car-Buying Process
  • Determine a Fair Price
    • Check __________________
    • Fair price based on year, mileage, condition of the car (for used cars)
    • Sticker price –
    • Invoice price –
    • Fair price is likely to be _____________above invoice price
steps in the car buying process7
Steps in the Car-Buying Process
  • Negotiate the Price
    • Make your initial offer _________ than the max price you’re willing to pay
    • Negotiate new car price separate from the __________
    • Don’t let your __________ show
    • Sell your old car rather than trading it in if the dealer doesn’t offer you a reasonable amount
dealer negotiation techniques
Dealer Negotiation Techniques
  • “Need approval from a supervisor”
  • Using pressure
  • Low-balling – offering an unrealistically low price on your trade-in to make it look like they are cutting you a break when they give you more
  • High-balling – offering an unrealistically high price for your trade-in and then saying that the boss didn’t approve the amount
  • Pushing dealer add-ons –
financing your car
Financing Your Car
  • Loans are offered in __, __, __, and ___ month terms
  • Longer terms mean you pay more in total
  • ________ _______ offer the best deals
  • Compare interest rates
  • Can finance at most dealerships through finance companies (ex: GMAC)
  • Watch for ____________
consumer protection
Consumer Protection
  • Warranty –
  • Warranties usually run out after stated ______________, which ever comes first
  • Lemon laws protect owners who bought “lemons”; allows you to get a new car or your money back
what is a lemon
What is a “Lemon?”
  • Lemon –
    • A) you’ve taken the car into the dealer for 4 unsuccessful attempts to repair the same defect OR
    • B) your car has been out for service for a total of at least 30 days
consumer protection1
Consumer Protection
  • FTC Used-Car Rule
    • Federal Trade Commission
    • Requires used car dealers to inform consumers ahead of purchase about who will be responsible for paying for certain repairs
cost of operating a car
Cost of Operating a Car
  • Gas and Oil
  • Depreciation
  • Registration and Title
  • Maintenance and Repairs
  • Accessories
cost of operating a car1
Cost of Operating a Car
  • Gas and Oil
  • Depreciation
    • Factors include age, mileage, mechanical condition, brand or style, color, etc.
    • Vintage/classic cars can appreciate in value
cost of operating a car2
Cost of Operating a Car
  • Registration and Title
    • Car Title–
    • Pay title fees and sales tax at time of sale
    • Pay registration fees yearly
  • Maintenance and Repairs
extending the life of your car
Extending the Life of Your Car
  • Maintain fluid levels
  • Perform routine maintenance
  • Keep car in a garage
  • Preserve exterior
  • Preserve interior
  • Follow wise driving habits