# CLE – My First Wheel

PLANNING 10 – FINANCES UNIT YOUR FIRST BIG PURCHASE: YOUR WHEELS  kevin su

You found a car to “purchase”! Are you getting a good deal? Check www.blackbook- canada.com (called the Kelly Blue Book in the U.S.) for an accurate value. This con- sumer website is a valuable tool to avoid being overcharged.

Okay – You’re “buying a car”:

What is it? ________benz s450_______________________(Make/Model/Year)

Where did you find it? (buying from who/where): _________________ Mercedes Benz website __________________________________________

Now, let’s just pretend you have saved \$1500 to put toward this purchase; how much do you owe? _______11700_______

If you are taking a car loan (co-signed by your parents of course) from a bank or from the car dealership, or if you’re borrowing the money from a family member, you’ll pay interest and you’ll have to make monthly payments.

What are your monthly car payments? ______________899_____________

Use this calculator to estimate your annual insurance costs (You will have to pre-

tend you are at least 20 years old, with 4 years driving experience!)

Cost per month to insure your vehicle: \$_____1379_______

Average cost of gas in Metro Vancouver: \$1.25/L

Average mileage for vehicle (fewer than 10 years old): 9.9L/100km

This means that you need about 9.9L of gas per 100km of driving.

Your average mileage per month: 200km

So: Multiply 9.9 by 1.25 = \$____11.25_____ price per 100km then multiply that by 2 = Ap- prox. \$_____22.5______/month, to gas your vehicle! —————————————————————————————————

ADD IT ALL UP. What is your total monthly vehicle cost? \$_____2300.5_____

And now, pick up a “Luck of the Draw” card from Ms. Roberge. Because…life happens! What is the scenario? Windshield got smashed.

Approximately how much will this cost you? Around \$ 2500How did you come up with this amount (quote your source)? ______________________https://club.m.autohome.com.cn/bbs/thread/140b88b92c96030b/64905490-1.html________________________________________________