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. 

Here is a great calculator to help you 

  

http://www.investinganswers.com/calculators/loan/car-loan-calculator-what-will-my- monthly-principal-interest-payment-be-2829 

What are your monthly car payments? ______________899_____________ 

  

Insure Your Vehicle 

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!) 

  

https://www.bcaa.com/insurance/auto/overview/quick-quote 

  

Cost per month to insure your vehicle: $_____1379_______ 

  

Fuel Your Vehicle 

  

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________________________________________________ 

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