Your First Wheels! CLE 10

Do your car research by Thursday, and the whole assignment is due on Friday.

 

NAME: ___________________ PLANNING 10 – FINANCES UNIT YOUR FIRST BIG PURCHASE: YOUR WHEELS

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? _______________________________(Make/Model/Year)
Where did you find it? (buying from who/where): ___________________________________________________________
Now, let’s just pretend you have saved $1500 to put toward this purchase; how much do you owe? ______________

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? ___________________________

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: $____________

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 = $_________ price per 100km then multiply that by 2 = Ap- prox. $___________/month, to gas your vehicle! —————————————————————————————————
ADD IT ALL UP. What is your total monthly vehicle cost? $__________

And now, pick up a “Luck of the Draw” card from Ms. Roberge. Because…life happens! What is the scenario? ______________________________________________________________________ ______________________________________________________________________ Approximately how much will this cost you? ___________________________________ How did you come up with this amount (quote your source)? ______________________________________________________________________

Leave a Reply

Your email address will not be published. Required fields are marked *