Jeff Lujan Period 3 Economics My Vehicle Purchase Jeff Lujan Period 3 Economics

My Vehicle Engine: 270 hp @ 6200 rpm MPG: 20 City/ 25 Highway 248 lb.-ft. @ 4700 rpm MPG: 20 City/ 25 Highway Exterior: Ooh La La Rouge Mica (Burgandy) Electronics: touch screen navigation, etune Audio, bluetooth, USB Ports, 3 zone climate control. Interior: Almond Perforated Leather, Third row seats, split flat, electronic adjustable seating, heated seats, Extras: Alloy wheel Locks, Body side molding, Remote Engine Starter, Running Boards Safety Features: 5 Star safety rating, head restraints, seat belt reminders, driver and passenger air bag, side impact air bags, seat pan air bags, child seat latches Warranty: 3 year or 36,000 Miles basic, 5 year or 60000 Miles powertrain

2016 Toyota Highlander $42,702

Interior: Black Leather fit flat

Trade In 1996 Lexus ES Trade In Value: $2000

Financing Vehicle Price: $42000 Trade In: $2000 Total Loan Amount: $40,000 Interest Rate APR: 3.262% Length of Loan: 72 months or 6 years Monthly Payment: $618.90 Insurance Payment: $70 Total Monthly Payment: $688.90 Finance Charge: $4560.80

Rosa’s Car Loan Car amount: 32000 Trade in: 2000 Loan Amount: 30,000 Interest rate: 3.25% Payments: 48 months or 4 years Monthly payment: $667.34 Insurance payment : $70 Total Monthly Payment: $737.34 Finance Charge: 48 X 667.34 = 32032.32 Total amount of payments is 32032.32 Total loan is 30,000 32032.32 – 300000= 2032.32 finance charge

32,032 total in payments 30,000 loan Subract Finance Charge 2,032

What motivated me to purchase this vehicle? I’ve always had a liking for SUV’s and Toyotas. I decided to purchase the Highlander because it was room enough for 4 people, cheap enough for my price range, got more then 20 miles per gallon, and I believe in Toyota’s quality. I have 1 child and 1 on the way, so the highlander fits my growing family. I have a Suburban that gets only 14 MPG compared to 20 MPG of the Highlander. I needed to find a car under $50,000 but had the room I needed. The highlander was within my budget at only $42,000. My brother is a Toyota mechanic and stands firm behind Toyota being the best and longest lasting car company. He’s my brother so I believe him. The Toyota Highlander is economical, has good gas mileage, has plenty of room, and will give us high quality, long lasting memories to come.