Buying and selling a vehicle.

Why do you want to check the VIN# report? Ask for the report from the dealer. Buy report/ access if purchasing from private party. Detailed History of vehicle.

Why is it important to know how to find the value of your vehicle?

Trade in vs. Private Party values Why is private party higher than trade in? What other factors were taken into consideration to determine the value of your vehicle? Private party selling- special concerns? Payment? Title?

New Car Pricing MSRP: price in window TMV: True market value (what Others are typically paying In your area) INVOICE: Supposedly, Dealer’s cost.

Experts recommend using the "20/4/10" rule for purchasing. 20 % down payment 4 year loan term spend 10% or less of their monthly income on car related expenses. What other expenses will you have to consider before purchasing?

Less expensive options Leasing Purchase used Vehicle, cheaper Trade in another Vehicle to bring down cost of loan. Or lengthen loan term more expensive.

Buying Buying: Make down payment pay loan x months. (insurance, maintenance) When it’s paid for, it’s yours.… You get the Title – certificate of Ownership Can drive as long as you want or sell, trade in for another vehicle.

BUYING: Buying vs. leasing Costs more $$$$$$. Many buyers are “UPSIDE DOWN” Owe more than vehicle is worth…new vehicles lose 20-25% value 1st yr. In 2015, 30 percent of car sales that had a trade-in were ones in which the owner still owed money on the vehicle, according to Edmunds.com data. The average amount of negative equity: $4,502.

How loans are paid off:

Lease or Buy?

Lease ad: Pros: Drive new car For less money $179 x 36=$6444+ 1999 $8443 Pay for depreciation and interest only.

If you LEASE- you are never UPSIDE DOWN on your loan.

Leasing: You make monthly payments in exchange for exclusive use of vehicle. (Still pay insurance, maintenance, oil changes, tires, etc.) You will not own the vehicle.

Leasing: At the end of the lease, you will turn in vehicle (set location and date) Inspected: may have to pay for excess miles, wear & tear. Or, may purchase at pre-arranged price set at beginning of lease. (residual value) Have to have money to replace vehicle.

Is Leasing a good idea for me? Questionaire from dealership I always drive over 15,000 miles a year I like to customize my car by tinting windows, adding pinstripes, sound system, etc. I usually get emotionally attached to my car. I love to see those payments dwindle to nothing. I've got to have (real) new car smell. I like the security of driving a car under warranty. I usually choose a car that I can't afford. I am willing to trade ownership for low, monthly payments. My company reimburses me for car expenses. I like to do my own repair work. I typically drive less than 12,000 miles a year. I smoke or take pets in car with me frequently. I never want to be “upside down” on a car loan.

Lease recommendations: Do not lease longer than warranty. You could have to pay costly repairs only to turn in at end of lease. Be prepared to purchase or lease another vehicle at the end of lease.

Pros and cons for each- Buying? Leasing?

Who would leasing be a good option for?

True or False 1) If you lease, you do not have to pay for repairs and regular maintenance. 2) If you lease, you still have to insure the vehicle and pay for license plates. 3) If you lease, you must have plans to replace the vehicle at end of lease. 4) If you lease, you will never owe more than your vehicle is worth???? 5) You should never lease longer than the warranty. 6) You must have good credit to lease. http://www.cyberdriveillinois.com/departments/vehicles/basicfees.html

What does you car say about you? https://roadloans.com/blog/what-does-your-car-say-about-you Who's Car Should You Drive? Are you one of those people that names their car? With every car there is an identity, and much of it reflects its owner. Want to know what your car might be saying about you? Take the quiz to find out if your car is Ron Swanson-worthy or Elle Woods-esque.