Purchasing a Vehicle 6.2a.

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Presentation transcript:

Purchasing a Vehicle 6.2a

Used-vehicle guides give the average prices for vehicles that were purchased from dealers during the previous month.

Formulas… Average Retail Value + Additional Options - Options Deductions - Mileage Deduction Average Retail Price

Matt wants to purchase a 4-year old V6 four-door Palamino, which is advertised for $16,575. It has no air conditioning. It has power seats, premium sound system, leather seats, and a power sunroof. It has been driven 46,567 miles. The guide says that $575 should be deducted. Find the average retail price that should be expected. 13050 +(125+200+340+450) -(800) -(575) =$12,790

Joe wants to purchase a 4-year old V8 sport Palamino, which is advertised for $16,575. It has air conditioning, power seats, leather seats, manual sunroof and aluminum wheels. It has been driven 63,500 miles. The guide says that $1,400 should be deducted. Find the average wholesale price that should be expected. 11740 +(100+300+200+100) -(1400) =$11,040

Vehicle Insurance 6.2b

When your vehicle is involved in an accident, it can cause injury and property damage liability insurance is required to cover this. Comprehensive insurance protects you from losses due to fire, vandalism, theft, ect. Collision insurance pays to repair your vehicle if it is in an accident.

All types of insurance have a deductible clause which is the amount you are required to pay for any repair bill.

Cost of vehicle insurance is determined by the Annual base premium. 1) Amount of insurance wanted 2) How old the vehicle is 3) Insurance rating group (size and value of the vehicle)

The annual premium is the amount you pay for insurance coverage. Depends on… 1) Annual base premium 2) Driver rating factor

Formulas… Liability Premium + Comprehensive Premium Annual Base Premium + Collision Premium * Driver Rating Factor Annual Base Premium Annual Premium

Lanny has a driver rating factor of 2. 15 Lanny has a driver rating factor of 2.15. His insurance includes 25/100 bodily injury and $50,000 property damage. His vehicle is in group B,12. He has a $50-deductible comprehensive and $50-deductible collision insurance. Find the annual base premium and the annual premium. Ann. Base Premium = Liability + Comprehensive + Collision =224.80 +90.40 + 253.20 =$568.40 Annual Premium = Base Premium x Driver Rating =568.40 x 2.15 =$1,222.06

Brandon’s driver rating is 4. 54 Brandon’s driver rating is 4.54. His insurance includes 100/200 bodily injury limits and $100,000 property damage. His vehicle is in group C,15. He has a $50-deductible comprehensive and $50-deductible collision insurance. Find the annual base premium and the annual premium. Ann. Base Premium = Liability + Comprehensive + Collision =266.40 + 122.80 + 296.80 =$686.00 Annual Premium = Base Premium x Driver Rating =686.00 x 4.54 =$3,114.44

18: Purchasing a Vehicle Summarize your notes Homework Worksheet Quiz