Buying a Vehicle Cost of owning a vehicle: 1.Purchase Price – Amount paid for a vehicle. It is important to shop around and compare prices. 2.Depreciation.

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Presentation transcript:

Buying a Vehicle Cost of owning a vehicle: 1.Purchase Price – Amount paid for a vehicle. It is important to shop around and compare prices. 2.Depreciation - Decrease in value of vehicle over time. 3.Financing - How buyer is going to pay for the vehicle. If you can pay cash, you eliminate paying interest. Most people have to get a loan to purchase a vehicle. Be sure to shop around for the best interest rates. 4.Other Costs - fuel, oil, tires, repairs, parts, licensing, registration, insurance, taxes and loan interest. Cost can vary from year to year.

What kind of vehicle to buy? Things to consider when buying: 1.Vehicle Size – What size vehicle will serve your needs? 2. Engine size and type of engine - Smaller engines usually get better gas mileage. Vehicles with larger engines typically cost more to maintain and repair 3.Transmission – Automatic or Manual 4.Optional Equipment – Options add to the price of the vehicle.

Leasing vs. Buying Leasing You DO NOT own the vehicle You make payments until the lease contract expires At the end of the Lease you must do one of the following: Return the vehicle and lease another vehicle Purchase the vehicle at a cost determined at the start of your lease Return the vehicle with no other obligations to lease or buy

Leasing vs. Buying Buying You own it after you make all your installment payments If you buy a new car, it will come with a warranty You must decide between a new or used vehicle

Things to check when buying a vehicle How much to pay?? Blue book value - Average market value for model and age of vehicle Resources: Edmunds.com, kbb.com, cars.comEdmunds.comkbb.comcars.com Choosing a used vehicle: Good mechanical condition Has it been in a collision, repairs? Talk to previous owner

Things to check when buying a vehicle Do inside and outside checks: Leaks, appearance, mileage, lights, seats, spare tire, jack, hoses, belts, battery, coolant HAVE THE CAR INSPECTED