Buying a Vehicle Cost of owning a vehicle: 1.Purchase Price – Amount paid for a vehicle 2.Depreciation - decrease in value over time 3.Financing - how.

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Presentation transcript:

Buying a Vehicle Cost of owning a vehicle: 1.Purchase Price – Amount paid for a vehicle 2.Depreciation - decrease in value over time 3.Financing - how buyer is going to pay for the vehicle 4.Other Costs - fuel, oil, tires, repairs, parts, licensing, registration, insurance, taxes and loan interest. Varies from year to year.

What kind of vehicle to buy? Things to consider when buying: 1.Vehicle Size 2. Engine size and type of engine 3.Transmission – Automatic or Manual 4.Optional Equipment – Adds 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: 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.comEdmunds.comkbb.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