Reality Check. Buying a car that is Affordable Determine a reasonable figure you can afford to pay each month for owning and operating a car.

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Presentation transcript:

Reality Check

Buying a car that is Affordable Determine a reasonable figure you can afford to pay each month for owning and operating a car.

Cost of buying the Car Purchase Price Taxes License Registration fees Bank fees Other

Cost of Operating a Car Insurance You must have insurance before you can legally operate a car. The type of car will affect the amount of insurance you pay. Calculate the monthly rate by dividing the yearly rate by 12. Add this to your monthly payment.

–Determine your estimated monthly gas expense. –Estimate the number of kilometers you expect to drive per year. (Ask friends or family members – CAA estimates km) –Using current gasoline prices find your estimated monthly cost. –Add this to your monthly payment. Gasoline

–Oil changes are recommended every 6000 km. –Using your estimated yearly kilometers determine your monthly cost of oil changes. –Add this to your monthly payment. Oil Changes

–The actual cost of tire maintenance and replacement varies greatly, however the estimated cost is 0.85 cents per kilometer. –Use your estimated yearly kilometers to determine a yearly dollar value for tires. –Add this to your monthly payment. Tires

–This will vary according to the age of a car. An industry study estimates this figure to be an average of 1.75 cents per kilometer. - Use your yearly kilometers to determine a monthly cost. - Add this to your monthly payment. Other Maintenance

–Add any other expenses you feel will be necessary. Motor Vehicle Inspection Car washes, stereo,… Other

Determine the total monthly cost of owning and operating your vehicle. Display this information in a spread sheet and at least one other type of graph. Assignment

TOTAL MONTHLY COST OF OWNING AND OPERATING A CAR Car ACar B Fixed Costs Monthly Payment Insurance License Flexible Costs Gasoline10060 Oil205 Tires20 Maintenance20 Other Total Monthly Cost915455