Chapter 16. Buying/Owning a Vehicle What are some questions you should ask yourself before buying a vehicle? What type is best for me? Operating expenses?

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Presentation transcript:

Chapter 16

Buying/Owning a Vehicle What are some questions you should ask yourself before buying a vehicle? What type is best for me? Operating expenses? Insurance costs? Buy vs Lease What's a fair price? What can I afford? What features do I need?

Do I Really Need A Car? Can I afford a car? Purchase price (This is the largest expense) maintenance, oil & gas, repairs, insurance & license (operating costs) Am I mature enough for this responsibility?

Factors in Selecting a Car Safety Air bags Crash test stats ABS brakes Comfort Size Fuel efficiency

Buying a Used Car Usually no warranty Should test drive/checked by mechanic Find Blue Book value (National Auto Dealer's Assoc Guide)

Leasing vs Buying Leasing paying for the "use" of a car a new car every few years Always have car payments Financial penalties for high mileage

Buying Paying for the purchase of a car Can have some years where you have no car payments Older cars have more repairs

Insurance Basic Auto Insurance in NJ - $5000 property damages per accident/ $15,000 personal injury per accident Protects you against major financial loss Shop around- prices vary from company to company

Deductible- the amount you pay for damages Depreciation - a steady drop in the value of the car

Types of Insurance Liability - body & property Comprehensive Uninsured/underinsured Collision Medical-payments Towing No-fault

Liability Bodily-injury : Pays for claims and lawsuits by people injured as a result of an auto accident caused by you Property-damage: Pays for claims and lawsuits by people whose property is damaged as a result of an accident caused by you

Comprehensive Coverage for damage to your car that is not a result of collision Hit an animal/theft/vandalism/fire/flood

Uninsured/Underinsured Pays for property damage or bodily injury if you are in an accident caused by an uninsured/underinsured motorist

Collision Pays for damages to your vehicle caused by a collision with another car or object

Medical Payments Pays for medical costs for you and your passengers who are injured

Some states have this because of court backlogs. Your own insurance covers costs - regardless of who is at fault. No Fault

Insurance Rates Determined by: Driving record - convictions and moving violations pay more Age - younger pays more usually under 25 More miles driven annually = higher premiums Having safety & antitheft devices

Driver Gender- males tend to pay more however the gap is narrowing Marital Status - married = lower premiums Type of vehicle - some popular models tend to be stolen more often & some larger vehicles cause greater damage to vehicles they hit Where you live - rural areas = less premiums Claim record - more frequent claims = higher premiums

Assigned-Risk Insurance High premium insurance available to those drivers who have had their insurance cancelled due to a poor driving record Must drive for violation free for several years before qualifying for standard insurance

Helping the Environment Mass transportation - moves large numbers of people from place to place - decreasing exhaust emissions Car Pooling - sharing transportation Solar and electric & hybrid powered vehicles