Buying a Car 6.5. Manufacturer’s Suggested Retail Price MSRP or Sticker price Base price Extended Warranty Features.

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Presentation transcript:

Buying a Car 6.5

Manufacturer’s Suggested Retail Price MSRP or Sticker price Base price Extended Warranty Features

Manufacturer’s Suggested Retail Price (Example) You want to buy a MR35 Sports Sedan, STD model with the optional six-cylinder engine, power seat, and a 36/36,000 extended warranty. Using page 250, find the price of the car… 1.Find the base price 2.Add extras to the base price = MSRP (list price)

Manufacturer’s Suggested Retail Price (A) MR35 PRM model with alarm system & color matched trim. What is the MSRP of this car? 1.Find the base price (look on page 250) $25,096 2.Add extras to the base price = MSRP (list price) $25,825

Manufacturer’s Suggested Retail Price (B) MR35 CTM model with message center & ski rack. What is the MSRP of this car? 1.Find the base price (look on page 250) $24,185 2.Add extras to the base price = MSRP (list price) $24,898

Cost of New Car Purchases Terms to know: – Purchase Price – Sales Tax – Registration Fees – Non-Taxable Items – Rebates – Delivered Price – Down Payment – Balance Due

Cost of New Car Purchases (Example) Purchase price is $23,340. You are charged a 5% sales tax on the purchase price. Manufacturer’s rebate of $1,250. Registration cost is $128. Down- payment/Trade-in of $4,300. Find the delivered price and balance due. 1.Find sales tax 5% x $23,340 = $1,167 2.(Price + costs) – rebate = Delivered price ($23,340 + $1,167 + $128) - $1,250 = $23, Delivered price – down payment = Balance Due $23,385 - $4,300 = $19,085

Cost of New Car Purchases (C) Purchase price is $20,067. Added an extended warranty of $250. Registration and fees are $ A 4.5% sales tax is charged on purchase. Made a down payment of $6,000. Find the delivered price and the balance due. 1.Find sales tax 4.5% x $20,067 = $ (Price + costs) – rebate = Delivered price $20,067 + $ $250 + $ = $21, Delivered price – down payment = Balance Due $21, $6,000 = $15,354.87

Cost of New Car Purchases (D) Purchase price is $16,238. A 6% sales tax is charged on purchase. Plates, title transfer, & other fees are $186. Made a down payment of 10% of price. Find the delivered price and the balance due. 1.Find sales tax 6% x $16,238 = $ (Price + costs) – rebate = Delivered price $16,238 + $ $186 = $17, Delivered price – down payment = Balance Due $17, (10% x $16,238) = $15,774.48

Cost of Used Car Purchases Terms to know – Purchase Price – Delivered Price – “As is”

Cost of Used Car Purchases (Example) Purchase price of the 3-year old used car is $12,450. Registration fees of $128 and sales tax of 4%. Down payment is $3,800. What is the delivered price and the balance due? 1.Find sales tax 4% x $12,450 = $498 2.(Price + costs) – rebate = Delivered price $12,450 + $498 + $128 = $13, Delivered price – down payment = Balance Due $13,076 - $3,800 = $9,276

Cost of Used Car Purchases (E) Purchase price of the 1-year old used car is $16,500. Other costs of $85 for license plates, $47 for title transfer and sales tax of 7%. What is the total cost of the car? 1.Find sales tax 7% x $16,500 = $1,155 2.(Price + costs) – rebate = Delivered price $16,500 + $1,155 + $85 + $47 = $17,787 (total cost)