1.  Complete review questions 1-13  Take out everything you have done so far for your Budget Project and have it on your desk. › I’m coming around to check that you have done everything so far.  Today’s Topic › Part 8: Car Buying 101 › Part 9: Other Living Expenses

3. 1. Figure out what you can affordafford 1. Remember you have to pay for insurance too! 2. Can I even afford a car that is new enough to finance? 3. Buy or Lease? 4. What will my interest rate be? 5. What am I going to end up paying after everything is said and done? Total Cost Calculator

4.  Do your research BEFORE you walk onto a car lot › Find out the KBB or Edmunds value of the car and negotiate from there  Stand your ground › Don’t let them pressure you into to buying something that you aren’t 100% sure about › Remember you will have this car for quite a while › Walk away if you aren’t sure  Ask about additional cost (it will be way more than the sticker price)  Negotiate the total price, not the monthly payment

5.  Sales Tax : NC 3% Highway Use Tax  Title: $40  Registration: $15  License Plate: $ 28  Documentation Fees: $550 NC Average  Dealer Fees: (Shipping, Advertising, Prep, Paint Protectors, Fabric Protectors and other crap)  Extended Warranties- $800-$2,500 › See what it ACTUALLY covers before purchasing and weigh your options  Payment Calculator Payment Calculator

6.  Once you have purchased a car every year you will have to pay property taxes & get your vehicle registration renewed. › In NC you do this at the same time › Car Tax Estimator Car Tax Estimator  Maintenance › (tires, oil changes, regular services, belts, spark plugs and all other sorts of things that just tend to add up)

8.  In order to finance or lease a car you must have full coverage insurance. › You can adjust the levels of coverage, but you have to have the following  Liability: Covers the people you hit if you are at fault  (medical expenses) & their car repairs  Required by the state no matter what  Collision : covers repairs to your car if you are at fault  Required if you still owe $ on the car  Comprehensive: covers other incidents (fire, flood, theft, vandalism, etc.)  Required if you still owe $ on the car  Uninsured /Underinsured Motorist Protection  Ball Park Car Insurance EstimateBall Park Car Insurance Estimate