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Buying a vehicle

Buying a vehicle. Unit 6: Major purchases. steps in the car buying process. Identify wants and needs How many miles do you typically drive? Do you haul anything? (camper, boat, trailer) Do you need to do any off-roading? What features would you like to have if you could afford them?

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Buying a vehicle

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  1. Buying a vehicle Unit 6: Major purchases

  2. steps in the car buying process • Identify wants and needs • How many miles do you typically drive? • Do you haul anything? (camper, boat, trailer) • Do you need to do any off-roading? • What features would you like to have if you could afford them? • Determine what you can afford • Monthly payment =no more than 20% of money after ALL OTHER EXPENSES are paid • Other considerations…gas, car insurance, and annual license fee ($75)

  3. steps in the car buying process • Identify and research your choices • Carsoup • Edmunds • Autotrader • Decide: new or used?

  4. Ferrari makes a maximum of ____ cars every day. 14

  5. steps in the car buying process • Get Credit Pre-approval • How much $ are you QUALIFIED to borrow? • To get pre-approval… • Visit a bank/credit union • Loan officer will decide if and how much they will lend you • Search for AVAILABLE vehicles in your price range • Test drive each vehicle • Compare ride, handling, braking, features, and cost • Try the radio, air conditioning, heat, and other features • Listen to the engine

  6. steps in the car buying process • Show me the CARFAX! • Locate the Vehicle Identification Number (VIN) on the dashboard on the driver’s side of the car • Cost • Initial (vague) report=free • 1 detailed report=$39.99 • 5 detailed reports=$49.99 • Unlimited reports for a year=$54.99 • Get the vehicle checked out mechanically • Cost=approx. $150 • Brakes, tires

  7. 40 An airbag takes only ____ milliseconds to inflate after an accident.

  8. steps in the car buying process • Determine a fair price • Kelly Blue Book www.kbb.com • Find the estimated fair price • For a new car, the sticker price, or MSRP is shown on the tag in the car’s window • MSRP=Manufacturer’s Suggested Retail Price • The fair price is between the invoice price (what the dealer paid for it) and the sticker price • Negotiate price • High pressure • Stick to facts & don’t reveal emotions to seller

  9. Financing • Cash • Loan through Car Dealership • Loan through Bank/Credit Union

  10. The world’s longest traffic jam was between Paris and Lyon on the French Autoroute in 1980. It was ___ miles long. 110

  11. leasing • Make monthly payments • Give up car at end of time period • End of term, you have the option of purchasing the vehicle • Why would somebody want to lease? • Can lease a nice vehicle that you wouldn’t be able to purchase outright

  12. Leasing

  13. ___% of car owners admit to singing behind the wheel. 90

  14. Vehicles and the law • Consumer Protection for car buyers • Warranty: written statement about a product’s qualities or performance that seller assures the buyer are true • Lemon Laws • Lemon: a car with substantial defects that the manufacturer has been unable to fix after repeated attempts. It must be… • First year of ownership or under 12,000 miles • Taken car into dealership 4 times for the SAME defect within that year • Out of service for 30 days • Allows you to get a new car or your money back

  15. Vehicles and the law • FTC Used Car Rule • Used Car Dealers MUST inform customer who will pay for certain repairs • “Buyer’s Guide” Sticker • “As Is” box checked=BUYER pays for all repairs • “Warranty” box checked=DEALER pays for repairs to the items listed • Good only for a limited time!

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