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Can You Afford a Car? A Comprehensive Automobile Buying Guide

In this guide, we explore the essential steps to determine if you can afford a car within the price range of $8,000 to $20,000. We'll discuss critical factors like insurance costs, vehicle specifications, Kelley Blue Book values, and how to compute your auto loan. You'll learn how to calculate total price, sales tax, and monthly payments using various online tools. With a step-by-step approach, this guide helps you navigate the complexities of purchasing a car while managing your budget limitations effectively.

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Can You Afford a Car? A Comprehensive Automobile Buying Guide

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Presentation Transcript

  1. Can you afford a car? Automobile Simulation

  2. Can you afford a car? • Part I: #1 • Pick any type of car between the cost of $8,000- $20,000 • Think about what you will need it for and the cost to insure • Part I: #2 • Make- Company Name • Model- Type of Car and trim • Year • Asking price • Mileage • Color • Location

  3. Part I: #3 What is Kelley Blue Book? • KBB: Kelley Blue Book Value • WHAT PEOPLE ARE REALLY PAYING FOR THIS VEHICLE • MSRP: Manufacturers Suggested Retailed Price • Price set by the Manufacturer • New Cars: • MSRP • Invoice Price – what auto manufactures charge dealers • New Car Kelley Blue Book Value • Used Cars: • Suggested Retail in Excellent or Good Condition

  4. New Car KBB Value: MSRP INVOICE What people are really paying!!!

  5. Used Car: Suggested Retail Value dealer's asking price and the starting point for negotiation.

  6. Part 1: #4 How do you compute the loan? • TOTAL PRICE- DOWN PAYMENT= LOAN AMOUNT • This is the amount you will borrow • It is your principal You will use the asking price

  7. Part I: #5 sales tax, title & registration • www.dor.mo.gov • Click Motor Vehicle License to the left • Choose calculate sales tax • Select: St. Louis County • Select: City • Click the drop down and choose the city you live in

  8. Part I: #6 Find your Monthly Payments • We will use an interest calculator • FIND YOUR LOAN AMOUNT FROM #4 • Click on CALCULATORS • Select Monthly Auto Loan Payment

  9. Insurance • Use the information below as you go eSurance.com to get quotes/ estimates/ costs/ prices/ premiums for insurance coverage: • 63017, go • 1 car, 1 driver, heard about via “other”, no current insurance, next • year, make, model, commuting to work/school, mileage 5,000-$10,000 financed, next • Joe or Jane, 1/1/1989 or 1984, male or female, single, 16, jsmith@yahoo.com, SKIP OPTIONAL BOXES, no violations, next • check anti-theft box, do not check specialized occupations box, next • 30 days or less • 369 N Woods Mill Rd., Chesterfield MO 63017 • basic, 1,000, 1,000, no, get my quote

  10. Look at the 6 month Premium…

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