Name:

Caroline Lin

Part 1: What type of car will meet your needs? Take into account all the things you
may need to use your car for?
Will you need to haul anything with your car?
No
Will you need to have more than 2 people in your car?
Yes
Will you need four-wheel drive?
Will you need to drive lots of distance?
No
How much gas can you afford to buy each week?
How much could you spend on repairs each month?
$200

Yes

$150

Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
New ford mondeo
Das Auto New Lavida
The Mazda 6

Buick Excelle

Ford Focus Titanium Hatch

New Golf

Das Auto

Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Car
New Ford
Mondeo

Das Auto
New
Lavida

Engine
1.5L
GTDi18
0
engine
EA211
Multipo
int
injectio
n
gasolin
e

Automa
tic/
Manual
Automati
c

16.4
gal

Standar
d

Extras
(Heated
Seats Etc.)
Adjustable
steering wheel

Automati
c

5L/100
km

Standar
d

Head safety
airbags

Fuel

Safety

Overall
A good
family use
car.
Good cost
performanc
e

Das Auto
New Golf

Buick
Excelle
Ford focus
titanium
hatch

engine
Electro
nically
controll
ed fuel
injectio
n valve
engine
e
1.5L
DVVT
Engine
Efficien
t 2.0L
TiVCTL-4
engine

Automati
c

5L/100
KM

Standar
d

Automatic
static
cornering
supplementary
lighting
function

Relatively
cheap and
suitable for
common
people

Automati
c

11.6
gal

Standar
d

Automati
c

12.4
gal

Standar
d

Natural speech
recognition
function
Dual-Zone
electronic
automatic
temperature
control

Good
quality and
safety
Fashionable
outlook and
high safety

Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Ford

Model
Fiesta

Year
Bility015

Price
$2000
0

Buick

Regal

2015

$3070
0

Mazda

Mazda
6

2015

$2200
0

Features
Voice
recognitio
n Sync &
Ecoboost
engine
2.0
LITERTUR
BOCHARG
ED 4CYLINDER
ENGINE
&ALLWHEEL
DRIVE
SKYACTIV
EGENGINE
AND IELOOP
ENERGY
CAPTURE

Contact Info.
1-800-392-3673
1-800-232-5952

1-800-4A-BUICK

400-666-8080

Part 5: Look up the value of each of the three cars you found. Use kbb.com for this.
You must factor in Year, Make, Model, Features, Mileage, and Location to find the
price.
Car 1

$20000
$22000

Car 2

$30700

Car 3

Part 6: Find at least three places where you could secure a loan for one car on your
list. You may want to consider banks and credit unions to find the best deal.
Institution 1: southeast Michigan ford dealers
Institution 2: bank of America
Institution 3:

Michigan loans and refinancing

Part 7: Find, Print, and Complete a Car Loan Application

*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
http://www.hondafinancialservices.com/static/pdf/LEASE_LOAN_APPLICATION_10201
4.PDF
Example additional fill-able example under assignment document
Part 8: Determine what your loan will actually cost. You should come up with the
monthly payment and determine the amount of principle and interest over the life
of the loan.
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full
Monthly payment $___284________
Interest $_______3%
Principle$___8000_______

___

Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
http://www.edmunds.com/calculators/car-loan.html

Title Fee: ___$15+6% tax _______________

Registration: ______$33 ____________

Plates:
Insurance:

$126

$1073.52

Total: _____________$1247.52

____

Part 10: General Up-keep and Maintenance

You also need to be concerned with the general upkeep of your car along with how
much it is going to cost to keep gas in your car. This include regular oil changes
after 3000 miles, two new tires every year for Michigan winter weather adventures
and other car problems that could possibly occur. Below is a list for you to fill out
that will help you calculate the other yearly costs of operating your car.
1. The average number of miles driven per year by Americans is 12000.
A. How many times will you have to change your oil then? 4
B. If you will change it yourself, go to letter (d); if you plan on having
your oil changed by professionals go to letter (c)
C. What is the average cost of an oil change? $55
a.

Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$220

D. For the do-it-yourselfers, you need to determine the number of

quarts of oil you will need every year, the number of oil filters you will
need, we will assume you have the wrenches to complete the job, but
you will need to buy some ramps so you can get to our oil plug.
Number or quarts of oil:
Total cost of oil:
Total cost of all filters:
Cost of two car ramps:
Total yearly cost for your oil changes:
2) Since the average number of miles driven is 12000, we are going to determine
how much money you will spend in fuel for one year.
a) Does your car run on gasoline or diesel? Gasoline
b) What is the average fuel mileage of your car (from page 1)? 5L/100KM
c) What is the average cost of 1 gallon of fuel?
2.744
d) Find the total cost of your fuel for one year:
(Number of miles driven / avg. fuel mileage)(Avg. cost of 1 gal. of fuel)
6585.6
3) What would the cost of 2 new tires for your car be?
150
Site where you found this:
COST HELPER CARS
Part 11: Complete the following chart
One Time Cost
Monthly
Registration: $33
Loan: 283

Weekly
Gas:100

Repairs
Find at least 3 cost
of repairs for our
vehicle
4

Taxes: 6%
Plates: $800
Down Payment:
$8000
Other: ADDITIONAL
TAX

Insurance:
$1073.52

Brake pad
replacement
Wheel
replacement
Oil rubber tube
replacement

Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the benefit of buying a car brand new vs. used. Look in to
the price of that car for a lease option and present the cost of leasing vs. buying
brand new. What is the benefit of leasing? What are the drawbacks? Out of the 3
options, buying used, buying brand new, and leasing, when would each purchase be
required in someones life? What is the best option for you now? What is the best
option for you later on in life? Why?
The price of a brand new ford fiesta 2015 is $20,000, and the price of the used one
is $14,184. The benefit of buying a brand new car is that the car has no problem
and its quality worth its price. The biggest advantage of buying a used car is that
the price is low, but the car may have some potential problems since I have no idea
what the car has been through. Maybe I have to spend more money on insurance
and repairing. The price of leasing a car is $284 per month. Leasing a car is good for
short time use. I dont have to be responsible for it, and I dont need to buy
insurance. However, if it has some problems when Im using it, I will be responsible
and Ill have to pay for repairing. People will choose whether to buy a car or lease
one under different conditions. For example, if a person has bought a house and has
a stable job, and he has enough money as well, buying a brand new car would be
the best option for him. Buying a used car is good for people who dont have too
much money, but he needs to drive car to work everyday. Leasing a car is suitable
for people who just want to use the car for a short time, such as travelers and
people who change jobs frequently. The best option for me now is to lease a car.
Since Im still a student, I dont have much money, and I dont know where I will live
or work in the future. Leasing is more flexible for me. In the future, I will save
enough money to buy a brand new car, and I think I will need to drive to work
everyday.