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Chapter 23 Buying and Owning a Vehicle. Steps in the Car-Buying Process  Identify your _________________  Determine what you can _______  Identify.

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Presentation on theme: "Chapter 23 Buying and Owning a Vehicle. Steps in the Car-Buying Process  Identify your _________________  Determine what you can _______  Identify."— Presentation transcript:

1 Chapter 23 Buying and Owning a Vehicle

2 Steps in the Car-Buying Process  Identify your _________________  Determine what you can _______  Identify and _________ your choices  Decide whether to buy ____________  Decide how you will _____ for it  Check ___________ rates  _________ for available vehicles  _____________vehicles  Check the car’s __________  Get the vehicle __________ checked  Determine/negotiate a ______ ______

3 Steps in the Car-Buying Process  Identify your wants and needs What ________ would you like ________ your wants Be ___________ about your needs  Determine what you can afford Monthly payments should be no more than _______of $ left after paying all regular monthly expenses Budget for

4 Steps in the Car-Buying Process  Identify and Research Choices  Decide Whether to Buy New or Used New: Used

5 Steps in the Car-Buying Process  Decide how you will pay for it Pre-approval – Approval is good for ___________ Loan officer will determine how much the bank/credit union is willing to loan  Check Insurance Rates Call you insurance agent for a preliminary quote

6 Steps in the Car-Buying Process  Search for Available Vehicles  Test Drive Vehicles  Check History of Used Vehicles VIN – Use VIN to check car’s history; can use _______; will list all previous owners, accidents, mileage at each sale

7 Steps in the Car-Buying Process  Get the Vehicle Checked Mechanically For used vehicles: Have a mechanic conduct a compression test, check the transmission, tires, brakes, etc. Emissions test – Ask the seller for records of maintenance, emissions tests, and inspections

8 Steps in the Car-Buying Process  Determine a Fair Price Check __________________ Fair price based on year, mileage, condition of the car (for used cars) Sticker price – Invoice price – Fair price is likely to be _____________above invoice price

9 Steps in the Car-Buying Process  Negotiate the Price Make your initial offer _________ than the max price you’re willing to pay Negotiate new car price separate from the __________ Don’t let your __________ show Sell your old car rather than trading it in if the dealer doesn’t offer you a reasonable amount

10 Dealer Negotiation Techniques  “Need approval from a supervisor”  Using pressure  Low-balling – offering an unrealistically low price on your trade-in to make it look like they are cutting you a break when they give you more  High-balling – offering an unrealistically high price for your trade-in and then saying that the boss didn’t approve the amount  Pushing dealer add-ons –

11 Financing Your Car  Loans are offered in __, __, __, and ___ month terms  Longer terms mean you pay more in total  ________ _______ offer the best deals  Compare interest rates  Can finance at most dealerships through finance companies (ex: GMAC)  Watch for ____________

12 Leasing a Car          

13 Consumer Protection  Warranty –  Warranties usually run out after stated ______________, which ever comes first  Lemon laws protect owners who bought “lemons”; allows you to get a new car or your money back

14 What is a “Lemon?”  Lemon – A) you’ve taken the car into the dealer for 4 unsuccessful attempts to repair the same defect OR B) your car has been out for service for a total of at least 30 days

15 Consumer Protection  FTC Used-Car Rule Federal Trade Commission Requires used car dealers to inform consumers ahead of purchase about who will be responsible for paying for certain repairs

16 Cost of Operating a Car  Gas and Oil  Depreciation  Registration and Title  Maintenance and Repairs  Accessories

17 Cost of Operating a Car  Gas and Oil  Depreciation Factors include age, mileage, mechanical condition, brand or style, color, etc. Vintage/classic cars can appreciate in value

18 Cost of Operating a Car  Registration and Title Car Title – Pay title fees and sales tax at time of sale Pay registration fees yearly  Maintenance and Repairs

19 Extending the Life of Your Car  Maintain fluid levels  Perform routine maintenance  Keep car in a garage  Preserve exterior  Preserve interior  Follow wise driving habits


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