Chapter 19 Transportation. Options Mass transit= transportation systems like TANK buses Saves energy, money, pollution Pg 483 fig 19-2.

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Presentation transcript:

Chapter 19 Transportation

Options Mass transit= transportation systems like TANK buses Saves energy, money, pollution Pg 483 fig 19-2

Understanding Vehicle Financing Buy or Lease? Buy = pay in full or pay in monthly installments Leasing = monthly payments in exchange for use of the vehicle for a time period (48 months)

Leasing is only for NEW vehicles Leasing is less expensive monthly but can cost more in the long run Wear and Tear Mileage How long to keep the lease “Disposing of the vehicle” at end of lease If you cancel early pay fee Up Front costs= the first’s month payment, security deposit, taxes, registration

Shopping for a Loan Find the lowest interest rate Look at your personal finance Pg 487 fig 19-5 The Down payment = minimum 10%, but the larger the down payment, the less payments, can be trade in or cash, or rebate Title = legal document that shows who owns the vehicle

Shopping for a vehicle New or Used?? Research Makes and Models Safety Reliability Fuel economy Power and performance Comfort Insurance Road tests and reviews

Researching Prices Book value = estimated value of a given make, model, and year of vehicle Kelly Blue Book New Car Price = invoice price- price the dealer pays the manufacture for the vehicle Base Price= price with standard equipment, does not come with extras options MSRP= manufacturers’ suggested retail price Sticker Price= dealers’ initial asking price – on window of car

Finding Vehicles Private Owners Dealers Internet Evaluating a Vehicle Inspect – odometer, tires, interior, exterior, heating and cooling, mechanical, body and frame Read the sticker Check warranty Test Drive

Pricing = NEGOTIATE Lemon Laws = laws that protect buyers of vehicles with serious defects Sour Deals for buyers Not successfully repaired after 4 attempts for same defect

Owning a Vehicle maintance schedule – routine servicing for car Oil, transmission fluid, brake fluid, tire pressure, lights, battery Get Estimates Replacement Parts Recall= manufactures request for owners to take to dealer for repair

Interest Costs Calculate the costs of taking a loan out for $5,000 for a used vehicle with the terms of 36, 48, and 60 months. Interest rate is 7%. Show your results on a bar graph. If you were buying a vehicle, how these interest costs impact your decisions about financing?

Kelly Blue Book Values Go to and research 5 different vehicles you are interested in. List your results below