Warm Up 11/14 ($37,419 x 89%) + ($2,946 x 85%) + $715 =

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Presentation transcript:

Warm Up 11/14 ($37,419 x 89%) + ($2,946 x 85%) + $715 = A minivans base price is $19,575. The options total $3,130. It has a destination charge of $665. If the dealer pays an estimated 94% of the base price and 88% of the options, what is the dealers estimated cost? $36,522.01 $15,565.42 $ 21,819.90

Has anyone had any experience selling or buying a used car Has anyone had any experience selling or buying a used car? Where did you find the car/list the car? How was your experience finding a price agreeable to both the seller and buyer? How did you know that it was a fair price?

What are some advantages of purchasing a used car? What are some disadvantages of purchasing a used vehicle?

AVERAGE WHOLESALE VALUE: is based on the trade-in value of hundreds of cars of that particular model. Vocabulary AVERAGE RESALE VALUE: is based on the average selling price of hundreds of cars of that particular model.

Where do you find the average retail price of a used car? The Used Vehicle Guides are published monthly by the National Automotive Dealer Association (NADA) or through Vehicle Market Research. You can also use Kelly Blue Book (KBB) to find the suggested wholesale and retail prices. Important Question

www.kbb.com

Use the on your desk to solve the following: Example 1 Use the on your desk to solve the following: Jackie would like to purchase a four-year-old Palamino V8 four-door car, which is advertised for $15,450. It has no air conditioning. It had power seats, premium sound, leather seats, and a power sunroof. It has been driven 51,760 miles. The used vehicle guide indicates that $575 should be subtracted if the mileage is from 45,001 to 52,500 miles. What average retail price should Jackie keep in mind when she makes an offer on the vehicle?

$ 14,415.00 Average Retail Value $ 14,675 No air conditioning -$800 Example 1 Average Retail Value No air conditioning power seat premium sound leather seats power sunroof $ 14,675 -$800 $125 $200 $340 $450 Average Retail Value +Options -- deductions +/- Mileage $14,675 + $1,115 -- $800 - $575 $ 14,415.00

Complete the following on your own Complete the following on your own. Using the table on page 321, find the average retail price for a four-year old V6 four-door vehicle that has air conditioning, power seats, leather seats, manual sunroof, and aluminum wheels. It has been driven for 36,500 miles. The used-vehicle guide indicates that $525 should be added due to the low mileage. What is the average retail price for this vehicle? Average Retail Value +Options – deductions +/- Mileage $ 13,050 + $815 - $0 + $525 $ 14,390.00

What is the average retail price for this vehicle? George Garcia owns a 3-year-old station wagon that he wants to sell in order to buy a new Mercedes. One used-vehicle guide shows the average retail value of his station wagon is $13,000. He adds $50 for having tinted windows, $100 for air conditioning, and $35 for power windows. He deducts $200 for excessive mileage. What is the average retail price for this vehicle? Average Retail Value +Options – deductions +/- Mileage $13,000 + $185 - $0 + $200 $ 12,985.00

Complete the following on your own. Atsuko Murakami is going to trade in her 5-year-old car for a new car. A used-vehicle guide shows the average trade-in value is $4,350, plus $100 for air-conditioning, and $50 for an automatic transmission. She deducts $175 for excessive mileage. What is the average trade-in value of her car? Average Retail Value +Options – deductions +/- Mileage $4,350 + $150 - $0 + $175 $ 4,325.00

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