Financing My First Car By: Lindsey Wiesner

My Dream Car!

Project Idea They can work in groups or individually. They can work in groups or individually. Have the students mock the process of purchasing a new or used car. Have the students mock the process of purchasing a new or used car. Make the students consider what kind of money they make and how much they can afford to pay for a car. Make the students consider what kind of money they make and how much they can afford to pay for a car. You can even have the students start a savings account for one year before they can purchase their new vehicle. You can even have the students start a savings account for one year before they can purchase their new vehicle.

TEKS Algebra F Algebra F Exponential and logarithmic functions: knowledge and skills and performance description. Students use a variety of methods to solve exponential and logarithmic equations. Exponential and logarithmic functions: knowledge and skills and performance description. Students use a variety of methods to solve exponential and logarithmic equations.

Materials Needs A TI calculator with the finance feature! A TI calculator with the finance feature! A notebook to bind the final project. A notebook to bind the final project. A dream car! A dream car!

Saving for my Car! Have the students pick their dream car. Remind them that they might want to keep it affordable. Have the students pick their dream car. Remind them that they might want to keep it affordable. Require the students to research what the interest rate on their savings account would be. Require the students to research what the interest rate on their savings account would be. Have the students save money working the job they work now. If they don’t work, pretend they work a minimum wage job ($5.15) for 20 hours a week. Have the students save money working the job they work now. If they don’t work, pretend they work a minimum wage job ($5.15) for 20 hours a week. Using your finance feature how long would it take you to save a down payment of $2,500, $5,000, and $10,000? Using your finance feature how long would it take you to save a down payment of $2,500, $5,000, and $10,000?

Let’s Buy a Car! Remember the sticker price on the windshield is not what you pay for a car. Remember the sticker price on the windshield is not what you pay for a car. Go to a dealership, pick out a car, have them figure bottom dollar with tax, title, and license. Go to a dealership, pick out a car, have them figure bottom dollar with tax, title, and license. Go to a local bank and see what interest rates run for a person with your credit background. You can also call or do it online. Go to a local bank and see what interest rates run for a person with your credit background. You can also call or do it online. Take the information you received from the dealer and the bank and calculate your monthly payments and how much money you will be paying in interest. Take the information you received from the dealer and the bank and calculate your monthly payments and how much money you will be paying in interest.

The Final Outcome! Have the students put a notebook together. It should include.. Have the students put a notebook together. It should include.. Description and picture of the car Description and picture of the car Information from the car dealer Information from the car dealer Information from the banker Information from the banker Completed worksheet with all the questions answered Completed worksheet with all the questions answered Paper explaining what they have learned, the process of the project, and if they think that it would be possible for them to purchase this vehicle Paper explaining what they have learned, the process of the project, and if they think that it would be possible for them to purchase this vehicle