Authentic Assessment #2

Annual Driving Cost of a Driver

2/14/13
By Jabari Smith

For my second authentic assessment, I have chosen to do my report on a 2012 Toyota

Camry. It is the ideal car for this project because it is a medium sedan that combines class and
luxury with affordability, costing around $22,000. As well as that, another practicality for me to
choose this project, is the face that my mom just bought one, and I can easily find data on it. The
Toyota Camry gets about 28 miles to the gallon, 25 city miles and 35 country miles on regular
gasoline. To find this information, I found a site called edmunds.com that shared the information
for select models of cars, which the Camry was included under.

Ownership Cost
$2,776.67

$462.00

$22,000.00
$23,254.63

$1,254.63

$2,326.00
$23,254.63

$3,666.00
$362.22

$4,346.64
9.00%0

$20,054.63
-$3,200.00

Financing
Purchase Price (MSRP)
Sales Tax (7.375% of Purchase Price)

(+)

Total Purchase Price

(-) 10% Down Payment (enter as negative number)
Amount Financed
Annual Percentage Rate (choose best available on web site)
Length of Loan (months)
Monthly Payment
Yearly Cost (Monthly Payment x 12)
Total Payments*** (life of loan - from web site)
Total Interest Paid*** (life of loan - from web site)

Costs of Auto Ownership

I will drive a __2013___ ___Toyota______________ _______Camry___________ .
Year

Make

Model

The recommended fuel grade for my car is __________________regular_______________________ .

Total Cost
Summary

Ownership Costs
Financing
Purchase Price (MSRP)
Sales Tax (7.375% of Purchase Price)
(+)
Total Purchase Price

$22,000.00
$1,254.63
$23,254.63

(-) 10% Down Payment (enter as negative number)

Amount Financed

-$3,200.00
$20,054.63

Annual Percentage Rate (choose best available on web site)

Length of Loan (months)

9.00%
72 months

Monthly Payment

$362.22

Yearly Cost (Monthly Payment x 12)

$4,346.64

$4,346.64

$3,666.00

$3,666.00

$2,326.00

$2,326.00

Total Payments*** (life of loan - from web site)

Total Interest Paid*** (life of loan - from web site)

Depreciation
Avg. Yearly Depreciation (Purchase Price 6)

Insurance
Yearly Insurance Premium

License, Registration & Tax

Total Purchase Price (from above)
Sales Tax (8.375% of Purchase Price)
Avg. Tax. (Sales Tax 6)

$23,254.63
$2,776.67
$462.00

Yearly License & Registration Fee

Avg. Yearly License, Registration & Tax

$462.00

(+)

$1,922.00
$2,384.00

$2,384.00

Total Ownership Costs/Year

$8,376.00

Totak Operating Costs/Year (from worksheet. 2)

$2,181.94

Total Costs/Year (ownership costs + operating costs)

$10,557.94

Operating Cost
174.04

$29.95

$74.95

824.26
1044.25
2
219.98
Scheduled Maintenance
Routine Servicing Cost
Major Servicing Cost
Total Servicing Cost (Routine cost + Major cost)
Avg. Yearly Scheduled Maintenance Cost

Unscheduled Maintenance

Scheduled Maintenance
Routine Servicing Cost

$29.95

$29.95

Major Servicing Cost

$74.95

$74.95

(+)

$104.90

Total Servicing Cost (Routine cost + Major cost)

Avg. Yearly Scheduled Maintenance Cost

104.9

$104.90

(+)

$174.04

Unscheduled Maintenance
Yearly Average Miles Driven (above) x cents/mile
Sets of tires purchased (total miles 50,000)

824.26

824.26

Cost of tires (sets purchased x purchase price)

219.98

(+)

21.98

Total Cost (unscheduled maintenance + tires)

1044.25

1044.25

174.04

$174.04

Avg. Yearly Unscheduled Maintenance Cost (Total Cost

6)

Total Operating Costs/Year

$2,181.94

After completing the assignment, as you can imagine, I had no idea it would cost this
much money to own and operate an automobile. Initially, I thought that taking into account all
the information above, a car would cost about $5,000 a year, but my results were double that. I
currently do not have a job, and cant imagine one that I could get at my age, that could make
enough money to own and operate a car, with insurance. My current driving habits (when I did
drive) would have cost my parents allot of money had I continued to do so. I drove a 2007 Dodge
Caravan, that had horrible mileage, and I drove an average of 75 mph in it, costing allot more
money than I was making at the time, zero dollars. I know see the true importance of hybrid
vehicles, as well as obeying the speed limit. I could save hundreds of dollars a year. While
hybrid vehicles dont seem to run cheap, the do run cheaper than the car that I chose to do this
report on, and while my mom may be able to afford it, I most certainly cannot, and will not for a
while. And Im not sure if this factored how many accidents teens get into. So far, about 10 of
my friends within my age group, who drive, have gotten into some type of accident, and thats
not including myself, who did get into one, where damages ran into the thousands of dollars
(which may explain why my insurance was so high). More and more teens are getting into
accidents, and that information would be extremely valuable for this assignment.

Auto Financing Results

Your car financing of $20,095.00 has a monthly payment of $362.22.
This is for $20,095.00 in financing at 9.00% for 72 months. The total for all of your payments** would be
$26,079.84.

Auto Financing Summary

Interest rate:

9.00%

Term in months: 72
Total purchase
price (before
tax):

$22,000.37

Taxable fees:

$0.00

Sales tax*:

$1,254.63
*Sales tax was calculated as 7.38% times your vehicle price of $22,000.37
minus your trade-in allowance of $5,000.00. Currently California, the District of
Columbia, Hawaii, Maryland and Michigan allow no deductions for trade-ins
when calculating sales tax. If you live in one of these states make sure to
check the box 'No sales tax deduction for trade-in' on the main calculator
page.

Non-taxable
fees:

$40.00

Total sales price

(after tax):

$23,295.00

Total down
payment**:

$3,200.00
**Your total down payment is calculated as your rebates and cash down
payment of $2,200.00 plus your trade-in allowance of $5,000.00 minus the
$4,000.00 balance outstanding on your trade-in vehicle.

Amount
financed:

$20,095.00

Monthly
payment:

$362.22

Total
payments***:

$26,079.84

Total interest
paid***:

$5,984.84

***This assumes that you do not refinance and that all payments are made on
time with no prepayments.

Payment schedule
Months
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47

Payment

Principal

Interest

$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22

$211.51
$213.09
$214.69
$216.30
$217.92
$219.56
$221.21
$222.86
$224.54
$226.22
$227.92
$229.63
$231.35
$233.08
$234.83
$236.59
$238.37
$240.16
$241.96
$243.77
$245.60
$247.44
$249.30
$251.17
$253.05
$254.95
$256.86
$258.79
$260.73
$262.68
$264.65
$266.64
$268.64
$270.65
$272.68
$274.73
$276.79
$278.86
$280.96
$283.06
$285.19
$287.32
$289.48
$291.65
$293.84
$296.04
$298.26

$150.71
$149.13
$147.53
$145.92
$144.30
$142.66
$141.01
$139.36
$137.68
$136.00
$134.30
$132.59
$130.87
$129.14
$127.39
$125.63
$123.85
$122.06
$120.26
$118.45
$116.62
$114.78
$112.92
$111.05
$109.17
$107.27
$105.36
$103.43
$101.49
$99.54
$97.57
$95.58
$93.58
$91.57
$89.54
$87.49
$85.43
$83.36
$81.26
$79.16
$77.03
$74.90
$72.74
$70.57
$68.38
$66.18
$63.96

Balance
$20,095.00
$19,883.49
$19,670.40
$19,455.71
$19,239.41
$19,021.49
$18,801.93
$18,580.72
$18,357.86
$18,133.32
$17,907.10
$17,679.18
$17,449.55
$17,218.20
$16,985.12
$16,750.29
$16,513.70
$16,275.33
$16,035.17
$15,793.21
$15,549.44
$15,303.84
$15,056.40
$14,807.10
$14,555.93
$14,302.88
$14,047.93
$13,791.07
$13,532.28
$13,271.55
$13,008.87
$12,744.22
$12,477.58
$12,208.94
$11,938.29
$11,665.61
$11,390.88
$11,114.09
$10,835.23
$10,554.27
$10,271.21
$9,986.02
$9,698.70
$9,409.22
$9,117.57
$8,823.73
$8,527.69
$8,229.43

48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.22
$362.53

$300.50
$302.75
$305.02
$307.31
$309.62
$311.94
$314.28
$316.63
$319.01
$321.40
$323.81
$326.24
$328.69
$331.15
$333.64
$336.14
$338.66
$341.20
$343.76
$346.34
$348.93
$351.55
$354.19
$356.84
$359.83

$61.72
$59.47
$57.20
$54.91
$52.60
$50.28
$47.94
$45.59
$43.21
$40.82
$38.41
$35.98
$33.53
$31.07
$28.58
$26.08
$23.56
$21.02
$18.46
$15.88
$13.29
$10.67
$8.03
$5.38
$2.70

$7,928.93
$7,626.18
$7,321.16
$7,013.85
$6,704.23
$6,392.29
$6,078.01
$5,761.38
$5,442.37
$5,120.97
$4,797.16
$4,470.92
$4,142.23
$3,811.08
$3,477.44
$3,141.30
$2,802.64
$2,461.44
$2,117.68
$1,771.34
$1,422.41
$1,070.86
$716.67
$359.83
$0.00

Auto Insurance Quote

Thank you for getting a quote. It's easy to go online to view your coverages and purchase your policy today. Or call
us anytime 1-800-PROGRESSIVE.

Pay premium in full:

$2326.90

Pay monthly:

$2331.90 (Start today for $466.10)

Name

Driver status

Relationship

Jabari Smith

Rated

Insured

Rhonda Smith

Rated

Parent

2012 Toyota Camry

SE/Xle

Limits

Bodily Injury & Property

Damage Liability

$25,000 per person

$50,000 per accident
$25,000 property damage

Uninsured/Underinsured
Motorist Bodily Injury

$25,000 per person

$50,000 per accident

Medical Payments

No coverage

Comprehensive

Actual cash value

$250 deductible

$125

Collision

Actual cash value

$250 deductible

$1395

Collision Deductible Waiver

No coverage

$0

Uninsured Motorist Property No coverage

Damage

$0

Rental Car Reimbursement

No coverage

$0

Roadside Assistance

No coverage

$0

Loan/Lease Payoff

Coverage selected

$50

Total premium for 2012 Toyota Camry SE/Xle

$2326

Fee Information

Deductible

Premium

$698

$58

$0

Anti-theft Fraud Fee

$0.90

Total 6-month policy premium

$2326.90

Transaction Date:
Type of Calculation:

February 13, 2013

New California Vehicle Purchase

Type of Vehicle:
Model Year:
Motive Power:

Automobile
2012
Gas

Purchase Date:
Purchase Price:

February 01, 2013

$22,000.00

County:
Zip Code:

Solano
94533
43.00
23.00
144.00

Current Registration:
Current California Highway Patrol:
Current Vehicle License Fee:
Current County Service Authority for Freeway
Emergencies Fee:
Current Fingerprint ID Fee:
Current Smog High Polluter Repair Fee:
Original Smog Abatement:
Alt Fuel/Tech Smog Fee:
Current Auto Theft and/or DUI Crime Deterrence
Program:
Current Abandoned Vehicle Fee:
Current Valley Air Quality:
Alt Fuel/Tech Reg Fee:
Use/Sales Tax:
Reflectorized License Plate Fee:

1.00
6.00
3.00
1,678.00
1.00

Total Registration Fees:

$244.00

1.00
1.00
6.00
6.00
8.00
1.00

Total Use/Sales Tax:

$1,678.00

Grand Total Registration Fees:

$1,922.00

From Costco.com
Bridgestone - Turanza EL42

Item #: 483706
Tire Size: P205/65R16 94T

Price per Tire: $109.99

Plus $14 installation package and $1

disposal fee per tire. Shipping and handling
included.

Tire Type: All-Season

Sidewall: Black Letter
Original Equipment (OE) tire on select vehicles. See Sizes and
Specifications for Original Equipment fitments.
More item information

2012 Toyota Camry 4dr Sdn I4 Auto LE

Compare

Body Style: 4dr Car

Engine: 4 Cyl - 2.5L
Transmission: Automatic
VIN#: 4T4BF1FK9CR263317
Stock#: T126526
Ext. Color: Attitude Black Metallic
Int. Color: MPG #: 25 City / 35 Hwy

Price: $21,689

Call to Schedule a Test Drive:

866-979-7132