Name:

Damien WHitmore

Part 1: What type of car will meet your needs? Take into account all the things you
may need to use your car for?
Will you need to haul anything with your car?
Yes
Will you need to have more than 2 people in your car?
Yes
Will you need four-wheel drive?
Sometimes
Will you need to drive lots of distance?
Not really
How much gas can you afford to buy each week?

$50/Week

How much could you spend on repairs each month?

None

Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
2014 Ford Raptor
2003 Lincoln Ls
2011 Corvette ZR-1

2013 Camaro SS

1969 Camaro SS

2014 Dodge Ram

Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.
Automa
tic/
Manual
MANUAL

11

MANUAL

5.7L V8
3.0 V6
6.2L V8

Car

Engine

Corvette
zr-1
2013
Camaro SS
Dodge
Ram
Lincoln LS
Ford
Raptor

7.0 L
v8
6.2L V6

Extras
(Heated
Seats Etc.)
YES

18

YES

AUTO

14

YES

AUTO
AUTO

20
11

5
4

YES
YES

3
4

Fuel

Safety

Overall

Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Corvette ZR-1
Lincoln LS

Model
ZR-1
LS

Year
2012
2003

Price
$85K
$4K

Dodge Ram

1500

2014

$36K

Features
7.0L V8
COOL
SEAT
18K LB
TOW

Contact Info.
MORAN CHEVY
AA AUTO
PARKWAY CHRYSLER

Part 5: Look up the value of each of the three cars you found. Use kbb.com for this.
You must factor in Year, Make, Model, Features, Mileage, and Location to find the
price.
Car 1 $85,699
$35,894

Car 2

$4,399

Car 3

Part 6: Find at least three places where you could secure a loan for one car on your
list. You may want to consider banks and credit unions to find the best deal.
Institution 1: STATE FARM
Institution 2: BANK OF AMERICA
Institution 3: NATION WIDE
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
http://www.hondafinancialservices.com/static/pdf/LEASE_LOAN_APPLICATION_10201
4.PDF
Example additional fill-able example under assignment document
Part 8: Determine what your loan will actually cost. You should come up with the
monthly payment and determine the amount of principle and interest over the life
of the loan.
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full
Monthly payment $_$2412.31__________
Interest $_3.2%______ ___
Principle$____632______
Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
2

http://www.edmunds.com/calculators/car-loan.html

Title Fee: ______20____________

Registration: _____50_____________

Plates:
Insurance:

45
450/MONTH

Total: _______1ST MONTH= $565______

____
Part 10: General Up-keep and Maintenance
You also need to be concerned with the general upkeep of your car along with how
much it is going to cost to keep gas in your car. This include regular oil changes
after 3000 miles, two new tires every year for Michigan winter weather adventures
and other car problems that could possibly occur. Below is a list for you to fill out
that will help you calculate the other yearly costs of operating your car.
1. The average number of miles driven per year by Americans is 12000.
A. How many times will you have to change your oil then?
4
B. If you will change it yourself, go to letter (d); if you plan on having
your oil changed by professionals go to letter (c)
C. What is the average cost of an oil change? $
a.

Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$

D. For the do-it-yourselfers, you need to determine the number of

quarts of oil you will need every year, the number of oil filters you will
need, we will assume you have the wrenches to complete the job, but
you will need to buy some ramps so you can get to our oil plug.
Number or quarts of oil:
26
Total cost of oil:
174.2
Total cost of all filters:
$20
Cost of two car ramps:
Total yearly cost for your oil changes:$200
2) Since the average number of miles driven is 12000, we are going to determine
how much money you will spend in fuel for one year.
a) Does your car run on gasoline or diesel? GAS
b) What is the average fuel mileage of your car (from page 1)?
11
c) What is the average cost of 1 gallon of fuel?
$1.93
PREMIUM
d) Find the total cost of your fuel for one year:
(Number of miles driven / avg. fuel mileage)(Avg. cost of 1 gal. of fuel)
$2,105.50
3) What would the cost of 2 new tires for your car be?

$450
3

Site where you found this:

Part 11: Complete the following chart
One Time Cost
Monthly
Registration: 50
Loan: 79

Taxes: 510
Plates:45
Down Payment: 2300
Other:

Insurance: 450

TIRE RACK

Weekly
Gas: 43

Repairs
Find at least 3 cost
of repairs for our
vehicle
Supercharger$22k
Exhaust- $4k
Clutch- $8k

Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the benefit of buying a car brand new vs. used. Look in to
the price of that car for a lease option and present the cost of leasing vs. buying
brand new. What is the benefit of leasing? What are the drawbacks? Out of the 3
options, buying used, buying brand new, and leasing, when would each purchase be
required in someones life? What is the best option for you now? What is the best
option for you later on in life? Why?
New vs Used: Dont have to service as often, knowing it yours.
Lease vs Buy: Benefits of leasing, services included, new car often, drawbacks: have
to watch mileage
Buying used- 16-25
Leasing- 26-35
Buying 36- Whenever
The best option for me would be to buy used because I cannot afford a monthly
payment. My best option later on would be to buy because I will be successful and
able to make the payment.