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    Buying A Car Project

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    api-302685904
    This document outlines the steps an individual named Julian Olmeda took to research and select a used car that meets their needs and budget. It involves determining car requirements, creating a list of suitable vehicles, researching reliability, finding local listings, getting loan information and costs, calculating operating expenses, and comparing new vs used purchase options. The best option for Julian is determined to be leasing a new Nissan Maxima now for $233 per month, and potentially leasing again later, as it allows getting a new car every few years within their budget.

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    © All Rights Reserved
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    Buying A Car Project

    Uploaded by

    api-302685904
    218 views5 pages
    This document outlines the steps an individual named Julian Olmeda took to research and select a used car that meets their needs and budget. It involves determining car requirements, creating a list of suitable vehicles, researching reliability, finding local listings, getting loan information and costs, calculating operating expenses, and comparing new vs used purchase options. The best option for Julian is determined to be leasing a new Nissan Maxima now for $233 per month, and potentially leasing again later, as it allows getting a new car every few years within their budget.

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    This document outlines the steps an individual named Julian Olmeda took to research and select a used car that meets their needs and budget. It involves determining car requirements, creating a list of suitable vehicles, researching reliability, finding local listings, getting loan information and costs, calculating operating expenses, and comparing new vs used purchase options. The best option for Julian is determined to be leasing a new Nissan Maxima now for $233 per month, and potentially leasing again later, as it allows getting a new car every few years within their budget.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    218 views5 pages

    Buying A Car Project

    Uploaded by

    api-302685904
    This document outlines the steps an individual named Julian Olmeda took to research and select a used car that meets their needs and budget. It involves determining car requirements, creating a list of suitable vehicles, researching reliability, finding local listings, getting loan information and costs, calculating operating expenses, and comparing new vs used purchase options. The best option for Julian is determined to be leasing a new Nissan Maxima now for $233 per month, and potentially leasing again later, as it allows getting a new car every few years within their budget.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Name:

    Julian Olmeda

    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?

    NO

    Will you need to have more than 2 people in your car?

    YES

    Will you need four-wheel drive?


    Will you need to drive lots of distance?

    NO
    NO

    How much gas can you afford to buy each week?


    How much could you spend on repairs each month?

    $60
    $200

    Part 2: Create a list of at least 6 cars that meet your needs based on the above
    requirements
    Nissan Maxima
    Toyota Avalon
    Nissan Altima

    Ford Taurus

    Chevy Impala

    Chevy Monte Carlo

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

    Maxima

    3.5 L

    Automa
    tic/
    Manual
    Auto

    Altima

    2.5 L

    Auto

    Avalon

    V6

    Auto

    Impala

    3.6 L

    Auto

    Taurus

    3.5 L

    Auto

    Car

    Engine

    Fuel
    Regula
    r
    Regula
    r
    Regula
    r
    Regula
    r
    Regula
    r

    Safe

    Extras
    (Heated
    Seats Etc.)
    All extras

    Quality

    Safe

    All extras

    Quality

    Safe

    All extras

    Quality

    Safe

    All extras

    Quality

    Safe

    All extras

    Quality

    Safety

    Overall

    Part 4: Find at least 3 cars listed locally that meet your needs.
    1

    Make
    Nissan

    Model
    Maxim
    a

    Year
    2016

    Price
    $32,51
    0

    Features
    Bluetooth,
    sunroof,
    good on
    gas,
    review
    camera

    Contact Info.
    P.O. Box 685003
    Franklin, TN 37068-5003
    Phone: (800) NISSAN-1
    (or 800-647-7261)
    Monday through Friday:
    7:00 AM to 10:00 PM CST
    Saturday:
    7:00 AM to 5:00 PM CST

    Chevy

    Impala

    2016

    $27,09
    5

    All
    features

    Mon-Fri, 8 a.m. - 9 p.m.;


    Sat, 9 a.m. - 6 p.m. (EST)

    GM Mobility Center
    (Chevrolet for persons with
    disabilities)
    800-323-9935
    TTY: 800-833-9935
    Mon-Fri, 8 a.m. - 6 p.m.;
    Sat, 9 a.m. - 6 p.m. (EST)

    Toyota

    Avalon

    2016

    $36,65
    0

    Moonroof,
    wood
    finish,
    Bluetooth
    radio

    Phone: 800-3314331
    Fax: 310-468-7814
    M-F 5:00 am - 6:00
    pm PT
    Sat 7:00 am - 4:00
    pm PT

    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

    Maxima
    Avalon

    Car 2

    Impala

    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: Michigan First Credit Union

    Institution 2: Credit Union One


    Institution 3: Lake Trust Credit Union
    Part 7: Find, Print, and Complete a Car Loan Application
    *** Do NOT include your Social Security # ***MAKE ONE UP!!!!
    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 $____$193.15_______
    Interest $____3%___
    Principle$_____20,000_____

    ___

    Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
    insurance costs.
    Title Fee: ____________$30-$148______
    Registration: _________$20_________

    Plates:
    Insurance:

    $50

    $135

    Total: ________$235_____

    ____

    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? 7
    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? $
    I do it myself
    a.

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

    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
    3

    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:
    5Q
    Total cost of oil:
    $60.00
    Total cost of all filters:

    $10.00

    Cost of two car ramps:

    $100.00

    Total yearly cost for your oil changes:

    $170.00

    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? Gasoline
    b) What is the average fuel mileage of your car (from page 1)? 21 MPG
    c) What is the average cost of 1 gallon of fuel?
    $1.75
    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)
    $1,750
    3) What would the cost of 2 new tires for your car be?
    $450
    Site where you found this:
    Arandas Tires
    Part 11: Complete the following chart
    One Time Cost
    Monthly
    Registration:
    Loan: $20,000

    Taxes:
    Plates:
    Down Payment:
    Other:

    Insurance:
    $35
    $500
    NA

    Weekly
    Gas:$36.75

    $135
    $75
    $500
    NA

    Repairs
    Find at least 3 cost
    of repairs for our
    vehicle
    $175
    $50
    $1,000
    NA

    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?
    The Nissan Maxima is $32,510. The benefit of having a new car is that there
    will be no problems to worry about car wise, but the cost will be much higher. The
    lease option for the Maxima is $233 a month. The benefit of leasing is that in 2-4
    years you can switch and get a new car. The drawbacks are you have to take care of
    4

    your car big time or they will charge for any little thing. The best option for me now
    and later would be to lease that way I keep up with the nwer cars and it is easier to
    make those payments.

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