Buying/Leasing a Car

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What is depreciation?

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Depreciation is the reduction in the value of an asset over time, particularly in relation to vehicles, where new cars lose value faster than used cars.

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What are the advantages of leasing a vehicle?

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Advantages of leasing a vehicle include lower monthly payments, the ability to drive a new vehicle more frequently, and often included standard maintenance.

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What is a common misconception about buying new vs. used cars?

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A common misconception is that buying a new car is always better than buying a used car; however, this is not necessarily true.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

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What is the best financial option for acquiring a car according to Dave Ramsey?

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According to Dave Ramsey, the best option to save the most money when acquiring a car is to pay cash for a used car.

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What is a car lease?

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A car lease is a long-term rental agreement for a vehicle, where the lessee makes monthly payments and must return the car at the end of the lease term.

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What is the difference between buying and leasing a car?

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Buying a car means you own it outright, while leasing means you are essentially renting it for a set period with the obligation to return it.

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What is a down payment in the context of buying a car?

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A down payment is an upfront payment made when purchasing a car, which reduces the amount financed.

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What does it mean to finance a car?

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Financing a car means taking out a loan to purchase the vehicle, which is then paid back over time with interest.

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What is the term for a car that has significant defects?

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A 'lemon' is a term used to describe a car that has significant defects that impair its use, value, or safety.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

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What factors can affect the cost of auto insurance?

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Factors affecting auto insurance costs include the driver's age, driving history, type of vehicle, and location.