Buying a Car #1

Front

What happens to a car's value as soon as you drive it off the lot?

Back

It loses value immediately.

Front

What is a co-signer in the context of buying a car?

Back

A person with good credit who agrees to take responsibility for the loan if the primary borrower fails to make payments.

Front

What is a major disadvantage of buying a new car?

Back

It is expensive to purchase.

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Front

What does a warranty provide for a car?

Back

Assurance that the car will be protected from major issues for a specified time or mileage.

Front

What is the term for the company that manufactures cars?

Back

Manufacturer.

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Front

What is depreciation in relation to cars?

Back

The reduction in the car's value over time.

Front

What is MSRP?

Back

Manufacturer's Suggested Retail Price, the price recommended by the manufacturer.

Front

What is the benefit of having a good credit score when buying a car?

Back

It can lead to lower interest rates on loans.

Front

What is the purpose of a financial literacy class for first-time car buyers?

Back

To educate them on managing finances and understanding credit.

Front

What is the typical warranty period for a new car?

Back

Usually 3 to 5 years or a certain number of miles.