Home and Vehicle Purchasing Assessment

What is the general rule of thumb for how long it takes to recoup home purchase costs?

• 2-3 years
• 3-4 years
• 5-7 years
• 8-10 years

Which of the following is NOT an advantage of buying a home?

• Home appreciation potential
• Consistent mortgage payments
• Tax benefits
• Lower maintenance costs

According to the documents, which city is considered best for buying a home?

• San Francisco
• Cleveland
• New York City
• Seattle

What is typically the largest expense when purchasing a home?

• Down payment
• Closing costs
• Property taxes
• Utilities

Which step comes FIRST in the home buying process?

• Get preapproved for a mortgage
• Find a real estate agent
• Decide if you're ready to buy
• Calculate affordability

What is NOT mentioned as a hidden cost when buying a car?

• Destination charge
• Insurance
• Entertainment system
• Sales tax

According to Kelly Blue Book, what should you do LAST before buying a car?

• Calculate what you can afford
• Get the most out of your test drive
• Research online
• Know your shopping style

Which is an advantage of renting rather than buying?

• Building equity
• Less responsibility for maintenance
• Control over property rules
• Stable monthly payments

What must be completed before legally driving a newly purchased car?

• Destination charge payment
• Vehicle registration
• Maintenance check
• Fuel purchase

Which financial factor should be considered before buying a home?

• Shopping preferences
• Emergency savings
• Rental history
• Family size