NEW
Font size
WorksheetsAdv. $ Mangt. Car Buying Study Quiz
Total questions: 15
Worksheet time: 8mins
Which of the items is NOT a cost of owning a car?
insurance
maintenance
gas
ride sharing
When deciding if you should buy a car, research the following:
payment, interest, reliability
payment, max speed, MPG
MPG, average lifespan, size of tires
When you walk into a car dealership, what should you NOT mention?
what color car you want
amount you can pay in monthly payments
how far you drive daily
what kind of car you drive now
Which of the following is KEY to NEGOTIATING for a car?
Respect the car salespeople
Making deals with multiple dealerships at the same time
Only deal with the manager, not sales people
Telling them what monthly payment you want
How do you know what price to start negotiating from?
10% off MSRP
$1000 less than you can afford
Subtract your trade in value first
The amount you'd like to pay
What is the MOST important car BUYING tip?
Take emotions out of the deal
Treat people with kindness
Trust the salesperson
Read contract before you sign it
If the car price is $15,000, what price should you start negotiating with?
$15,000
$14,000
$13,500
$13,000
Which is TRUE?
Cars appreciate in value over time
Cars depreciate in value over time
You should always tell the car dealer your desired monthly payment.
False
True
If you have a car to trade in, you should make that part of the new car negotiations
True
False
What happens if you co-sign for your friend's car and he/she doesn't pay?
You have to pay their car payment
An extension will be added to their loan
It's okay. Their next payment will double.
They will get a fee.
How do you calculate the "out-of-door" price for a car?
Add all the incentives to the MSRP
Take the MSRP, add your trade-in car value, plus any sales tax
Start with the negotiated price, subtract incentives and trade in credits then add sales tax
Start with your trade in credit, add incentives, the negotiated car price and subtract taxes
Which auto insurance is required by state law?
Liablilty
Collistion
Replacement
Comprehensive
How do you calculate the amount of taxes you'll pay on a car purchase?
car price X interest rate
car price X credit score
car price - trade in value
car price - credit score
What does it mean to be "upside down" on your car payment?
You flipped your car in an accident.
You no longer have to pay your car payment.
You own more on your car than it's worth.
You have to pay the interest first then the principal.
