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Directions:
Use
the links below to find a vehicle you would like to buy. If you
are searching within North Dakota, the newspaper classifieds will
be most helpful. After you find your vehicle, click worksheet
to print a copy of the worksheet in PDF format. Then fill in all
the blank spaces for questions 1-7 on your worksheet. After you
have completed questions 1-7, go on to lesson
3, or go back to the homepage.
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To
search for a vehicle you want to buy, click one of the
following links:
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| To
search for a vehicle in North Dakota, select
a newspaper below and click Classifieds: |
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| 1. |
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Choose:
Choose your Vehicle and print the information on your screen
for later reference, then fill in the spaces below:
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Help:
Please
list the Make Model, and year of the Vehicle as well as the total
Price in the space provided on the left. |
| 2. |
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Monthly
Payments: Most people have to finance the
purchase of a new or used car. You will be using a calculator
on the web to determine your monthly payments. First you will
need to determine your loan amount, the term of the loan, and
the interest rate. You will type these numbers into the loan calculator
at Bankrate.com
and then click on calculate to determine your monthly payments.
Click
here for the loan calculator.
Write the
answers in the spaces provided below:
| Loan
Amount to be Financed |
$ |
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| Loan
Term |
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| Interest
Rate |
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% |
| Monthly
Payments |
$ |
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Multiply
your Monthly Payment by 12 to determine your total yearly payment
for your vehicle.
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Help:
First
of all, you must fill in the Loan Amount to be Financed in the
space provided on your worksheet.
Help:
Next,
click on Bankrate.com
and find the auto loan rate for the type of loan you will be getting.
You may also click on "Compare Auto Loan Rates in Your Area" to
look for a better rate. Write the loan term and interest rate
on your worksheet.
Help:
Then
type your Loan Amount, Loan Term, and Interest Rate into the loan
calculator at Bankrate.com.
Click
here for the loan calculator. Calculate and the results will
show your monthly payments. Be sure to write your monthly payment
on your worksheet. |
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Monthly
Payment $ |
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x
12 = Yearly $ |
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| 3.
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License
Plates: Contact you local Department of Motor
Vehicles to get an estimate for your License Plates or add $125
in the space below:
| Yearly
Cost of License Plates |
$ |
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Help-License
Plates:
License plates can be expensive in some states. Figure $125.00
for the purpose of this lesson.
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| 4. |
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Maintenance
for your Vehicle:
Estimate the cost of your yearly maintenance for
your vehicle and fill in the spaces below:
| Oil
Changes (estimate) |
|
.$ |
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| Maintenance
& Repairs (estimate) |
+ |
$ |
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| Tires
(estimate) |
+ |
$ |
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| Car
Wash & Wax (estimate) |
+ |
$ |
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| Total
Yearly Maintenance |
= |
$ |
|
 |
. |
Help:
Determine
how many times a year you expect to go to the car wash and
multiply by the cost for each time you wash. |
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Help:
Estimate
the number of oil changes you will need each year according to
how many miles you expect to put on your vehicle. You should change
the oil every 3000 miles. The cost for each oil change will range
from $20- $25.
Help:
Budget
some money for maintenance and repairs even if you don't expect
anything to break. You should have money set aside just in case.
Suggested amount per year set aside is $300.00.
Help:
Tires
last from 40,000 to 60,000 miles. Make sure you set aside money
each year for your tire fund. Suggested amount per year is at
least $100.00.
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| 5. |
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Gasoline:
Estimate the cost per year of Gasoline for your Vehicle and
write the results in the spaces below:
| Miles
Driven per Day |
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| Divided
by your Miles per Gallon |
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| =
Gallons of Gas used per Day |
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| x
(times) Cost of Gasoline per Gallon |
$ |
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| =
Cost of Gasoline per Day |
$ |
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| Calculate
your yearly cost of Gasoline: (Cost of Gasoline
Per Day x (times) 365 Days Per Year =Yearly Cost of Gasoline) |
$ |
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Help:
To
figure the cost per day for the gasoline you use in your vehicle,
take the Miles Driven per Day and divide it by the Miles per Gallon
that your vehicle will get. Then multiply the results (times)
the cost per Gallon of Gasoline. The results will tell you how
much money you spend on gasoline each day in dollars.
Help:
To
figure Gasoline cost per Year multiply the Gasoline cost per day
times 365 days in a year.
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| 7. |
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Total
Yearly Cost of Owning a Vehicle: fill in the
spaces and add the following together to get your yearly total
cost of owning your vehicle.
| Total
Yearly Car Payments |
|
$ |
|
| Total
Yearly License Plates Cost |
+ |
$ |
|
| Total
Yearly Cost of Maintenance |
+ |
$ |
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| Yearly
Cost of Gasoline |
+ |
$ |
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| Yearly
Auto Insurance Cost |
+ |
$ |
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| Total
Yearly Cost of Owning a Vehicle |
= |
$ |
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Help:
Add your total yearly car payments, your cost for your license
plates, yearly maintenance cost, yearly gasoline, and yearly auto
insurance to calculate your total yearly cost of owning your vehicle. |
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Copyright © 2005, Steve Beutler, All
rights reserved. Permission granted to use for educational
purposes. This website is NOT to be used for financial
gain.
 05-10-12
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