T

Name:

Breanna Koliba

Part 1: What type of car will meet your needs? Take into account all the things you
may need to use your car for?
Will you need to haul anything with your car?
Possibly
Will you need to have more than 2 people in your car?

Yes

Will you need four-wheel drive?

Negotiable
(but preferred)
Will you need to drive lots of distance?
Not
often
How much gas can you afford to buy each week?
None (dont have a
job but can get one)
How much could you spend on repairs each month?
None (See
Above)
Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
Dodge Stratus 2005 Used Ford Taurus 2009 Used
Honda Accord 2007 Used Nissan Altima 2009 Used
Toyota Camry 2008 Used Saturn Iron 2006 Used
Cars: Stratus
Accord
Camry
Taurus
Altima
Ion

Part 3: Research the reliability of the cars on your list. You may want to consider
using Consumer Reports for this.

Car

Engine

Automa
tic/
Manual

Fuel

Safety

Extras
(Heated
Seats
Etc.)

Overall

Dodge
Stratus
2005
Sedan 4D

4-Cyl,
2.4
Liter

Automati
c

City
20/Hw
y
27/Co
mb 22
MPG

- Airbags
-Child safety
locks

-AM/FM
Stereo
-CD Drive
-Power
windows
-Cruise
control

-Good MPG
- Chance of
getting
used
Stratus
from
brother

Honda
Accord
2007
VP Sedan
4D

4-Cyl,
Vtec,
2.4
Liter

Automati
c

City
21/Hw
y
31/Co
mb 25
MPG

- Airbags
-Child Safety
Locks

-AM/FM
Stereo
-CD Drive
-FWD
-AC
-Power
windows
-Cruise
control

-Better MPG
-Very
similar to
Stratus but
updated
one year

Toyota
Camry
2008
Sedan 4D

4-Cyl,
2.4
Liter

Automati
c, 5-Spd
w/Overdr
ive

City
21/Hw
y
31/Co
mb 25
MPG

- Airbags
-Child Locks
-Engine
Immobilizer
-Traction
controller

-Good MPG
Aestheticall
y pleasing
-Not too old
-Lots of
safety
precautions

Ford
Taurus
2009
SE Sedan
4D

V6, 3.5
Liter

Automati
c, 6-Spd
w/Overdr
ive

City
18/Hw
y
28/Co
mb 21
MPG

- Airbags
-Child Locks
Traction
Controller

Nissan
Altima
2009 2.5
Sedan 4D

4-Cyl,
2.5
Liter

Automati
c, CVT

City
23/Hw
y
31/Co
mb 26
MPG

-Airbags
-Child Locks
Engine
Immobilizer

-FWD
-AC
-Cruise
Control
-Power
Windows
-AM/FM
radio
-MP3/CD
Drive
-AM/FM
Stereo
-CD Drive
-Traction
controller
-Dual
Airbags
-AC
-Power
Windows
-Power
Door Locks
-Cruise
Control
-Dual
Airbags

-Domestic
Good
-Not as
good MPG
-Good
airbag
coverage
-MPG is the
best on the
list
-Good
airbags
Aestheticall
y pleasing
-Site
2

-FWD

Saturn Ion
2006 3
Sedan 4D

4-Cyl,
2.2
Liter

Automati
c

City
21/Hw
y
29/Co
mb 24
MPG

-Airbags
-Child Locks
-Optional
Traction
Control

-AM/FM
Stereo
-CD Drive
-OnStar
-Dual
Airbags
-FWD
-AC
-Power
Windows
-Cruise
Control

doesnt list
radio or CD
so thats a
negative
Aestheticall
y pleasing
-OnStar
convenienc
e
-Domestic
Made
-Good MPG

Part 4: Find at least 3 cars listed locally that meet your needs.
Make
Chrysler

Model
200 LX

Year
2013

Price
$6,500

Ford

Fusion
SE

2009

$6,995

Chevrolet

Malibu
LS

2006

$6,650

Features
-Bluetooth
Hands-Free
-CD Player
-Cruise
Control
-Keyless
Entry
-Power
Windows
-Nonsmoker

-CD/Radio
-Bluetooth
-Anti-Lock
Brakes
-Cruise
control
-Keyless
Entry
-Sunroof
-Traction
Control
-CD/Radio
-Speaker
Sysem(4)

Contact Info.
313-658-6002

Link/Source
Chrysler 200 LX

844-538-7484

Ford Fusion SE

877-693-1096

Chevrolet Malibu

-AC
-Panic
Alarm
-Power
Windows
-Cruise
Control
Part 5: Look up the value of each of the three cars you found. Use kbb.com for this.
You must factor in Year, Make, Model, Features, Mileage, and Location to find the
price.
Car 1 $10,947

Car 2 $8,819-$10,520 Car 3 $5,177-$6,386

Part 6: Find at least three places where you could secure a loan for one car on your
list. You may want to consider banks and credit unions to find the best deal.
Rates for 09 Ford Fusion 38,000 miles for $6995
Institution 1: Light stream APR: 3.19% for 24 month plan
Institution 2: PenFed Credit Union APR: 1.99% for 24 month plan (requires
membership)
Institution 3: Fifth and Third APR: 5.069% for 48 month plan
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
I turned this portion into Drop Box- Didnt want to put that much personal
info on the internet (Address, phone # ,etc)
Part 8: Determine what your loan will actually cost. You should come up with the
monthly payment and determine the amount of principle and interest over the life
of the loan.
http://www.bankrate.com/calculators/auto/auto-loan-calculator.aspx
http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full
Monthly payment $300.65

Interest $220.69Principle$6,995

Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
Title Fee: $15 According to MI.gov

Plates:

$38.00 According to MI.gov

Registration: $15 Insurance: $800/6 month- Roughly $134 per month (According
to my brothers insurance policy with State Farm)
Total: ____________$202_

____

Part 10: General Up-keep and Maintenance

You also need to be concerned with the general upkeep of your car along with how
much it is going to cost to keep gas in your car. This include regular oil changes
after 3000 miles, two new tires every year for Michigan winter weather adventures
and other car problems that could possibly occur. Below is a list for you to fill out
that will help you calculate the other yearly costs of operating your car.
1. The average number of miles driven per year by Americans is 12000.
A. How many times will you have to change your oil then? 4
B. If you will change it yourself, go to letter (d); if you plan on having
your oil changed by professionals go to letter (c)
a. What is the average cost of an oil change?
$40 Now
multiply that number by how many time a year you will need
your oil changed.
Total yearly charge:
$160
C. For the do-it-yourselfers, you need to determine the number of
quarts of oil you will need every year, the number of oil filters you will
need, we will assume you have the wrenches to complete the job, but
you will need to buy some ramps so you can get to our oil plug.
Number or quarts of oil:
Total cost of oil:
Total cost of all filters:
Cost of two car ramps:
Total yearly cost for your oil changes:
2) Since the average number of miles driven is 12000, we are going to determine
how much money you will spend in fuel for one year.
a) Does your car run on gasoline or diesel? Gas
b) What is the average fuel mileage of your car (from page 1)? 20 city / 29
highway
c) What is the average cost of 1 gallon of fuel? Right now about $1.60
d) Find the total cost of your fuel for one year:
(Number of miles driven / avg. fuel mileage)(Avg. cost of 1 gal. of fuel)
$783.67
3) What would the cost of 2 new tires for your car be? 98$
Site where you found this: BelleTire
Part 11: Complete the following chart
One Time Cost
Monthly
Registration: 15
Loan: $300.65

Weekly
Gas:12000m/52we
eks
230m/24.5mpg=
9.419g*$1.6

Repairs
Find at least 3 cost
of repairs for our
vehicle

$15.07
Taxes:6995*.06=
$419.7
Plates:15

Insurance:$134

Down Payment:
$1,399 (20%)

Windshield Chip:
$39.95
Worn Brake Pads
$75
Brake Cylinder
Replacement:
$200

Other: N/A
Part 12: Research and present the cost of buying a car directly from the dealership
BRAND NEW!! What is the benefit of buying a car brand new vs. used. Look in to
the price of that car for a lease option and present the cost of leasing vs. buying
brand new. What is the benefit of leasing? What are the drawbacks? Out of the 3
options, buying used, buying brand new, and leasing, when would each purchase be
required in someones life? What is the best option for you now? What is the best
option for you later on in life? Why?
Car: 2016 Nissan Altima Actual Cost: $22,500 Lease Price: 199$
I think the benefit of leasing lies in the fact that you pay less to drive a better car.
Repair costs are lower because warranties usually handle it. Drawback is that you
dont actually own the car. It isnt yours and there are mileage limits and there will
probably be serious repercussions if it ends up totaled.
New cars would be a better purchase later in life when you are secure with good
employment and can take on a long term payment like that. Its not something to
immediately pursue when college money is so important.
Leasing could be an option anytime. But, it means there will always be a payment
and you have to be very conscious of how many miles youre putting on the car. In a
nutshell it means less road trips. But it could work for someone who doesnt feel
comfortable taking out an auto loan. My grandmother has always leased because
she gets bored driving the same car for more than a few years. But it works for her
because she only drives around our city and close to home. A person who has to
drive out an hour everyday for work or other obligations should reconsider their
options.
Used cars seem like a really good option. They can be a little clunky and have some
miles on them, but the cost is cheaper than anything youll see on the new line up.
Sometimes you can even pay it in one lump sum. My older brother paid for his car in
one go and now he only has to worry about insurance. Its really convenient in that
way because it will last until he can finance a better car. Besides that, I think it can
push drivers to learn more about the car itself with repairs and learning the ropes.

Its important to know whats going on under the hood and be as educated as
possible.
Personally, Im going to look into getting a used car during or after my senior year in
high school. Im not fortunate enough to have a parent/family member buy one for
me and have to finance it myself. My lack of employment is worrying but Im looking
into getting a job for senior year and possibly this summer (it depends on how it
schedules with drivers training). Cars, college and life are expensive so I need to
start saving early. Leasing is an option but I can guarantee Im going to drive up to
Cedar Point with my friends on more than one occasionand I dont know how far I
might have to drive for school or work. My dad already offered to help me look
around some of the dealership lots and has been teaching me some tricks about
finding a good used car.
Later in life Ill definitely look into buying a new car, but right now Im content with
driving an older car. I expected I would be from the get-go. There are a few older
cars in my family that could get handed down to me too, so Ill have plenty of
options to choose from.