9+Large+Purchases

= = =Beware! Car Shopping Minefield =

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 * Are Car Ads Taking You for a Ride?
 * Buying a New Car
 * Buying a Used Car
 * Understanding Vehicle Financing
 * Auto Repair Basics
 * Saving Money on Gas


 * ** It's important to be wise about an auto purchase. Many Americans overspend on vehicles, jeopardizing their finances! **
 * 1) The takeaway of this article:
 * 2) The average new auto cost over $36,000
 * 3) Most people can't afford one, but buy one anyway.

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=You Need New Wheels =

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Don't get stuck with the worst car of all-time, do your homework!

Edmunds Kelley Blue Book Car and Driver US News

...and my favorite, Consumer Reports

=Auto Buying Project=

Choose a new vehicle (a common make and model) and read the reviews on the vehicle from 2 of these 4 sites. You are looking for:
 * reliability: over time, what is the build quality of this vehicle, repair history, etc.
 * economy: costs to own and operate the vehicle
 * performance: does the vehicle perform as well as can be expected for its vehicle class, acceleration, braking, handling, etc.


 * PART A**: Please tell me:
 * 1) Name of the vehicle
 * 2) Description: features and options
 * 3) What is the city, highway, and combined (add city to highway and divide by 2) EPA estimated gas mileage?
 * 4) Review of vehicle
 * 5) Overall review of the vehicle
 * 6) Reliability
 * 7) Performance
 * 8) Pros of owning this vehicle
 * 9) Cons of this vehicle
 * 10) What kind of a person "fits" this vehicle? In other words, who is the target market for this vehicle?
 * 11) What is the MSRP of the vehicle? Subtract 3% to get the price that you would actually pay for this vehicle

Go to this auto loan amortization calculator. Auto Loan Calculator


 * PART B**: The average APR for a 48 month loan is 2.99%
 * 1) What would your payments be for a 36 month loan at 2.99@ APR? How much total interest would you pay?
 * 2) What would your payments be for a 48 month loan at 2.99% APR? How much total interest would you pay?
 * 3) What would your payments be for a 60 month loan at 2.99% APR? How much total interest would you pay?
 * 4) What would your payments be for a 84 month loan at 2.99% APR? How much total interest would you pay?


 * PART C**: Operating costs are often overlooked when considering the cost of a vehicle
 * 1) How much would it cost to license this vehicle with the DMV?
 * 2) How much would it cost you to insure this vehicle for one year; let's assume full coverage?
 * 3) If you drive 15,000 miles per year (American average) and gas is priced at $2.45 per gallon, how much would you spend on gasoline for one year's driving? Please show your calculations.
 * 4) How much would it cost you to maintain this vehicle (2 oil changes) for one year?


 * PART D:** Final costs per year
 * 1) How much would it cost you for 12 loan payments (financed for 48 months)?
 * 2) Add the price of DMV registration.
 * 3) How much would your insurance be for one year?
 * 4) How much would your fuel cost you for one year?
 * 5) How much would it cost you for your oil changes?
 * 6) How much would it cost you, in total, to own and operate this vehicle for one year (everything added together!)
 * 7) What does that come to per month?
 * 8) How much would it cost you to operate this vehicle for every mile you drive (An average American drives about 15,000 miles per year)? Show your calculations.

=You Need a New Home Base! =

Use the following websites to complete this project:

[|www.eastoregonrealestate.com] [|rmls.com]

Find homes for sale in eastern Oregon:
 * 1) Under $60,000
 * 2) $60,000 – $100,000
 * 3) $100,000 - $200,000
 * 4) $200,000 - $500,000
 * 5) $500,000 +

Give a description of the property; include:
 * Where the home is located
 * Cost
 * General description (number of bedrooms, baths, features, etc.)

Using the mortgage calculator, use these variables:
 * Principal: Cost of the home, minus 20% for down payment, + 5% for closing costs
 * 30 year fixed rate mortgage
 * 4.74% interest

You also need to know the cost of Insurance:

Lower priced home ($0 - $100k) = $800 per year (divide by 12 to get monthly) Middle priced home ($100k - $200k) = $1,000 per year (divide by 12 to get monthly) Higher priced home ($200k +) = $1,400 per year (divide by 12 to get monthly)

Property taxes are calculated on the assessed value of the home (in our case, it will be the asking price of the home). Taxes will be assessed at $19.67 per $1,000 . For example, if a home is worth $150,000, you would take 150 x 12, which would put your taxes at $1,800 per year. (divide by 12 to get monthly)

You can save a lot of money in interest if you pay extra on your mortgage each month. You will find out how much you can save if you pay just $20 more per month.

Set up a table in Word to compare the costs of the five homes that looks like this:

Payment || Total Interest || 1st Payment || Last Payment || Interest Saved || Time Reduced ||
 * |||| With $20 Extra ||
 * Price || Description || Monthly
 * 1.Advertised price of house

2. 20% down

3. 5% closing costs

4.Amount of mortgage || 1. Location

2. Features

3. Picture || 1. Principal + interest

2. Insurance

3. Prop Taxes

4. Total Payment || 1. Amount paid over 30 years || 1. Principal

2. Interest

3. Total Payment || 1.Principal

2. Interest

3. Total Payment || 1.Amount || 1. How many years and/or months? ||

Residential Multiple Listing Service Mortgage Calculator