Happy Tuesday!

Complete review questions 1-13 Take out everything you have done so

far for your Budget Project and have it on your desk. › I’m coming around to check that you have

done everything so far. Today’s Topic

› Part 8: Car Buying 101› Part 9: Other Living Expenses

Car Buying 101:Tips for a 1st time Car Buyer

Questions to Consider

1. Figure out what you can afford1. Remember you have to pay for

insurance too!

2. Can I even afford a car that is new enough to finance?

3. Buy or Lease? 4. What will my interest rate be? 5. What am I going to end up

paying after everything is said and done?

Total Cost Calculator

Tips for Dealing with Dealers

Do your research BEFORE you walk onto a car lot › Find out the KBB or Edmunds value of the

car and negotiate from there Stand your ground

› Don’t let them pressure you into to buying something that you aren’t 100% sure about

› Remember you will have this car for quite a while

› Walk away if you aren’t sure Ask about additional cost (it will be way

more than the sticker price) Negotiate the total price, not the

monthly payment

Additional Cost to Consider

Sales Tax : NC 3% Highway Use Tax Title: $40 Registration: $15 License Plate: $ 28 Documentation Fees: $550 NC Average Dealer Fees: (Shipping, Advertising, Prep, Paint

Protectors, Fabric Protectors and other crap) Extended Warranties- $800-$2,500

› See what it ACTUALLY covers before purchasing and weigh your options

Payment Calculator

Once you have purchased a car every year you will have to pay property taxes & get your vehicle registration renewed. › In NC you do this at the same time› Car Tax Estimator

Maintenance › (tires, oil changes, regular services, belts,

spark plugs and all other sorts of things that just tend to add up)

Car Insurance In order to finance or lease a car you must have

full coverage insurance.› You can adjust the levels of coverage, but you have

to have the following Liability: Covers the people you hit if you are at fault

(medical expenses) & their car repairs Required by the state no matter what

Collision: covers repairs to your car if you are at fault Required if you still owe $ on the car

Comprehensive: covers other incidents (fire, flood, theft, vandalism, etc.) Required if you still owe $ on the car

Uninsured /Underinsured Motorist Protection Ball Park Car Insurance Estimate