How to Buy a Car

1. What are four things you must know about buying a used car?
-The four things you must know about buying a used car are the number of previous owners, if the car was ever involved in an accident, any previous mechanical problems, and the maintnance history of the car.
2. What is one benefit of buying a used car over a new car?
-One benifit of buying a used car over a new car is getting a great deal that may be almost new.
3. What is an "As Is" agreement? Why should you never sign an "As Is" agreement?
-An "As Is" agreement is an agreement of buying the car how it is. You should never sign an "As Is" agreement because when you drive off the lot with your car the rest is your problem.
4. What does MSRP stand for?
-MSRP stands for Manafactur Suggested Retal Price.
5. What is good about the website, CarBuyingTips.com?
- What is good about the website, CarBuyingTips.com is it gives you all the information you need to buy a new or used car.
6. Why should you know about your credit history BEFORE walking into a dealership?
-You should know about your credit history before walking into a dealership because that is certainly something the car dealership person would ask you.
7. What is the difference between the average price and the sticker price?
The difference between the average price and the sticker price is that the average price is average price from all dealers and the sticker price is the price that is on the car and able to negotiate for it to go lower.
8. What are the three main ways a dealer can scam you?
-Three main ways a dealer can scam you is by asking you to pay extra charges, buying your car for less than its worth , and getting your trade-in for less than its worth.
9. What are the two best times a year to buy a car?
-The two best times a year to buy a car are in july and christmas.
10. What is a down payment?
-Down payment is paying an certain amount of the cost when your buy the car.
11. What does it mean to finance your car?
-What it means to finance your car is to make a loan.
12. What does APR stand for?
-APR stands for Annual Percentage Rates.
13. What is a "lemon?
-A "lemon" is a bad car.

Virtual Future & Family, Day 3

7. Do you want to go to college? Find the average loan/debt accumulated for a 4-year bachelor's degree. Find what your monthly payment would be.
-I want to go to college. The average loan/debt would be $25,250. The monthly payment would be $2,105.
8. Do you think your potential spouse will have gone to college? Double your college loan/debt amount. Double your monthly payment.
-It does not matter to me if my potential spouse will have gone to college. If she did out loan/debt would be $50,500 and the monthly payment would be $4,210.
9. Do you want your kids to go to college? Look up how college rates are expected to climb in 25 years. How much money should you save per month to have a college fund for your child? Multiply this by the number of kids you want to have.
-Yes, I want my kids to go to college. The average I should save a month so my kids could go to college would be $253 for three kids.
10. Do you want a cell phone? Cable? Internet? Look up the average monthly cell phone bill. Look up the average cable bill. Look up the average wireless internet bill.
-Yes, I would want a cell phone, cable, and internet. The average monthly cell phone would be $60. The average cable bill would be $75-$125. The average wirless internet bill would be $25-$100.
11. Do you want to cook at home every night? Go out every night? A combination of both? Consider your family size (your spouse, the number of kids you want to have, and yourself). Find the average grocery bill. Then, look up how much people spend on just going out/eating out each month. Add those totals together.
-I want to have a combination of both eating home and out. The average cost of grocery bill would be $100 and take out would be $300. So it would cost $400 together
12. Do you want to go on vacations? Consider one place that you want to go. Where is it? Look up the ticket price. Look up the hotel rate and multiply it by the number of days you'd want to go on vacation for.
-I want to go on vacations by staying at home that would cost me zero dollars
13. Do you want a savings account for "rainy days?" Look up the percentage of money that you should save each month from your paycheck.
-Yes i want to have a savings account for a rainy day. The percentage of my money that I should save each month from my paycheck would be 10-15%.