Name:

Julian Olmeda

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?

NO

Will you need to have more than 2 people in your car?

YES

Will you need four-wheel drive?

Will you need to drive lots of distance?

NO
NO

How much gas can you afford to buy each week?

How much could you spend on repairs each month?

$60
$200

Part 2: Create a list of at least 6 cars that meet your needs based on the above
requirements
Nissan Maxima
Toyota Avalon
Nissan Altima

Ford Taurus

Chevy Impala

Chevy Monte Carlo

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

Maxima

3.5 L

Automa
tic/
Manual
Auto

Altima

2.5 L

Auto

Avalon

V6

Auto

Impala

3.6 L

Auto

Taurus

3.5 L

Auto

Car

Engine

Fuel
Regula
r
Regula
r
Regula
r
Regula
r
Regula
r

Safe

Extras
(Heated
Seats Etc.)
All extras

Quality

Safe

All extras

Quality

Safe

All extras

Quality

Safe

All extras

Quality

Safe

All extras

Quality

Safety

Overall

Part 4: Find at least 3 cars listed locally that meet your needs.
1

Make
Nissan

Model
Maxim
a

Year
2016

Price
$32,51
0

Features
Bluetooth,
sunroof,
good on
gas,
review
camera

Contact Info.
P.O. Box 685003
Franklin, TN 37068-5003
Phone: (800) NISSAN-1
(or 800-647-7261)
Monday through Friday:
7:00 AM to 10:00 PM CST
Saturday:
7:00 AM to 5:00 PM CST

Chevy

Impala

2016

$27,09
5

All
features

Mon-Fri, 8 a.m. - 9 p.m.;

Sat, 9 a.m. - 6 p.m. (EST)

GM Mobility Center
(Chevrolet for persons with
disabilities)
800-323-9935
TTY: 800-833-9935
Mon-Fri, 8 a.m. - 6 p.m.;
Sat, 9 a.m. - 6 p.m. (EST)

Toyota

Avalon

2016

$36,65
0

Moonroof,
wood
finish,
Bluetooth
radio

Phone: 800-3314331
Fax: 310-468-7814
M-F 5:00 am - 6:00
pm PT
Sat 7:00 am - 4:00
pm PT

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

Maxima
Avalon

Car 2

Impala

Car 3

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.
Institution 1: Michigan First Credit Union

Institution 2: Credit Union One

Institution 3: Lake Trust Credit Union
Part 7: Find, Print, and Complete a Car Loan Application
*** Do NOT include your Social Security # ***MAKE ONE UP!!!!
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 $____$193.15_______
Interest $____3%___
Principle$_____20,000_____

___

Part 9: What will it cost to put your car on the road? Identify taxes, registration, and
insurance costs.
Title Fee: ____________$30-$148______
Registration: _________$20_________

Plates:
Insurance:

$50

$135

Total: ________$235_____

____

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? 7
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)
C. What is the average cost of an oil change? $
I do it myself
a.

Now multiply that number by how many time a year you will
need your oil changed.
Total yearly charge:
$ Do it myself

D. 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
3

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:
5Q
Total cost of oil:
$60.00
Total cost of all filters:

$10.00

Cost of two car ramps:

$100.00

Total yearly cost for your oil changes:

$170.00

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? Gasoline
b) What is the average fuel mileage of your car (from page 1)? 21 MPG
c) What is the average cost of 1 gallon of fuel?
$1.75
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)
$1,750
3) What would the cost of 2 new tires for your car be?
$450
Site where you found this:
Arandas Tires
Part 11: Complete the following chart
One Time Cost
Monthly
Registration:
Loan: $20,000

Taxes:
Plates:
Down Payment:
Other:

Insurance:
$35
$500
NA

Weekly
Gas:$36.75

$135
$75
$500
NA

Repairs
Find at least 3 cost
of repairs for our
vehicle
$175
$50
$1,000
NA

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?
The Nissan Maxima is $32,510. The benefit of having a new car is that there
will be no problems to worry about car wise, but the cost will be much higher. The
lease option for the Maxima is $233 a month. The benefit of leasing is that in 2-4
years you can switch and get a new car. The drawbacks are you have to take care of
4

your car big time or they will charge for any little thing. The best option for me now
and later would be to lease that way I keep up with the nwer cars and it is easier to
make those payments.