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Buying a car project

math project
by

melissa hernandez

on 29 May 2013

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Transcript of Buying a car project

By: Melissa Hernandez Buying a Car Project Vehicle #1 Make & model : Nissan Altima 2.5
Year : 2010
Price of vehicle : $17,750
Tax : $1,109.38
Title : $33
total vehicle cost : $18,925.38
Down payment (%) : 10%
Down payment ($) : $1,892.53
Total amount to be financed:$17,032.85
APR : 8.5%
Length of loan : 48 months
Monthly car payment: $419.83
INSURANCE:
Annual cost $1,379.00
GAS:
Weekly mileage : 49m
MPG : 23
Monthly cost: $27.70 Vehicle #1 UP KEEP:
# of oil changes needed: 4
Cost per oil change: $21.36
Annual oil change expense: $85.44
# of tire rotations needed: 0
Cost per tire rotation: $22.99
Annual tire rotation expense: 0 MONTHLY COST OF HAVING A CAR:
Car payment : $419.83/m
Insurance : $114.91/m
Gas : $27.70/m
Up Keep : $7.12/m
Unexpected Repairs : $14.16/m
State Fees : $7.75/m VEHICLE #2 Make & model : Dodge Charger
Year : 2013
Price of vehicle: $42,250
Tax : $2,640.72
Title : $33
Total vehicle cost : $44,923.72
Down payment (%) : 10%
Down payment ($) : $4,492.37
Total amount to be financed: $40,431.35
APR : 8.5%
Length of loan : 48 months
Monthly car payment : $996.56
INSURANCE :
Annual cost : $2,115.00 VEHICLE #2 GAS :
Weekly mileage : 196m
MPG: 31
Monthly cost : $20.54 VEHICLE #1 TOTAL MONTHLY COST : $591.47 UP KEEP :
# of oil changes needed: 4
Cost per oil change: $21.36
Annual oil change expense: $85.44
# of tire rotations needed : 0
Cost per tire rotation : $22.99
Annual tire rotation expense: 0 UNEXPECTED REPAIRS : $187.98 VEHICLE #2 STATE FEES :
State inspection : $28.75
Vehicle registration : $64.25 MONTHLY COST OF HAVING A CAR:
Car payment : $996.56/m
Insurance : $176.25/m
Gas : $20.54/m
Up Keep : $7.12/m
Unexpected repairs : $15.66/m
State fees : $7.75/m TOTAL MONTHLY COST : $1,223.88 Nisan Altima 2010 2013 Dodge Charger STATE FEES:
State inspection: $28.75
Vehicle registration: $64.25 UNEXPECTED REPAIRS: $169.98 After analyzing the total monthly cost of owning each vehicle, i would choose vehicle #1 (Nissan altima 2010). Because its a cheaper car, the payments would be less than the second vehicle. The insurance cost and the total monthly cost would be less. I think buying this vehicle is a good offer, and that's why i would buy vehicle #1. The End..
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