Maintenance
Liability, Collision, and Comprehensive are examples of this.
What are three types of basic vehicle insurance coverage?
Additional add-on options exist.
These are ways you can get a vehicle.
What are buy new, buy used, lease.
*These would all be in your name. Some parents purchase a car in their name, but their child is the primary driver and pays for expenses.
The amount of money it will take to fill an empty 15-gallon gas tank at $4.00 per gallon of gas.
What is $60?
A parent/adult who agrees to assume responsibility for a debt if the borrower defaults on the debt.
What is a cosigner?
The amount of money an oil change costs.
What is between $30 and $60, depending on the type and amount of oil needed?
Oil should be change approx. every 5000 miles.
Factors that impact insurance rates.
What are age, gender, traffic tickets, driving habits...
Age: younger drivers pay much higher rates
Gender: male drivers pay higher rates
Traffic Tickets: speeding, running a red light, or other moving violation will put points on your license and increase your premium
Driving Habits: how far you drive each year, including to/from work adds to your insurance costs
Value of Your Car: the more expensive the car, the higher the insurance will be
These four things are needed to purchase a car.
What are cash (to buy outright, or for a down payment), funds for registration, and first insurance payment
The average hourly labor rate paid for a mechanic.
What is between $70 and $130 per hour?
Many items factor in to this: the mechanic's experience, pay rate, area's cost of living, and more.
A well known vehicle valuation resource available to consumers.
What is Kelley Blue Book?
This is a reason to have a tire alignment done.
What is to make sure tires wear evenly (and have a longer lifespan)?
Excise Tax is charged for this reason.
What is "for the privilege of operating a motor vehicle or camper trailer on the public ways"?
(Paid annually)
This amount of a vehicle's cost, when buying from a dealer, is best for a down payment.
What is as much as possible (or 10 - 20%)?
The more you put down the less you will pay interest on!
This is usually the biggest barrier that young first-time car buyers encounter when trying to get approved for financing (a loan) for a vehicle purchase.
What is Lack of Credit History?
The amount of an insurance claim that the insured person must pay before the insurance company pays the remaining costs.
What is the deductible?
I need to replace my brakes this often.
What is it depends of how much they are used?
If you drive a mix of highway and city driving, plan on around new brake pads every 30,000 miles. New brake pads cost around $100 for each end. If you also need rotors and drums repaired, about $250 each front and back.
The additional surcharge paid by male drivers (%).
What is between 1 and 6%? Some states don't do this, but Maine does.
In general, insurers charge more for people who are statistically more likely to be involved in an accident or make a claim on their policy.
In other words, insurers have found that young men are more likely to get in car accidents than other drivers.
Ben is buying a car from a dealership, financing $9,200. He can take a 12% interest four-year loan, or a 10.5% six-year loan. He will end up paying $810.48 more for the car is he chooses this loan.
What is the six-year loan?
While the interest rate is lower (so the monthly payments are lower) the length of the loan is longer by 24 months, so he'll end up paying more.
Vehicle hook-up fee, mileage, and other potential fees are added together in this cost.
What is having your vehicle towed?
Hook up fees can range from $35-$100, per mile can be $2.50 - $5, holiday/weekend/night charges may apply, some towing companies include 5-10 miles in the hook-up charge.
*Roadside Assistance may be part of a dealer financed car package, or offered through your insurance.
A report that covers all insurance and law enforcement data entered about a vehicle since it was new (based on the Vehicle Identification Number or VIN).
What is a CARFAX report?