Depreciation
The value a car loses once you drive it off the lot
What is 10% of its' value?
The current depreciated value of a car that was bought in 2018 for $52,345
What is $13,086
The purpose of a car loan
To help you buy a car
The meaning of mpg
A benefit to owning a car
The value a car loses per year
What is 20% of its' initial value
Sarah bought a used Ferrari for $200,542 in 2014, the car was already 3 years old. She wants to sell her car in 2022. How much has her car depreciated by?
What is $18,231
The amount you have to pay to take out a car loan
What is interest on your loan
The average gallons a car can hold
What is 12 gallons
A drawback to owning a car
Depreciation is...
The current depreciated value of a car that was bought in 2020 for $28,567
What is $14,283
Information you need to put on your car loan application
Name, address, job status, social security, income, housing situation
The max mileage a car you're buying should have
What is 120,000 miles
What cars cost in the 1970s
What is $3,500
Sylvia bought a Toyota Prius for $24,195 in 2018. She currently wants to sell her car in 2022. How much has her car depreciated by?
What is $6,048
The current depreciated value of a car that was bought in 2011 for $21,532
What is $1,957
Purpose of a down payment
What is the first payment you make on a big purchase, like a car, usually a large amount
The max age a used car you're buying should be
What is no more than 20 years old
What the average car costs today
What is $47,000
The current depreciated value of a car that was bought in 2016 for $65,432
What is $10,905
The current depreciated value of a car that was bought in 2010 for $71,895
What is $5,991
Is it better to pay off as much of your car as you can up front?
YES!
The average price a used car should cost
What is no more than $23,000
Benefits to buying an older car
Style, has been proven to be reliable, cheaper, could still have a low mileage count