Leasing
What does it mean to lease a car?
Leasing a car means that a person has made an agreement with the dealership to rent the vehicle for a period of time then return it.
What does it mean to buy a car?
Buying a car means that you will finance a loan through a lender and eventually own you own vehicle outright once all of your payments are made
What is car insurance?
A contract between you an a company that protects you from financial loss if your vehicle experiences an accident or theft
Does the contract to lease or buy a car last longer?
Buying a car last longer (between 2 and 5 years)
What is an expense?
Something a person spends money on that is necessary to maintain daily living
Does buying or leasing have a higher monthly payment.
What is another name for a monthly payment on your car loan?
Installment
Does your car insurance price go up or down as you age?
Down
Can you sell a car that you leased?
No
What is a budget?
A plan or estimate of the amount of money needed for cost of living or to be used for a specific purpose over a future period of time.
What happens if you want a different car before your lease is over?
You pay an early termination fee.
What is a legal agreement that you sign when buying or leasing a car?
Contract
What are some ways to make your insurance cost less?
Drive well
Get good grades
Improve your credit score
Shop around
Take a course (ex. defensive driving)
Does buying or leasing cost more in the long term?
Leasing
Which should be prioritized first, wants or needs?
Needs
How long does an average lease last?
two-three years
Do you always have a car payment when buying a car?
No eventually you pay your car off and have no car payment.
Does car insurance cost more when you buy or when you lease?
When you lease
Does buying or leasing have a higher down payment?
Buying
What is one of the most important skills to use when creating a budget?
Critical Thinking
What are a type of fees that can be part of a lease contract?
Wear and tear
Mileage
Early Termination
How long does an average car loan last?
24-72 months
What is the average cost of insurance per year for a 17 year old?
$6,973
What makes contracts for leasing a car so confusing?
Confusing terms
Name 3 wants and 3 needs.
Want: toys, video games, books, cell phones
Needs: food, shelter, clothing, transportation
Other answers will be taken