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Buying a Car

Buying a Car. By Haris Mohamedy. My Budget. If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year). Which Car?. I really like BMWs. Which Kind of BMW?. A new one is probably to expensive. I’ll get a used one.

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Buying a Car

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  1. Buying a Car By Haris Mohamedy

  2. My Budget If I get $300 a week I should get $15,600 per year. ($300 per week)(52 weeks in a year)

  3. Which Car? I really like BMWs.

  4. Which Kind of BMW? A new one is probably to expensive. I’ll get a used one. Maybe a 2006 3.25i. This midsized car costs $25,000.

  5. The 2006 BMW 3.25i This car is fully loaded with features like a sunroof, Bluetooth, 6 stick manual, alloy wheels, and the basics so I do not need any enhancements.

  6. Yearly Expenses I will need to pay for fees, gas, insurance, maintenance, and a loan. Auto Loan

  7. Fees for License and Registration A car also has fees to pay. For all cars fees would be $75.

  8. YearlyExpenses

  9. Gas I also need to pay gas. Every week I’ll drive to school and back, run errands, and sometimes go out. Altogether that is about 30 miles a week. To figure out the number of miles I drive every year, I multiply the number of miles per week by 52 (number of weeks in a year.) (30)(52)=1,560 miles So I would travel 1560 miles a year and would get about 25 mpg. To get the number of gallons I use every year I should divide the number of miles by the mpg. 1560/25=62.4 gallons Since I pay the current gas price ($2.99) for each gallon. I would multiply $2.99 by 62.4. (2.99)(62.4)=$186.576 Round this to $186.58

  10. YearlyExpenses

  11. Insurance I would need to pay $2,300 for my midsized car.

  12. YearlyExpenses

  13. Maintenance For a midsized car maintenance would be about $450.

  14. YearlyExpenses

  15. Loan I decided my loan should be for 3 years or 36 months. The formula to figure out the finance charge is: A(N+1)(APR) 2P

  16. Loan A(N+1)(APR) 2P = 25,000(36+1)(0.07) 2(12) = 25,000(37)(0.07) 24 = 64,750 24 = 2,697.92 (Rounded)

  17. Loan My total finance charge is $2,697.92. I added that to the amount I’m borrowing ($25,000). Then I got $27,697.92. I divided that by 36 for the monthly payment and I got $769.39. To get the yearly payment I multiplied it by 12. I got $9,232.64.

  18. Yearly Expenses

  19. Total Yearly Cost My budget is $15,600. $75.00+$186.58+$2,300.00+$450.00+$9,232.64=$12,244.22 $12,244.22<$15,600

  20. Conclusion $12,244.22<$15,600 Since the car fits my budget it is perfect for me.

  21. THANK YOU FOR LISTENING!!!

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