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January 17, 2019 Bell Ringer

Learn effective strategies for finding a reliable car, whether new or used. Discover tips for choosing a trustworthy car dealer, making informed decisions, and exploring payment options.

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January 17, 2019 Bell Ringer

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  1. January 17, 2019 Bell Ringer What are your strategies in finding a reliable car?

  2. Reliable Cars • We have studied different cars and compared prices. Now let’s take a look at the cars themselves. You may choose to buy a new car or a used car. • There are many ways to shop for a used car. You can look in the classified sections of a newspaper. A used car magazine also lists cars for sale. You can even shop for a used car on the Internet. Some people buy used cars from new-car dealerships; why?

  3. Finding a Car Dealer Tips • Ask friends, relatives, or co-workers for the name of a car dealer • Go to a car dealer who is a member of the National Automobile Dealers Association (NADA). • Buy from a dealer who answers all of your questions. A good dealer will not hurry you to make a decision.

  4. Making a Good Decision • Compare the car dealer’s price to the suggested retail price in a car price guide. • Get other car dealers’ prices for the same type of car. Be sure the total miles driven, the equipment, and the condition of each car is about the same. Then compare prices. • Ask about a warranty. A warranty covers major repairs such as replacing an engine or radiator, during a certain period of time or up to a certain mileage. Car dealers may offer an extended warranty for a fee. This covers repairs for a longer period of time or for more miles.

  5. Making a Good Decision • Test drive the car. Bring a wise person, even a mechanic, with you or have a mechanic check the car for any problems. • Do your research and ask questions to clarify the information you found. If you notice anything different, ask about it. Like we talked about, a good dealer will not hurry you to make a decision.

  6. Paying For Your Car • After you have done your shopping and you found a car that you like, it is time to think (again) about payment. Here are some of your options: • Use your savings and pay cash for the car • Take out a loan for the car and pay it back in monthly payments (through the dealership or a bank) • If you choose (or are stuck with) the loan, you need to decide how much you can afford for a down payment. The greater the down payment, the smaller the loan you will have to repay.

  7. Car Loan Options • Different lending institutions offer different auto loans. Find the one that offers the lowest interest rate for the monthly payments you can afford.Note: If you lease your car, you do not have to pay interest during your lease. • If you already have a car, you can use it as a trade-in. You sell the car dealer your old car and use the money to pay part of the cost of the new car.

  8. Let’s Practice • You want to buy a car that costs $4,380. The lending institution will give you a better loan if you pay 15%. How much do you need to pay? How much will you be borrowing? • You are trading in your car for a newer car. The car dealer will give you $2500 for your current car. You find a nice car for $4400. How much do you need to borrow if you don’t do any additional down payment.

  9. Assignment • Reliable Cars Document on Microsoft Word

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