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2 b) What are some of the major factors that affect whether your car insurance is higher or lower than someone else s (list at least 4)? [2] c) Based on the factors that are considered in #4b, describe a scenario of someone who might have a very high insurance quote. Gasoline 5 a) Estimate the price of gas per litre today in Peterborough (You could use ). b) What size gas tank, in litres, does the car you have chosen have? (Done on page 1 or you may have to look it up or Google -- gas tank capacity) c) How much would it cost to fill this tank, based on today s price? (Be sure to show your work.) d) Look up the fuel consumption for your car (done on page 1). It will be given as litres per 100km. Write down the value for city driving and for highway driving. City driving: Highway driving:

3 e) Suggest why you might get better fuel efficiency on the highway. f) Choose a destination more than 700km that you would like to drive to: Use google maps or mapquest.ca to determine the distance in km to get there: km g) If the whole way was highway driving, how many litres of gas would you need to get there? (Be sure to show your work.) h) How much would this cost, based on today s price of gas? (Be sure to show your work.) Other Expenses ( Google always works for this stuff!) 6a) How often is it recommended to get an oil change?

4 b) Use the internet to look up the price for a basic oil change in Canada. Be sure to include tax and the name of the business that you got the price from. c) If you drive an average of 25000km per year, how much will you spend on oil changes? (Be sure to show your work.) 7 a) When do you need to purchase a license plate sticker? b) How much does it cost? c) Where can you get it from? d) How often do you have to get a drive clean emissions test? e) How much does the clean emissions test cost?

5 Part 2: Buying Vs. Leasing 1) What does leasing a vehicle mean? 2) State which option (buying or leasing) would be better in the following scenarios, and why. [2 marks] a) A 30 year old business man who drives around all day from client to client. b) An auto mechanic, who enjoys doing all of his own repairs. c) Newlyweds, who want a sports car for now, but are planning on starting a family in a few years and will need a bigger car. d) Jeremy wants to put in a huge new stereo system and change the paint job. 3) Make a bill for the car you choose on page 1. Base price: \$ Cost of all options: \$ Other estimated costs (freight, PDI) \$ (add this into your total) HST 13%: \$ Total: \$

6 Financing: 4) a) Suppose you have \$5000 to use as a down payment on the car you are financing. Subtract that from the TOTAL price of your car from above (last line) and write this amount you will need to finance. b) Assume your bank is giving you a rate of 2.3% compounded monthly, and paid over a 5 year term. Use the TVM solver of the graphing calculator to determine what your monthly payments will be. To access the graphing calculator from your computer, ** Enter these values: N = 60 (You learned how to do last week and this week.) I% = 2.3 PV = the amount you are financing i.e. #4a PMT = 0.00 (this is what you are finding) FV = 0 P/Y = 12 C/Y = 12 What will the monthly payments be? c) At the end of the 5 year term, how much will you have paid in total? (Don t forget to include the \$5000 down payment.) Total amount = Monthly payment x d) How much have you paid in interest?

8 Depreciation: Depreciation is the major disadvantage to buying a new car. A car depreciates in value the most during its first few years. Here is a chart that shows the typical depreciation rate of a car. Time Depreciation (% of previous year s value) 1 st year 30% 2 nd year 15% 3 rd year 15% 4 th year 10% 5 th year 8% A car that costs \$25000 new is only worth \$17500 after 1 year. [ The calculation is: (1 0.3) = ] To figure out the value after the 2 nd year it would be 17500(1 0.15) 2a) Use this chart to calculate how much your car would be worth after each of the first five years. [2] b) Based on this information, when is the best time to purchase a used car to get the best value? Why? 3. One of the major disadvantages to buying a used car, is you may not know what you are getting. If you were going to buy a used car, what are 5 important questions you might want to ask the previous owner? [2]

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