4.++Transportation

TRANSPORTATION
Students will investigate the purchase of a vehicle. They should look into buying or leasing a vehicle. The monthly car payment will be included after it is set by the car dealership or the bank that is financing the loan for the car. Factors to be considered in buying a vehicle would be the current interest rates on car loans, the cost of a certain vehicle, the reliability of a used vs. new vehicle, taxes on the vehicle purchased, and the impact of the monthly payment on their budget. Additionally, the student should determine the property tax associated with their vehicle and include that in their budget. There are a number of websites provided below that will help with determining a car payment plan.

*NOTE: The student will assume that they have no vehicle when they leave school. This may not happen in someone’s actual experience; but for the purposes of this project, everyone must purchase a vehicle. (SOL.GOVT. 15.a, 16, 17)

Requirements:

 * Completed sample loan application from a car dealership/financial institution.
 * Information on current interest rates for car loans (use websites below to determine interest rates for the city you intend to live in).
 * Property tax rates included in budget.

Another option would be to establish a temporary savings plan to pay for the full amount of the car. If the student chooses to do this, they must specify the exact car they would like to purchase, the total cost, and property tax information. Then, they should tell how much they will save per month and how long it will take for them to purchase the car in full. Finally, the student will discuss their method of transportation while they are saving.

Resources:

 * == Autotrader ==
 * == Capital One Auto Finance ==
 * == Bankrate.com ==
 * == About.com ==