Buying a car, whether new or used, is a major financial decision In this lab you are going to learn how to look up the value of a car and how much you can expect to pay for a car by using tools that are available on the internet Instructions Your group is first going to find a new car (Your bank considers any car with less than 10,000 miles to be new) Visit www carmax com and choose a car with less than 10,000 miles Which car did you choose and why Give the make, model, and price of the car Make Model Price Reason Next, you will look up the blue book value of the new car you chose Go to www kbb com , which is the website of Kelly Blue Book, and find your car Most lending institutions will not make a loan for more than the blue book value of the car Is the advertised price you found less than or equal to the blue book value (Circle one) Yes No If you answered No in part (a), then you have to decide whether to find a different car, negotiate with the seller, or pay the difference in value out of pocket What is your groups decision If the answer to part (a) was Yes, you do not have to answer this question Now, go to www ncsecu org which is the website of the North Carolina State Employees Credit Union (SECU) At the top of the page, you will see a drop down menu for Loans In this menu, go to the Vehicle Loans page Interest rates charged by SECU change periodically, so the rates charged last year may not be the same rates charged today or next month What is the maximum amount ( ) that SECU will finance for a new vehicle This is the amount theyre willing to finance, not to be confused with their APR (interest rate) What is the maximum amount you can borrow for the new car you chose What is the maximum length of a new vehicle loan from SECU What is the interest rate for a new vehicle loan for 36 months, assuming you use a Payroll Deduction What is the interest rate for a new vehicle loan for 60 months, assuming you use a Payroll Deduction What is the interest rate for a new vehicle loan for 72 months, assuming you use a Payroll Deduction Please answer and a detailed solution to each problem Thanks

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Buying a car, whether new or used, is a major financial decision. In this lab you are going to learn how to look up the

Buying a car, whether new or used, is a major financial decision. In this lab you are going to learn how to look up the value of a car and how much you can expect to pay for a car by using tools that are available on the internet.

Instructions:

Your group is first going to find a new car. (Your bank considers any car with less than 10,000 miles to be new). Visit www.carmax.com and choose a car with less than 10,000 miles. Which car did you choose and why? Give the make, model, and price of the car.

Make:		Model:		Price:
Reason:

Next, you will look up the blue book value of the new car you chose. Go to www.kbb.com , which is the website of Kelly Blue Book, and find your car. Most lending institutions will not make a loan for more than the blue book value of the car.

Is the advertised price you found less than or equal to the blue book value? (Circle one) Yes No

If you answered No in part (a), then you have to decide whether to find a different car, negotiate with the seller, or pay the difference in value out of pocket. What is your groups decision? If the answer to part (a) was Yes, you do not have to answer this question

Now, go to www.ncsecu.org which is the website of the North Carolina State Employees Credit Union (SECU). At the top of the page, you will see a drop-down menu for Loans. In this menu, go to the Vehicle Loans page. Interest rates charged by SECU change periodically, so the rates charged last year may not be the same rates charged today or next month.

What is the maximum amount (%) that SECU will finance for a new vehicle? This is the amount theyre willing to finance, not to be confused with their APR (interest rate).