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What should you do about getting a car? Should you choose a used car or a new car? Should you choose a car based on its MPG? What would be the ideal amount you would choose to payand consequently, how much would you be willing to work during the school and over the summer? Once youve decided, document your decision process, including factors you have considered and options you have ruled out. Conclude with a plan for your parents outlining the type of car you want, how much the car costs based on the deductible that you choose, and how you are planning to pay for it (and dont forget the gas money!).

TC's Cowin Financial Literacy Summer Institute A partnership of Teachers College, Columbia University and the nonprofit Working In Support of Education (w!se) with the generous support of Joyce Cowirn Topic: insurance Case Study: Your First Car What would you pay to protect a car of your own? Background Sweet 16 indeed. Your parents aren't usually good at keeping secrets, but this time they succeeded mightily. Whereas you thought you were simply going to have the traditional birthday celebration out at your favorite restaurant (concluded by a candle-topped dessert with the always-embarrassing birthday sing-along), this time the family-filled car stopped by a car dealership. Your parents present you with a blank check and say take your pick. You can't believe! No way. This has got to be too good to be true Your father explains that his parents did it for him, so they're doing the same for you The only things you have to take care of are the gas and insurance for the car. "Nice," you think. "Nice." Well, almost On the back of your birthday card, thcre is one last catch. Your parents stipulate that before they give you the money to buy the car, you must detail, step-by-step, the process by which you made your decision of which car to choose. It can be in outline form, but it has to persuade them that you have thought of everything After goingto a couple of different car dealerships, taking a few test drives, and imagin ing yourselfpulling up to school with all your friends jealously watching, your parents remind you about the gas and insurance requirements. They note that the "everything referred to on the back of your card means you'll need to provide them with a break- down of the estimated costs for gas and insurance and how you 're going to pay for