Personal Finance Courses: Vehicle Acquisition

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1.
What is probably the biggest advantage of buying a used vehicle instead of a new one?
Choose wisely. There is only one correct answer.
The price. For most people, price is the biggest advantage.
2.
The price that a car dealership paid for a vehicle it bought is called the _______.
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Wholesale price. Dealers buy vehicles at wholesale prices and then resell them at retail prices.
3.
What part of a car lease's monthly payments is tax-deductible for consumers (as opposed to businesses) who lease?
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Sales tax. Sales tax is deductible.
4.
If you get a loan from a financial institution before you actually buy the item you are planning to purchase, the loan is called _______.
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Preapproved. Preapproved means that you were approved for a loan in advance of actually needing it.
5.
How might the "loss of use" coverage help you if your car is being repaired for an insured loss?
Choose wisely. There is only one correct answer.
It would pay for a temporary car for you. The loss of use coverage reimburses you for the temporary inability to use your vehicle.