Personal Finance Courses: Vehicle Acquisition

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1.
Cars with the lowest prices will necessarily have the lowest costs of ownership over time.
Choose wisely. There is only one correct answer.
False. True cost of ownership can actually be higher, based on factors such as tax credits, depreciation, maintenance, and other important aspects.
2.
When financing a car, your options include _______.
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All of the above. You have several available options.
3.
Most car leases state an annual mileage limit.
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True. The limit is usually between 10,000 and 15,000 miles.
4.
It is always good to buy an extended warranty on a vehicle.
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False. There is no set answer to this; it will depend on whether you think you will need a lot of repairs in the future.
5.
When negotiating the price of a car, which starting point is likely to save you the most money?
Choose wisely. There is only one correct answer.
The dealer's price. The dealer's price is what the dealer originally paid for it. Negotiating up from this, rather than down from the asking price, may save you more money.