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?
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The price. For most people, price is the biggest advantage.
2.
Which of the following is a disadvantage of leasing a new car?
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All of the above. All these factors are potential disadvantages of a new car lease.
3.
Before you buy a car, you can get a pre-approved loan from a financial institution.
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True. This can be to your advantage when negotiating the terms of the deal.
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.