Personal Finance Courses: Vehicle Acquisition

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1.
If you see a group of three numbers such as 50/100/15 in reference to auto insurance coverage, what type of coverage are you seeing?
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Liability coverage. These numbers refer to the limits on bodily injury per person, bodily injury per accident, and property damage.
2.
Financial advisors usually recommend that your car payments should be how much of your take-home pay at the most?
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20%. This is the common recommendation.
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.
What well known book lists both wholesale and retail prices of used cars?
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Kelley Blue Book. This book is the most well known source of both wholesale and retail prices of used cars.
5.
When preparing to buy a vehicle, it is a good idea to prepare financially as well. Some costs, such as gas and insurance, should be factored into your monthly budget.
Choose wisely. There is only one correct answer.
True. It is a good idea to budget for these costs so you have money available for them.