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.
If your take-home pay after taxes is $1,000 a month, then your car payments should ideally be how much at the most?
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$200. A popular recommendation is that your total monthly car payments should not exceed 20% of your take-home pay.
3.
If someone steals a precious ornament from the hood of your car, that theft would be covered under _______ coverage.
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Comprehensive. Comprehensive coverage pays for non-collision damages.
4.
Most car leases state an annual mileage limit.
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True. The limit is usually between 10,000 and 15,000 miles.
5.
With regard to cars, what is the "dealer's price"?
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The price the dealer paid when it bought the car. It is also known as the wholesale price.