Personal Finance Courses: Vehicle Acquisition

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Choose wisely. There is only one correct answer to each question.

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1.
When you lease a car, who pays for the insurance on it?
Choose wisely. There is only one correct answer.
You. You must pay for the insurance on it.
2.
It is always good to buy an extended warranty on a vehicle.
Choose wisely. There is only one correct answer.
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.
3.
You can get an auto loan at a bank, a credit union, or from the dealer. Which of these options likely offers the least favorable terms?
Choose wisely. There is only one correct answer.
Dealer. As a general rule, banks and credit unions give you better terms.
4.
What well known book lists both wholesale and retail prices of used cars?
Choose wisely. There is only one correct answer.
Kelley Blue Book. This book is the most well known source of both wholesale and retail prices of used cars.
5.
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.