Personal Finance Courses: Vehicle Acquisition

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1.
What part of a car lease's monthly payments is tax-deductible for consumers (as opposed to businesses) who lease?
Choose wisely. There is only one correct answer.
Sales tax. Sales tax is deductible.
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 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.
4.
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.
5.
On average, auto insurance will cost you less if your car is _______.
Choose wisely. There is only one correct answer.
Used. Generally, insurance on a used car costs less when the car is used.