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    Part I: The Costs of Your Vehicle: 81000 Blue/black

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    anthony-goetz-7666
    The document summarizes the costs of owning and operating a used 2001 Toyota Prius that was leased. It details the vehicle specifications and costs such as the base price, taxes, and additional fees. It then provides examples of the costs of buying the vehicle through financing or leasing, including monthly payments, interest costs, and insurance rates for young drivers. The second part estimates maintenance and operating costs for two drivers over multiple years, factoring in expenses like fuel, repairs, insurance, and vehicle depreciation to calculate average monthly costs.

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    Part I: The Costs of Your Vehicle: 81000 Blue/black

    Uploaded by

    anthony-goetz-7666
    40 views7 pages
    The document summarizes the costs of owning and operating a used 2001 Toyota Prius that was leased. It details the vehicle specifications and costs such as the base price, taxes, and additional fees. It then provides examples of the costs of buying the vehicle through financing or leasing, including monthly payments, interest costs, and insurance rates for young drivers. The second part estimates maintenance and operating costs for two drivers over multiple years, factoring in expenses like fuel, repairs, insurance, and vehicle depreciation to calculate average monthly costs.

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    spencer m

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    The document summarizes the costs of owning and operating a used 2001 Toyota Prius that was leased. It details the vehicle specifications and costs such as the base price, taxes, and additional fees. It then provides examples of the costs of buying the vehicle through financing or leasing, including monthly payments, interest costs, and insurance rates for young drivers. The second part estimates maintenance and operating costs for two drivers over multiple years, factoring in expenses like fuel, repairs, insurance, and vehicle depreciation to calculate average monthly costs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    40 views7 pages

    Part I: The Costs of Your Vehicle: 81000 Blue/black

    Uploaded by

    anthony-goetz-7666
    The document summarizes the costs of owning and operating a used 2001 Toyota Prius that was leased. It details the vehicle specifications and costs such as the base price, taxes, and additional fees. It then provides examples of the costs of buying the vehicle through financing or leasing, including monthly payments, interest costs, and insurance rates for young drivers. The second part estimates maintenance and operating costs for two drivers over multiple years, factoring in expenses like fuel, repairs, insurance, and vehicle depreciation to calculate average monthly costs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 7

    Part I: The Costs of Your Vehicle

    1. General Specifications of Your Vehicle

    Make/Model/Year : 2001____________ Toyota Prius__________________

    New or Used : __________used____________________________

    Buy or Lease : __________leased ____________________________

    mileage (km): _171,960______81000_______ colour (interior/exterior):


    _____Blue/black___red____________

    engine size : _________4 cylinder_______ automatic or manual locks/windows:


    _________automatic_____

    transmission: manual or standard/ automatic # of doors: _4__________________

    warranty costs (if applicable): ______________ additional costs: (freight/PDI etc) __________________

    fuel efficiency : in the city ___1.5L hybrid_________________ on the highway


    ________________________

    other specifications : ____security system , AM/ FM stereo alloy wheels anti theft anti starter Cd
    player dual airbag keyless entry power brakes power brakes power mirrors power steering
    power windows rear defroster tilt steering power locks cruise control power
    trunk________________________________________________________________________

    _________________________________________________________________________________________________

    2. Specific Costs for Your Vehicle

    MRSP/base price : _____5, 995___________

    Cost of options : ___N/A_____________ (include warranty/air/alarm systems/new rims/tinting


    etc.)

    Freight & PDI: $1000 (*new car ONLY)

    Other costs : $200 (gas tax, air conditioning tax, Tire Stewardship fee)

    License Fee : $120 (for new license plates)

    Vehicle Registration: $75 (per year)

    Subtotal : __5, 995______________

    HST (13%) __779.35______________


    Total Sale Price ___6774.35_____________

    For your character, what down payment (if any) has been saved so far ? __no money has been
    saved__________________

    Option A: Buying a vehicle

    a) If your character has a down payment available, there will remain a balance to be paid.
    What is the remaining amount (principal amount) which must be financed through either a
    car loan or a personal loan? _________________6, 774.35
    _________________________________________________________

    b) If your car dealership offers you financing for the balance of the money at an interest rate
    of 6.54% compounded monthly, paid over a term of 60 months (5 years) how much will
    you end up paying to the bank at the end of the term ? ( Show your work ! )

    A= P(1+i)n

    A= 6, 774.35(1+0.0654)^5

    A= 6,774.35(1.3726)

    A= $9, 298.47

    c) What will your monthly payments work out to be? It would work out to be $154.97 a
    month

    d) The car dealership decides your credit is risky, and charges you an additional 10% fee for
    credit insurance. This fee is added to the principal amount. What is your new principal?
    What is your new monthly payment?

    The new principle is $7451.78


    e) At the end of the 5 year term, how much will you have paid in interest ? (Hint: use I = Pr t )

    Option B: Leasing a vehicle --- TO BE UPDATED


    SHORTLY

    3. Car Insurance

    Visit the website www.ibc.ca (Insurance Bureau of Canada), and select “Car Insurance” from the
    side menu. Click on “Introduction to Car Insurance” and use the information within to answer the
    following questions in full sentences.

    a) How would you describe insurance in your own words?___________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________

    b) Summarize how car insurance works.____________________________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________
    You have used the website, www.kanetix.ca to obtain an insurance quote based on your
    character and car profile.

    a) Based on the information required for the quote, what are some of the major factors that
    companies look at when giving an insurance quote? ____________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________

    ________________________________________________________________________________________

    b) What was your best quoted price ? (per year) And from which company ?_________________

    _________________________________________________________________________________________

    _________________________________________________________________________________________

    c) Redo your insurance quote for the same car, but for an 18 year old male and an 18 year
    old female. (In each case, they would have received their G1 license at 16 and G2 at 17.)
    What are the newly quote rates: 18 yr old male ____________ 18 year old
    female______________

    d) How do the newly quoted rates compare to your original quoted rate ? And how do they
    compare to each other ?________________________________________________________________

    _________________________________________________________________________________________

    _________________________________________________________________________________________

    _________________________________________________________________________________________

    4. The Cost Of Operating A Motor Vehicle

    1. Lisa purchases a new car. She estimates that she will drive 28 000 km in the first year.

    Use the vehicle maintenance schedule to estimate Lisa's maintenance costs in the first
    year.

    Frequen # of Cost Maintenanc


    Vehicle Maintenance cy e Cost
    Time
    (km) s

    Lube, Oil and Filter 5 000 $29.95


    Tire Rot./Brake 10 000 $41.50
    Inspection
    Wheel Alignment 25 000 $69.75
    Cooling System 50 000 $72.95
    Tune-Up/Emission 50 000 $225.00
    Control
    Automatic Transmission 85 000 $145.00
    Subtotal
    PST
    GST
    TOTAL

    2. Justin's truck has a fuel consumption rating of 8.5 L/100 km. In the first 4 years he owns
    the truck, Justin drives a total of 183 200 km. He follows the maintenance schedule from
    the previous example. Justin pays $1 230.00 insurance each year. He renewed his
    driver's licence, once, at a cost of $50.00. His vehicle licence plate is renewed each year
    at a cost of $74.00 per year. Justin paid $35 000 for his truck and the rate of depreciation
    is as listed in the chart below. If the average cost of fuel is $0.77/L, determine Justin's
    average monthly operating cost over the 4 years.

    Frequency # of Cost Maintenanc


    Vehicle e Cost
    Fuel Costs (km) Time
    Maintenance
    s

    km Travelled Lube, Oil and Filter 5000 $29.95


    Fuel Tire Rot./Brake 10 000 $41.50
    Consumption
    # of Litres of Inspection
    Wheel Alignment 25 000 $69.75
    Cost Gas
    per Litre Cooling System 50 000 $72.95
    TOTAL Tune-Up/Emission 50 000 $225.00
    Control
    Automatic 85 000 $145.00
    Transmission Subtota
    lPST
    Insurance /Year License Plate GST
    # of Years Fee
    # of Years TOTAL
    Subtotal Total
    Tax (5%) License
    Insurance Renewal
    License
    TOTAL TOTAL
    TOTAL COST
    Average Monthly Cost

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