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Mathematics Purchasing a Vehicle

Part 1: Comparing New to Used
Purchasing a new vehicle can greatly affect your financial situation. You will gain a better understanding of the car-buying process and the components that affect your monthly payments. You will compare the costs of buying a new vehicle and a used vehicle in the same model.

Directions: Download the above document and answer the questions in the document for Part 1 and Part 2.

Here are some pointers to help you:

Part 1

Is there a new car or truck you’ve dreamed about owning? Now is your chance to see how much it would cost.
First, choose a car or truck, then build and price a new model. Copy and paste info on the vehicle you’ve built to include with your project
Next, look at used vehicles between 2-5 years old of the same make and model. You may look for used vehicles from local dealers, Autotrader, etc.
Copy and paste info and pictures on the used vehicle to include in your project
You will use this Car Loan Calculator to calculate payments. After gathering info, answer the questions on the attached document using the prices found for your new and used vehicles car Loan Calculator
Assume you have no trade-in and no sales tax
In a short reflection below your questions, answer the following questions have you purchased a vehicle before? If so, do you have any regrets about your experience?
After this activity, do you feel more confident and informed about buying a vehicle?
Now that you have completed this activity if you were shopping for a vehicle, would you choose to buy a new or used one? Explain why.
Part 2: Comparing Hybrid to Regular
Question:

Is it worth buying a Hyundai Sonata hybrid instead of the regular Hyundai Sonata?

Download the above document and answer on those sheets. Then upload.

To answer this question we will break it down.

1) What are some of the factors to consider? List at least 3.

2) Focus on the cost of fuel.

3) What is the percent decrease in the gas cost for the hybrid?

4) Research and discuss the starting prices for each vehicle.

5) To better answer the “is it worth it” question, how long it will the gas savings make up for the additional initial cost?

6) Discuss the pros and cons of each vehicl

Full Answer Section

Find Used Vehicles:
- Use websites like:
  - Autotrader.com
  - Cars.com
  - Kelley Blue Book (KBB.com)
  - Local dealership websites
- Search for the same make and model you chose, but for vehicles that are 2-5 years old.
- Find a comparable used vehicle (similar trim level and mileage).
- Note the price, mileage, and condition of the used vehicle.
- Copy and paste the vehicle information and images into your document.
Car Loan Calculator:
- You'll need a car loan calculator. Many are available online. Just search for "car loan calculator."
- Enter the following information for both your new and used vehicles:
  - Vehicle price
  - Loan term (e.g., 36 months, 60 months, 72 months)
  - Interest rate (you'll need to research current rates for new and used car loans)
  - Down payment (for this exercise, you're assuming no trade-in, so you'll use $0)
- The calculator will give you the estimated monthly payment.
Answer the Questions:
- Use the information from your research and the calculator to answer the questions in the provided document.
Reflection:
- Answer the reflection questions thoughtfully, drawing on your own experiences or what you've learned from the activity.

Part 2: Comparing Hybrid to Regular

Here's how to compare a hybrid and regular Hyundai Sonata:

Factors to Consider (at least 3):
- Fuel Efficiency: This is a major factor. Compare the MPG (miles per gallon) of the hybrid and regular Sonata.
- Purchase Price: Hybrids often have a higher initial cost.
- Maintenance Costs: Consider potential differences in maintenance (e.g., battery replacement for hybrids).
- Environmental Impact: Hybrids generally have a lower carbon footprint.
- Performance: Compare horsepower and acceleration.
- Resale Value: How well do each retain their value?
- Features: Are there differences in standard features?
Cost of Fuel:
- Find the MPG ratings for both the hybrid and regular Sonata (you can find these on the manufacturer's website or EPA's fueleconomy.gov).
- Estimate how many miles you drive per year.
- Find the average price of gasoline in your area.
- Calculate the annual fuel cost for each vehicle:
  - (Miles driven per year / MPG) x Price of gas
Percent Decrease in Gas Cost:
- Calculate the difference in annual fuel costs between the regular Sonata and the hybrid Sonata.
- Divide the difference by the annual fuel cost of the regular Sonata.
- Multiply by 100 to express as a percentage.
Starting Prices:
- Research the starting prices for both the hybrid and regular Hyundai Sonata (manufacturer's website, dealership websites).
Time to Make Up Additional Cost:
- Find the difference in the initial purchase price between the two vehicles.
- Divide the difference in purchase price by the difference in annual fuel costs. This will give you an estimate of how many years it will take for the fuel savings to offset the higher initial cost of the hybrid.
Pros and Cons:
- List the advantages and disadvantages of each vehicle.

Important Notes:

Interest Rates: When using the car loan calculator, research current interest rates for new and used car loans. These rates can vary depending on your credit score, the lender, and the loan term.
Research: Take your time with the research. The more accurate your information, the more valuable this exercise will be.
Real-World Considerations: Keep in mind that this is a simplified analysis. In the real world, there are other factors to consider, such as insurance costs, maintenance costs, and depreciation.

Sample Answer

Part 1: Comparing New to Used

Here's how to tackle this section:

Choose a Vehicle:
- Think about a specific car or truck model you like. For example, a Toyota RAV4, Honda Civic, Ford F-150, etc.
Price a New Model:
- Go to the manufacturer's website (e.g., Toyota.com, Honda.com, Ford.com).
- Use their "Build & Price" tool.
- Configure the vehicle with the features and options you want.
- Carefully note the final price (including any fees).
- Copy and paste the vehicle information and images into your document.