Financing My Financing My First CarFirst Car

By: Lindsey WiesnerBy: Lindsey Wiesner

My Dream Car!My Dream Car!

Project IdeaProject Idea

They can work in groups or They can work in groups or individually. individually.

Have the students mock the process Have the students mock the process of purchasing a new or used car.of purchasing a new or used car.

Make the students consider what kind Make the students consider what kind of money they make and how much of money they make and how much they can afford to pay for a car.they can afford to pay for a car.

You can even have the students start You can even have the students start a savings account for one year before a savings account for one year before they can purchase their new vehicle. they can purchase their new vehicle.

TEKSTEKS

Algebra 111.13FAlgebra 111.13F Exponential and logarithmic Exponential and logarithmic

functions: knowledge and skills and functions: knowledge and skills and performance description. Students performance description. Students use a variety of methods to solve use a variety of methods to solve exponential and logarithmic exponential and logarithmic equations.equations.

Materials NeedsMaterials Needs

A TI calculator with the finance A TI calculator with the finance feature!feature!

A notebook to bind the final project.A notebook to bind the final project. A dream car!A dream car!

Saving for my Car!Saving for my Car! Have the students pick their dream car. Have the students pick their dream car.

Remind them that they might want to keep it Remind them that they might want to keep it affordable.affordable.

Require the students to research what the Require the students to research what the interest rate on their savings account would be. interest rate on their savings account would be.

Have the students save money working the job Have the students save money working the job they work now. If they don’t work, pretend they they work now. If they don’t work, pretend they work a minimum wage job ($5.15) for 20 hours work a minimum wage job ($5.15) for 20 hours a week.a week.

Using your finance feature how long would it Using your finance feature how long would it take you to save a down payment of $2,500, take you to save a down payment of $2,500, $5,000, and $10,000?$5,000, and $10,000?

Let’s Buy a Car!Let’s Buy a Car! Remember the sticker price on the windshield Remember the sticker price on the windshield

is not what you pay for a car. is not what you pay for a car. Go to a dealership, pick out a car, have them Go to a dealership, pick out a car, have them

figure bottom dollar with tax, title, and figure bottom dollar with tax, title, and license. license.

Go to a local bank and see what interest rates Go to a local bank and see what interest rates run for a person with your credit background. run for a person with your credit background. You can also call or do it online. You can also call or do it online.

Take the information you received from the Take the information you received from the dealer and the bank and calculate your dealer and the bank and calculate your monthly payments and how much money you monthly payments and how much money you will be paying in interest. will be paying in interest.

The Final Outcome!The Final Outcome!

Have the students put a notebook Have the students put a notebook together. It should include..together. It should include.. Description and picture of the carDescription and picture of the car Information from the car dealerInformation from the car dealer Information from the bankerInformation from the banker Completed worksheet with all the Completed worksheet with all the

questions answeredquestions answered Paper explaining what they have learned, Paper explaining what they have learned,

the process of the project, and if they the process of the project, and if they think that it would be possible for them think that it would be possible for them to purchase this vehicleto purchase this vehicle