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    Benjamin Berggren - Car Buying Project

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    Benjamin is planning to purchase a used 2008 Ford F-150 for $7,990 with 106,087 miles. He chose this truck because he needs it for work and towing. Benjamin plans to finance the $9,079 total price over 36 months. For insurance, Clear Cover offered lower monthly and yearly rates than Safe Auto. The total estimated yearly expenses for the car payments and Clear Cover insurance is $366.08 per month, which Benjamin believes is realistic given the age and mileage of the truck.

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    Benjamin Berggren - Car Buying Project

    Uploaded by

    api-529636142
    110 views6 pages
    Benjamin is planning to purchase a used 2008 Ford F-150 for $7,990 with 106,087 miles. He chose this truck because he needs it for work and towing. Benjamin plans to finance the $9,079 total price over 36 months. For insurance, Clear Cover offered lower monthly and yearly rates than Safe Auto. The total estimated yearly expenses for the car payments and Clear Cover insurance is $366.08 per month, which Benjamin believes is realistic given the age and mileage of the truck.

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    benjamin berggren - car buying project

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    Benjamin is planning to purchase a used 2008 Ford F-150 for $7,990 with 106,087 miles. He chose this truck because he needs it for work and towing. Benjamin plans to finance the $9,079 total price over 36 months. For insurance, Clear Cover offered lower monthly and yearly rates than Safe Auto. The total estimated yearly expenses for the car payments and Clear Cover insurance is $366.08 per month, which Benjamin believes is realistic given the age and mileage of the truck.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    110 views6 pages

    Benjamin Berggren - Car Buying Project

    Uploaded by

    api-529636142
    Benjamin is planning to purchase a used 2008 Ford F-150 for $7,990 with 106,087 miles. He chose this truck because he needs it for work and towing. Benjamin plans to finance the $9,079 total price over 36 months. For insurance, Clear Cover offered lower monthly and yearly rates than Safe Auto. The total estimated yearly expenses for the car payments and Clear Cover insurance is $366.08 per month, which Benjamin believes is realistic given the age and mileage of the truck.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 6

    Buying a Car Project

    By: Benjamin Berggren


    Vehicle Details ●
    ●
    Make: Ford
    Model: F-150
    ● Year: 2008
    ● New or Used and why? Used because
    it is cheaper that way and it is going to
    be my first car.
    ● Price: $7,990
    ● How many miles has your car already
    been driven? 106,087 miles
    ● What is the gas mileage for your car in
    the city? Highway? and its average
    gas mileage? City: 13 mpg Highway:
    17 mpg Average: 15mpg
    ● Standard or automatic: Automatic
    ● Number of cylinders: 8
    Reason for The main reason for choosing this
    car is because I would like to have
    Choosing this Car
    a decent truck for house work and
    help pull my family's trailer. I also
    just generally like to have a bigger
    vehicle as if I get into an accident I
    won’t be as likely to be severely
    injured.
    Payment Plan Data ● What is the total price of the
    car if you were to finance the
    and Conclusion car? $9,079

    ● Which is the car payment plan


    you chose and why? I would
    choose the 36 month with the
    downpayment plan to get rid
    of the car loan payment faster
    and save some money on the
    side.
    Competing Clear Cover Insurance
    Insurance Data and Coverages:
    The One Chosen Comprehensive: $1,000
    What is the total amount that you will pay Collision: $1,000
    with Safe Auto for insurance for: Liability: $25,000-$50,000
    a) one month: $85 Other: Collision deductible waiver: No
    b) six months: $850
    Coverage, Rental: No Coverage
    c) one year: $1,768

    What is the total amount that you will pay How do you think your insurance rate will be
    with Clear Cover for insurance for: affected if you have a low deductible and why?
    a) one month: $130
    b) six months: $775
    If your insurance has a lower deductible, then
    c) one year: $1,549 the costs for fixing your vehicle in a collision
    will not be as expensive. Though that extra
    money the insurance company is paying will
    have to come out of your rate, causing it to be
    higher.
    Total Yearly
    Monthly amount: $366.08

    Does this seem realistic? Why?


    Expenses and Final I would say yes this seems realistic as the car is about 12
    years old with about 100,000 miles on it, and including my

    Statements 36 monthly payment plan.

    What are some things that you think you would do


    differently to help reduce the cost of your car? I don’t think
    I would do anything differently as I see this car as a great
    deal.

    How do you plan on paying for it? Currently I would not be


    able to pay for it as I do not have a job. Although when I
    get a future apprenticeship in the union I will be able to
    most likely pay it off as the average wage just for an
    apprentice is $15.00 an hour.

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