Purpose: Buying a car, whether new or used, is a major financial decision. In th

Question

Purpose:

Buying a car, whether new or used, is a major financial decision. In this lab you are going to learn how to look up the value of a car and how much you can expect to pay for a car by using tools that are available on the internet.

Instructions:

Your first task is to find a “new” car. (Your bank considers any car with less than 10,000 miles to be new). Visit www.carmax.com and choose a car with less than 10,000 miles. Which car did you choose and why? Give the make, model, and price of the car.

Make:

Model:

Price:

Reason:

Next you will look up the “blue book” value of the new car you chose. Go to www.kbb.com , which is the website of Kelly Blue Book, and find your car. Most lending institutions will not make a loan for more than the blue book value of the car.

Is the advertised price you found less than or equal to the blue book value? (Circle one)                               Yes         No

If you answered No in part (a), then you have to decide whether to find a different car, negotiate with the seller, or pay the difference in value out of pocket. What is your decision? If the answer to part (a) was Yes, you do not have to answer this question.

Make:

Model:

Price:

Reason:

Explanation / Answer

Make - Audi, Model - A7 , Price - $38998

Reason - Its mileage is price is consideable

No

I will negotiate with delare or purchase a different car

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