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Objective 6.02 Unpacked Content

Objective 6.02 Unpacked Content

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Published by heatherhaymer

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Published by: heatherhaymer on Jul 08, 2011
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07/08/2011

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7086 Personal Finance Unit C: Becoming a Responsible Consumer Summer 2010, Page
238
COURSE Personal Finance 7086 UNIT C Becoming a Responsible Consumer ESSENTIALSTANDARD:6.00 B2 12%Understand shopping options and practices for meetingconsumer needs.OBJECTIVE: 6.02 B2 4%Understand options and practices for meetingtransortation needs.
ESSENTIAL QUESTION:
x
What are the options for meeting transportation needs?
x
How can consumers make wise decisions when they set priorities, do the research, and obtaininsurance when shopping for vehicles?UNPACKED CONTENT
Steps in meeting transportation needs1. Consider options for transportation needs
x
Public transit
x
Taxicabs
x
Walking, bicycling
x
Motorcycle, moped
x
Carpooling
2. Set priorities
x
Make a list of wants and needs for a vehicle
x
Take into consideration:
ƒ
What you can afford
ƒ
Where and when it will be used
ƒ
Who will be driving the vehicle
ƒ
Where you live as it affects the type of heating/cooling system
x
Consider whether to purchase an automobile, truck, or van
3. Do the research
x
Research used vs. new vehicles
ƒ
Used vehicle---often a good option for a first-time buyer because fits budget needs
ƒ
 New vehicle---the challenge is to find a vehicle to match one’s needs, wants, and budget
x
Research where to buy
x
Research makes and models---important factors to consider 
x
Research prices
ƒ
Used vehicles---book value is the estimated value of a given make, model and model year 
ƒ
 New vehicles---types of prices
x
Research options for financing
ƒ
Up front costs---made when signing lease---includes deposit, taxes, and registration fees
ƒ
Leasing---monthly payments in exchange for exclusive use of vehicle for specified timeResidual value---worth of vehicle end of lease; higher residual = lower paymentsEnd-of-lease costs cover 
ƒ
Buying---buyer takes out a loan and pays for the vehicle with monthly payments---costsmore than paying cash because includes interest on amount borrowedDealer financing---easy, on-the-spot source

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