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Purchasing and Insuring your Automobile WebQuest
Grade: High School
Subject: Consumer Ed, Accounting, Introduction to Business
Curricular Goal: Understand the consumer process of purchasing, financing and
insuring automobiles
Introduction:
You just landed your first job and weekly paycheck of $500. You are excited because
now you can go out and buy your very own car. Along with affording your car payment,
you must also be able to afford the car insurance and still remain within your
budget. Upon investigating the market, you found out that banks vary in the interest
rates they provide to consumers which significantly affects your purchasing power and
ultimately the car you will be able to buy.
Task:
You must research the internet for the three cars you are most interested in
purchasing. You must also research the annual cost of insurance related to these
cars. Once you decide on the car you are purchasing, you must finance your loan through a
bank for a period of 4 years. Your loan research should reflect a minimum of 2
different interest rates. The combined costs must fit within 30% of your weekly $500
paycheck.
Process:
Consider your personal criteria in your search process of the Internet of buying,
financing and insuring the car you chose. In your process, you must choose the auto you
are purchasing. Consider the insurance costs involved in your decision making
process. Determine what your monthly payment will be. Evaluate that your
monthly payment is within your established budget of 30% of your weekly $500 salary.
Resources:
http://aic2.autosite.com/cgi-win/loanlease.exe/InitCalcPayment
http://www.hotbot.com/?MT=loans
http://directory.hotbot.com/Recreation/Autos/Classifieds/
http://www.excite.com/autos/
http://www.insuremarket.com/autoentry.eqauto?AD_COOKIE=QSMITHAUTOHOME
wysiwyg://53/http://www.insweb.com/insurance101/default.htm
Evaluation:
Your monthly car payment must be within your 30% paycheck allowance. (25 points)
You must research a minimum of 3 vehicles and make your final decision from these
researched. (25 points)
The annual insurance cost must be researched for all 3 vehicles (25 points)
Print two loan payments at different interest rates for the car you chose.(25 points)
Conclusion:
You have researched enough information to make a smart consumer purchase on your first
car.
Authors: Joe Kedzior and Cindy Klebba
Created: October 8, 1999