March 9^th, 2010 by Jason T

Well, we were going to go over more budgeting stuff today, but I think instead, I want you to do some research. 

1. Find a car you would like to buy online.  You will need to know the year, make, model, mileage if it is used, and have a picture of it.  Print this out.

2. Look up the Kelly Blue Book value of the car at http://www.kbb.com/ (using what you know and guessing on the rest).  Print that out.

3. Use the loan calculator tool at http://www.cars.com/go/advice/financing/calc/loanCalc.jsp?mode=full to see how down payments affect the monthly payments for your car, etc.  For this exercise, I want you to pay no more than half down for the car.  You can use less for a down payment , but not more than half.  Assume a 8% interest rate and a 48 month term.

4. Adjust your budget to reflect the payment you will have.

If you have questions, ask around...  Someone in the room should be able to figure it out. 

BTW - Remember to have your three-ring notebook in class by Friday.  That is where you will put the page you printed out for your cell phone, and the car ones you are printing out today...

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