Step+3+-+Process

Process

1. Determine the role of each group member. (doctor, mother/father of three, single person, high school student)

2. Find information on how to negotiate the price of a new car and advice on how to buy a new car. Click here to find the note sheet to keep your information organized. Save a copy into your student folder and you can type your answers directly into the document.

Here are some sites you may want to begin exploring: [|Buying Guide] [|Royal Bank - Buying a Car]

3. Individually research vehicles in accordance with your role. Look at aspects such as cost, reliability, safety, fuel efficiency, warranties and options available. Here are a few of the online sources for searching for information about vehicles & costs: [|Where Can I Buy A Car Online? - Manufacturers] [|Autos.ca] [|Lemon-Aid Guides for used cars] (print guides) [|Auto 123 - Car Info, specs & comparisons] [|Dealer cost for new cars] [|Personal Vehicle Program Fuel consumption guide] [|Used Car Value Finders] [|Buying a fuel efficient vehicle]

4. Choose a vehicle that will fit your needs. Consider your salary and other expenses.

5. Determine the cost of the vehicle with taxes.

6. Determine the //approximate// trade-in value of your current car. The Canadian Red Book is commonly used but is not available free online. You can access the Canadian Black Book, a very basic valuation tool, through the Toyota website. Go to www.toyota.ca, choose your language, click on the Vehicles link (under site navigation menu) and then click on the 'Appraise your Trade-in' link on the right hand side.

7. Figure your monthly payment utilizing a payment calculator. You determine the amount of months on your loan (36, 48, 60). Use 4% as your interest rate unless you can find a better interest rate offered by one of the auto companies. (Example: GM, Ford, etc. periodically offer a special rate) Remember to subtract the trade-in value of your current car from the price of your new car before figuring your monthly payment. Click on any of the cars below to access a payment calculator:


 * [[image:clg_sxt.jpg caption="RBC" link="http://www.rbcroyalbank.com/cgi-bin/personalloans/payment/calc.cgi"]] || [[image:modern-small-car_w725_h483.jpg width="158" height="102" caption="CIBC" link="https://www.cibc.com/ca/loans/calculators/car-loan-calculator.html?WT.mc_id=AutoLending_campFY11-AutoLending_kwdloan%7C%7Ccalculator%7C%7Cauto_adgrpAuto%7C%7CLoan%7C%7CCalculator-E100"]] || [[image:blue-roadster-bentley_w725_h544.jpg width="133" height="113" caption="Car Loans Canada.com" link="@http://www.carloanscanada.com/canadian-car-loan-calculator/"]] || [[image:landrover.jpg width="177" height="118" caption="Scotia Bank" link="http://www.scotiabank.com/ca/en/0,,8,00.html"]] ||

8. Think about your insurance coverage. How will your premium be determined? What coverage will you need? Determine 3 ways to save money when buying your insurance.

[|ICBC - Autoplan Insurance Main Page]

9. Compile __one__ poster, brochure or digital presentation with your group. Information on each person represented needs to be included in your presentation. A picture of each automobile must be included (try to use public domain pictures).

10. Present your poster, brochure or your digital presentation to the class.

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