Car Ownership Costs Quiz

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Which of the following is NOT a common expense of owning a car?

Parking fees (correct)

Fuel

Maintenance

Repairs

What are some factors that can affect the cost of operating a car?

Color of the car

Brand of the car

Driving record and age (correct)

Number of doors on the car

What is the average annual cost to operate a car for a vehicle driven 15,000 miles a year?

$1,000

$6,000

$2,500

$4,374 (correct)

What is one important step to take when buying a car?

Research before you buy Signup and view all the answers

Why is it important to understand the different costs of car ownership?

To avoid overspending Signup and view all the answers

Which two websites provide professional and consumer reviews of cars?

Edmunds and Kelley Blue Book Signup and view all the answers

What is the sticker price of a car?

The price that appears on the window sticker of the car Signup and view all the answers

What is the dealer's invoice price for a car?

What the car dealership bought the car for minus any incentives they received from the car manufacturer Signup and view all the answers

What is the best approach to avoid being talked into buying a more expensive car or paying more than the quoted price?

Print out your quote and don't get talked into buying a vehicle you can't afford or paying more than the quoted price Signup and view all the answers

What is the purpose of comparison shopping in the car buying process?

To save thousands of dollars Signup and view all the answers

True or false: Comparison shopping can save you thousands of dollars when buying a car.

True Signup and view all the answers

True or false: It is recommended to get preapproved for a car loan before going to a car dealer.

True Signup and view all the answers

True or false: It is best to negotiate for a new car based on the sticker price.

False Signup and view all the answers

Match the following scams with their descriptions:

Bait and Switch = A dealer advertises a car at a low price to lure you in, but when you arrive, they say it's already been sold Focusing on Monthly Payments = Dealers try to get you to focus on the monthly car payment and not the purchase price The Warranty Scam = Dealers try to hit you with a forced warranty or sneak a warranty into the terms of your deal Signup and view all the answers

Match the process steps with their descriptions in the car buying process:

Comparison Shopping = Researching different cars, options, quality, and prices to make an informed decision Getting Preapproved = Visiting a bank to get preapproval for a car loan before going to a car dealer Negotiating the Best Deal = Being prepared to negotiate and not settling for the sticker price Signup and view all the answers

Match the following resources with their uses in the car buying process:

Edmunds and Kelley Blue Book = Websites that provide professional and consumer reviews, and information about value, performance, customer satisfaction, and safety of cars Bank or Credit Union = Places to get preapproved for a car loan Car Dealer's Business Manager = Person you meet with for paperwork and who may try to sell you extras Signup and view all the answers