Now that you have learned about the pros and cons of buying new v. used or leasing v. buying, you will find a car that will fit your budget. HINT: A general rule is to not spend more than 10% of your income on your auto payment. Your expected annual income for the job you hope to have after obtaining post-high school education and training: The maximum annual amount The maximum monthly amount The maximum total amount you you should spend on this vehicle you should spend on this vehicle should spend on this vehicle 10% of annual income]: [yearly amount ÷ 12]: [monthly amount x 48 months]: [≤ Now that you know how much money you should spend on your vehicle, find one that fits your budget. HINT: Remember, there are many other costs associated with owning a vehicle than your auto payment; keep in mind that you will need to pay for gas, insurance, repairs, and registration and inspection fees. You can search for vehicles here (feel free to use any other of your choice): When you locate a vehicle of interest, go to to check the price of your vehicle to see if it is within normal guidelines. [Kelly Blue Book, a company that reports market value prices for new and used automobiles of all types.] Once you have located a vehicle that is within your price range, list the following information about it: Price: Year: Make: Mileage: Model: Gas Mileage: Now use the to determine your monthly loan calculator at Atlantic Federal Credit Union’s website [] payment for a 48-month loan for this vehicle. and click Take note of the Under “Mortgages Loans” click “Personal Loans.” Then “Auto Loans.” interest rate advertised there next to click on the calculator icon. Enter the vehicle “New Low Rate” then cost, interest rate, and loan term [48 months] where required. Estimated Monthly Payment: Total Paid: Total Interest Paid:
Now that you have learned about the pros and cons of buying new v. used or leasing v. buying, you will find a car that will fit your budget. HINT: A general rule is to not spend more than 10% of your income on your auto payment. Your expected annual income for the job you hope to have after obtaining post-high school education and training: The maximum annual amount you should spend on this vehicle [≤ 10% of annual income]: The maximum monthly amount you should spend on this vehicle [yearly amount ÷ 12]: The maximum total amount you should spend on this vehicle [monthly amount x 48 months]: Now that you know how much money you should spend on your vehicle, find one that fits your budget. HINT: Remember, there are many other costs associated with owning a vehicle than your auto payment; keep in mind that you will need to pay for gas, insurance, repairs, and registration and inspection fees. You can search for vehicles here (feel free to use any other of your choice): When you locate a vehicle of interest, go to to check the price of your vehicle to see if it is within normal guidelines. [Kelly Blue Book, a company that reports market value prices for new and used automobiles of all types.] Once you have located a vehicle that is within your price range, list the following information about it: Price: Make: Model: Year: Mileage: Gas Mileage: Now use the loan calculator at Atlantic Federal Credit Union’s website [] to determine your monthly payment for a 48-month loan for this vehicle. Under “Mortgages and Loans” click “Personal Loans.” Then click “Auto Loans.” Take note of the interest rate advertised there next to “New Low Rate” then click on the calculator icon. Enter the vehicle cost, interest rate, and loan term [48 months] where required. Estimated Monthly Payment: Total Paid: Total Interest Paid: