A disadvantage of buying a new car is it loses value faster than a used car. This is called
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  • Capital gain
  • Inflation
  • Depreciation
  • Amortization
Which is NOT an expense of owning a car?
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  • Repairs & maintenance
  • Gasoline
  • License & registration fees
  • Utilities
Financing a vehicle has advantages & disadvantages. Which is a disadvantage?
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  • You need a small amount of money upfront compared to buying the car
  • You pay interest and fees on borrowed money
  • Your credit score is not taken into consideration
  • You have more flexibility to pay the car off over time
What is the purpose of a Carfax?
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  • Shows the true market value of the vehicle being purchased
  • Calculates costs of the vehicle's maintenance & repairs
  • Offers financing options to the consumer
  • Supplies a vehicle history report to individuals
All of the following are advantages of leasing a vehicle EXCEPT
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  • Your monthly payment is typically cheaper
  • Your auto insurance is typically cheaper
  • You get a new vehicle more frequently
  • Standard maintenance is typically included
In some cases, the used car you are buying may have a lien on it. A lien means
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  • The bank or lender is in possession of the title
  • The car has been paid for in cash
  • The car was bought in a different state than it's registered
  • The car has alignment & maintenance issues
It is important to have a used car inspected. How much does a professional inspection cost?
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  • Approximately $300
  • Approximately $200
  • Approximately $100
  • Approximately $25
What is a mobile inspection?
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  • Download an app to input photos of the vehicle inspection
  • An agency who connects you with a local mechanic
  • An inspector comes to your home & does an on-site inspection
  • Another term for a test drive
When trying to haggle the price of a used car, who should name the first price?
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  • The salesman
  • You
It is important to comparison shop when purchasing a car. What does comparison shop mean?
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  • Always buy from a local dealership
  • Take several photos to use for comparison
  • Compare the true market value of every vehicle
  • Compare the price & quality from different vendors
What document is often called a "pink slip"?
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  • Proof of insurance
  • The title
  • A cashier's check
  • Car sales receipt
This type of law provides remedy for purchases of cars that fail to meet standards of quality.
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  • Kelley Blue Book
  • Lemon Law
  • Edmunds Law
  • DOT Law
True or False: Buying a new car is always better than buying a used car.
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  • True
  • False
Statistically, the average vehicle will have _________ owners in a lifetime.
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  • 10
  • 6
  • 3
  • 1
One of the first steps in shopping for a vehicle is to create a(n)
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  • Budget
  • List of wants
  • Insurance claim
  • Email account
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