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Buying and Owning a Car: The Real Cost

  • Grades 9-12
  • Life Skills & Career Paths
  • JS:FD-10
  • Home & Independent Living
  • Free lesson

Aligned to JS:FD-10 — Jump$tart National Standards in K-12 Personal Finance Education & Advance CTE Career Clusters.

What this lesson teaches

The sticker price is the smallest part of owning a car. Add insurance, fuel, registration, maintenance and the repairs that come with age. A cheap car with expensive insurance and bad fuel economy can cost more per year than a more expensive one.

Worked examples

Example 1

A $6,000 used car with $140/month insurance, $120/month fuel and $700/year maintenance costs about $3,820 a year to keep — before any repair.

Example 2

Insurance for a driver under 25 can cost more than the car payment. Get a real quote on the specific car before you buy it, not after.

Example 3

Routine maintenance is the cheapest thing on the list. A $60 oil change skipped long enough becomes a $4,000 engine.

Practice questions

  1. Total the first-year cost of a $6,000 car with the figures above.
  2. Name five ongoing costs of owning a car besides the purchase price.
  3. Why should you get an insurance quote before buying a specific car?

Watch the lesson

Every lesson comes with a video taught in English and Spanish — the same video the QR code in the printed workbook opens.

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En español

Comprar y mantener un coche: el costo real

El precio de etiqueta es la parte más pequeña de tener un coche. Súmale seguro, gasolina, placas, mantenimiento y las reparaciones que llegan con la edad. Un coche barato con seguro caro y mal rendimiento puede costar más al año que uno más caro.

Ejemplo 1: Un coche usado de $6,000 con $140 al mes de seguro, $120 al mes de gasolina y $700 al año de mantenimiento cuesta unos $3,820 al año sostenerlo — antes de cualquier reparación.

Ejemplo 2: El seguro para un conductor menor de 25 puede costar más que la mensualidad del coche. Pide una cotización real del coche específico antes de comprarlo, no después.

Ejemplo 3: El mantenimiento de rutina es lo más barato de la lista. Un cambio de aceite de $60 omitido el tiempo suficiente se vuelve un motor de $4,000.

More Home & Independent Living lessons

Renting: Leases, Deposits, and RoommatesJS:FD-9What Moving Out Actually Costs Before You Sleep ThereJS:FD-12Utilities in Your Own Name: Deposits, Credit Checks, and Transfer DayJS:FD-13Feeding Yourself: Cost Per Meal and the Takeout MathJS:FD-14When Something Breaks: Yours, the Landlord's, or a Pro'sJS:FD-15The Paperwork of Being an AdultJS:FD-17

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