Purchasing a Car
Enter the vehicle price inside the
calculator to the right.
You put $1,000 down as a down payment.
You have no trade in car, so you have zero
Trade in Amount and zero Owed on Trade.
Click on link button to find the Interest Rate
in your area.
To find your COMBINED Sales Tax Rate
(state + average local tax rate)
click on the link button below.
Enter your COMBINED tax rate (the last
column in the pop-up window) inside
the Sales Tax Rate on the calculator.
Your term of the loan is 4 years (which is
48 months).
Your start date is the date when you plan
on purchasing the vehicle.
Scroll down the embedded website and
press calculate.
You will see: Your monthly payment, along
with loan amount, payment over the 48
months, total interest over the 48 months,
and pay-off date.
Now recalculate your payment by changing
one, two, or all three of the following:
1) Your interest rate
2) Your down payment
3) Your term of the loan to 5 years (which
is 60 months)
More information about current interest
rates on vehicles can be found at this link:
https://www.bankrate.com/loans/auto-loans/
current-auto-loan-interest-rates/
Using the scroll bar to the farthest right,
scroll down to find a used car, rather than
purchasing a NEW car. Enter the vehicle
price inside the Auto Calculator above
and figure your calculations similar to
purchasing a new car. Best of luck in
paying your car payments on time to keep
your outstanding credit rating.
calculator to the right.
You put $1,000 down as a down payment.
You have no trade in car, so you have zero
Trade in Amount and zero Owed on Trade.
Click on link button to find the Interest Rate
in your area.
To find your COMBINED Sales Tax Rate
(state + average local tax rate)
click on the link button below.
Enter your COMBINED tax rate (the last
column in the pop-up window) inside
the Sales Tax Rate on the calculator.
Your term of the loan is 4 years (which is
48 months).
Your start date is the date when you plan
on purchasing the vehicle.
Scroll down the embedded website and
press calculate.
You will see: Your monthly payment, along
with loan amount, payment over the 48
months, total interest over the 48 months,
and pay-off date.
Now recalculate your payment by changing
one, two, or all three of the following:
1) Your interest rate
2) Your down payment
3) Your term of the loan to 5 years (which
is 60 months)
More information about current interest
rates on vehicles can be found at this link:
https://www.bankrate.com/loans/auto-loans/
current-auto-loan-interest-rates/
Using the scroll bar to the farthest right,
scroll down to find a used car, rather than
purchasing a NEW car. Enter the vehicle
price inside the Auto Calculator above
and figure your calculations similar to
purchasing a new car. Best of luck in
paying your car payments on time to keep
your outstanding credit rating.
Using the website to the right, see
"Select New Cars" with tabs underneath
labeled: By Make, By Category, By Price.
Click on "By Price." Scroll down and
click between $15K - $25K.
Keep scrolling down. There are several
pages of cars.
(Remember when you see the starting
price this car has no extras. When you
see the prices of the car, choose the
median price and that should give you a
better idea of the true price of the car you
are purchasing).
Narrow your search to just one car and
remember the vehicle price. Scroll down
this web page using the scroll bar to the
farthest right to see the Auto Loan
Calculator embedded website from
calculatestuff.com.
"Select New Cars" with tabs underneath
labeled: By Make, By Category, By Price.
Click on "By Price." Scroll down and
click between $15K - $25K.
Keep scrolling down. There are several
pages of cars.
(Remember when you see the starting
price this car has no extras. When you
see the prices of the car, choose the
median price and that should give you a
better idea of the true price of the car you
are purchasing).
Narrow your search to just one car and
remember the vehicle price. Scroll down
this web page using the scroll bar to the
farthest right to see the Auto Loan
Calculator embedded website from
calculatestuff.com.
NOTE: This website has its scroll bar
located to the far right. Inside this
website are embedded websites that
have their own scrollbars.
located to the far right. Inside this
website are embedded websites that
have their own scrollbars.
Let's say that you just moved out
of your parent's house or
apartment and you are living on
your own. You decide to purchase
your first NEW car, so let's see
how much it is going to cost you
per month to afford a relatively
inexpensive new vehicle.
of your parent's house or
apartment and you are living on
your own. You decide to purchase
your first NEW car, so let's see
how much it is going to cost you
per month to afford a relatively
inexpensive new vehicle.
Embedded Website: The Car Connection https://www.thecarconnection.com/
Embedded Website: Calculate Stuff https://www.calculatestuff.com/financial/auto-loan-calculator
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Used Cars
Reffonomics.com and its author are not responsible for what the reader does with the material inside the
embedded links or the hyperlinks above.
embedded links or the hyperlinks above.
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Edmund's website has excellent information on how to negotiate for a car:
www.edmunds.com/car-buying/what-fees-should-you-pay.html
www.edmunds.com/car-buying/what-fees-should-you-pay.html
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Interesting read about how to purchase a car:
https://lifehacker.com/the-best-techniques-for-negotiating-with-car-dealership-1649443251
https://lifehacker.com/the-best-techniques-for-negotiating-with-car-dealership-1649443251
| Steven M. Reff Economics Lecturer University of Arizona (2007 - 2016) The 2015 University of Arizona Five-Star Faculty Award |
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