Buying Car

Buying Car. By: Jayden. [image] Person handing over keys.

[Audio] My credit score is between 650-699 and as was Assigned Interest Rate is 6-7 percent which led me to 6.5%.

[Audio] 1. 2020 Lincoln MKZ Base Sedan Make, model, year: Lincoln MKZ, 2020 Price: Around $25,000 (Exact price varies by dealer) MPG: 20 city/31 highway MPG Mileage: 38,585 miles (approximate) Features: Varies, but standard features often include keyless entry, backup camera, and Bluetooth connectivity. 2. 2025 Mazda CX-5 2.5 S Preferred AWD Make, model, year: Mazda CX-5, 2025 Price: Around $23,444 MPG: 26 city/32 highway MPG (combined 32 MPG for a similar model) Mileage: 16,987 miles (approximate) Features: All-Wheel Drive, keyless entry, heated seats, blind spot monitor, alloy wheels. 3. 2023 BMW X3 xDrive30i Make, model, year: BMW X3, 2023 Price: Around $30,997 MPG: 21 city/28 highway MPG (approximate, varies by drivetrain) Mileage: 48,693 miles (approximate) Features: Keyless entry/start, navigation system, heated seats, backup camera, lane departure warning, and stability control..

[Audio] Part 3: Loan Calculation (Florida) Florida Required Fees These are mandatory fees included in the total vehicle cost calculation: Sales tax (6%): $1,860 Title fee: $85 First-time registration: $225 Dealer doc fee: $799 Total fees: $2,969 The total vehicle cost (car + fees) is $33,966 ($30,997 + $2,969). Financing Options Option 1: With Down Payment This option involves an initial payment to reduce the total amount financed. Down payment: $2,500 Loan amount: $31,466 Loan details: Loan term: 60 months Interest rate: 6.5% Estimated monthly payment: $615/month Total paid over loan: $36,900 Total interest paid: $5,434 Option 2: No Down Payment This option finances the full vehicle cost, resulting in a higher loan amount. Loan amount: $33,966 Loan details: Loan term: 60 months Interest rate: 6.5% Estimated monthly payment: $665/month Total paid over loan: $39,900 Total interest paid: $5,934.

[Audio] Part 5: Florida Insurance Requirements (Teen Driver Estimate) Average teen insurance cost: The typical range in Florida is $240–$400 per month. Calculation estimate: For budgeting purposes, a mid-range estimate of $320 per month is used. Part 6: Monthly Costs Breakdown Here is the detailed breakdown of all recurring monthly expenses associated with the vehicle: 1. Monthly Car Payment Cost: $598 per month Details: Based on a 60-month loan at 6.5% interest, with a down payment already applied. 2. Monthly Insurance Cost: $320 per month (as estimated above). 3. Monthly Gas Average driving: Approximately 1,000 miles per month. Fuel efficiency (MPG): Around 25 combined MPG. Gas price estimate: $3.50 per gallon. Total monthly gas cost: About $140 per month. 4. Monthly Maintenance Estimated cost: $50 per month. Note: BMW maintenance costs are generally higher than average for other car brands..

[Audio] Part 7: First-Year Total Cost One-Time Costs Florida fees & taxes: $2,969 Down payment: $3,400 Total one-time costs: $8,769 Monthly Costs for One Year $1,108 x 12 months = $13,296 Final First-Year Cost of Ownership One-time costs: $8,769 First-year monthly costs: $13,296 Total First-Year Cost: $22,065.

[Audio] The BMW X3 was selected because it offers luxury, advanced safety features, and strong performance in a practical SUV. What was the hardest part? The primary challenge was calculating the true cost after adding taxes, fees, insurance, and monthly expenses. How did the credit score affect the loan? A fair credit score increased the interest rate, which raised both the monthly payment and total loan cost. Could this car be afforded in real life? In real life, this car would be difficult to afford due to the high monthly payment and insurance costs..