Test DriveBy: Robert Harold Jr.

Who am I?I am Robert Harold Jr.Status: SingleSex: MaleAge: 54 years oldJob: ContractorResidence: Shoreline, WashingtonNeeds: Big enough to tow tools around, Has inexpensive monthly auto costs, around 20-30 MPGWants: GPS, Radio, Bright red color

Robert Harold Jr.

Savings Account: $5000

Monthly Auto Budget: $450

Potential Car #12008 Dodge Ram 1500 SLTPrice - $12,390•Has a radio•MPG – 19•Very big•2 Seats

Potential Car #22011 Ford Ranger XLPrice - $12,487 •Has a radio•MPG – 20•Able to fit all tools•2 Seats/Doors

Potential Car #32005 Chevrolet Silverado 1500 LSPrice -$10,990•Has a radio•MPG – 20•Able to fit all tools•Cheapest car

Financing

Loan Price

Yearly Interest Rate

Monthly Interest Rate

Length of Loans

Monthly Loan Price

Dodge $8,567 3.39% 0.2825%

60 Months

$155

Ford $8,673 3.39% 0.2825%

60 Months

$157

Chevy $7034 3.39% 0.2825%

60 Months

$128

Loan Company: BECUP ( r )

———————————( 1 – ( 1 + r )-m )

P: Specific Principal AmountM: Number of MonthsR: Monthly Interest Rate

Insurance

Car #1Insurance Cost: $633 (6 months)Monthly Insurance Cost: $106.20

Car #2Insurance Cost: $630 (6 months)Monthly Insurance Cost: $104.70

Car #3Insurance Cost: $589 (6 months)Monthly Insurance Cost: $98.55

Progressive

MPG Gas Price:

Shoreline Costco –$3.23

City MPG

Highway MPG

Monthly Miles

Monthly Gas Price

Dodge 16 Miles 19 Miles 540 Miles

$91.732

Ford 15 Miles 20 Miles 540 Miles

$87.21

Chevy 14 Miles 20 Miles 540 Miles

$87.21

Final Comparison   Car

NameMonthly Maintenance Costs

Monthly Loan Payment

Monthly Insurance Cost

Average Monthly Fuel Cost

Total Monthly Cost

Car #1

Used 2008 Dodge Ram 1500 SLT

$165.93 $155 $106.20 $91.732

$518.862

Car #2

Used 2011 Ford Ranger XL

$66.18 $157 $104.70 $87.21 $415.09

Car #3

Used 2005 Chevy Silverado 1500 LS

$127.30 $128 $98.55 $87.21 $441.06

•My perfect car is the 2011 Ford Ranger XL!•Meets all my needs!• Already has AC in it• I can just paint it red or install a GPS myself• Fits in my auto budget!

Final Choice!