Purchasing a Used Car
2 years ago
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20 QuestionsShow answers
  • Question 1
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    Q.

    What are good reasons to purchase a used car over a new car? (hint: choose 2 correct answers)

    answer choices

    New cars depreciate faster than used cars

    Insurance is generally cheaper on a used car

    There are typically better financing options on a new car

    You can get more car for your money when buying used

  • Question 2
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    Q.

    A disadvantage of buying a new car is it loses value faster than a used car. This is called

    answer choices

    Capital gain

    Inflation

    Depreciation

    Amortization

  • Question 3
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    Q.

    Which is NOT an expense of owning a car?

    answer choices

    Repairs & maintenance

    Gasoline

    License & registration fees

    Utilities

  • Question 4
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    Q.

    Paying full-price for a car in cash has many benefits. This is a better option for someone who...(hint: choose 3 correct answers)

    answer choices

    Has the money saved up and can afford to pay in full

    Does not have a steady source of income

    Wants to get a great price from a private party

    Wants to build their credit score

  • Question 5
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    Q.

    Financing a vehicle has advantages & disadvantages. Which is a disadvantage?

    answer choices

    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

  • Question 6
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    Q.

    A certified used car is one that...(hint: choose 2 correct answers)

    answer choices

    Has been inspected by the manufacturer

    Can be bought at a lower price than a comparable model

    Has a price that cannot be negotiated

    Often includes an extended warranty

  • Question 7
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    Q.

    What is the purpose of a Carfax?

    answer choices

    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

  • Question 8
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    Q.

    What information is listed in a vehicle's Carfax report? (hint: choose 3 correct answers)

    answer choices

    Ownership history

    Title history

    Repair and maintenance history

    Current loan balance

  • Question 9
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    Q.

    All of the following are advantages of leasing a vehicle EXCEPT

    answer choices

    Your monthly payment is typically cheaper

    Your auto insurance is typically cheaper

    You get a new vehicle more frequently

    Standard maintenance is typically included

  • Question 10
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    Q.

    Financing an auto loan over a longer period of time...(hint: choose 2 correct answers)

    answer choices

    Increases your monthly payment

    Decreases your monthly payment

    Increases the amount you pay in interest

    Decreases the amount you pay in interest

  • Question 11
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    Q.

    In some cases, the used car you are buying may have a lien on it. A lien means

    answer choices

    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

  • Question 12
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    Q.

    It is important to have a used car inspected. How much does a professional inspection cost?

    answer choices

    Approximately $300

    Approximately $200

    Approximately $100

    Approximately $25

  • Question 13
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    Q.

    What is a mobile inspection?

    answer choices

    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

  • Question 14
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    Q.

    When trying to haggle the price of a used car, who should name the first price?

    answer choices

    The salesman

    You

  • Question 15
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    Q.

    It is important to comparison shop when purchasing a car. What does comparison shop mean?

    answer choices

    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

  • Question 16
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    Q.

    What document is often called a "pink slip"?

    answer choices

    Proof of insurance

    The title

    A cashier's check

    Car sales receipt

  • Question 17
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    Q.

    This type of law provides remedy for purchases of cars that fail to meet standards of quality.

    answer choices

    Kelley Blue Book

    Lemon Law

    Edmunds Law

    DOT Law

  • Question 18
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    Q.

    True or False: Buying a new car is always better than buying a used car.

    answer choices

    True

    False

  • Question 19
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    Q.

    Statistically, the average vehicle will have _________ owners in a lifetime.

    answer choices

    10

    6

    3

    1

  • Question 20
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    Q.

    One of the first steps in shopping for a vehicle is to create a(n)

    answer choices

    Budget

    List of wants

    Insurance claim

    Email account

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