Student Car Loan Project
Car Loan Project
Key Economic Concepts:
Choice
Decision Making
Opportunity Cost
Description:
Each student will buy (hypothetically) a car that will need to be financed. The student will
need to look at different options and decide which will be the best choice for his situation.
The student will need to find an advertisement for a car that he would like to purchase. Each
student will hand in a report that details his findings.
Lesson Objectives:
Students will:
Use economic concepts and mathematical calculations in making hypothetical decisions
about buying and financing a car.
Work with their families in experiencing this real-life application.
Introduction:
Tell the student that they are going to buy a car that will need to be
financed. The students will need to look at different options and
decide which will be the best choice for their situation.
The students will need to find an advertisement for a car that they
would like to purchase. The students will hand in a report that
details their findings.
Resources:
•"Edmunds Car Buying Guide": This web site features both new and used car prices and also
gives (under Tips and Advice) excellent discussion of leasing versus buying, and whether to
trade-in a vehicle or sell it yourself.
www.edmunds.com/
•"Kelley Blue Book; The Trusted Resource": This web site features "blue book" values--that is,
prices you may expect to find when shopping for a used car from a dealer.
www.kbb.com/kb/ki.dll/ke.kb.sp?kbb&&&usedCars;slp
•"Amortization Calculator": Use this form to calculate repayments, for principal and interest,
on a loan taken out for a given time period and interest rate.
www.bankrate.com/brm/amortization-calculator.asp
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