MBF3C - Finance Task
Name : __________
PART A : CHOOSING A VEHICLE
1. What is your dream car? Pick a car to research for this assignment. (1 mark)
2. Conduct research to figure out the maintenance and costs that the car you chose
requires. Make sure to include five elements and explain how much it would cost on an
annual basis. To find these costs you can either look up the dealer website or look at a
secondary resource. You can estimate these costs - they don’t have to be exact.
(/5 marks; 1 mark for each maintenance/cost x 5 elements)
3. Conduct research for car insurance for the car you chose and your age range/driving
experience. Explain if you think this insurance rate is fair.
(/2 marks; 1 mark for giving the insurance rate, 1 mark for reflection on cost)
4. Scenarios for Buying the Car (/6 marks)
For the ‘Used’ column, find a used version of the car you picked and fill out what it will
end up costing you in total (1 mark). Also, include what it comes with and if there is any
prior damage to the car (2 marks). A helpful website to use to find details on used cars is
https://www.autotrader.ca/.
For the ‘New(Loan)’ Column, go to the dealer website of the car and choose a loan.
Describe the details of financing the car including how often are the car payments, how
much the car payments are and how much you will pay over time for the car.
(/3 marks)
*Note, your years may be different between buying used and new - just make sure it is the same
make and model.
Used (https://www.autotrader.ca/)
New (Loan)
Based on the financial factors, which option would you prefer to choose - buying used or new?
Support your answer with the math (/2 marks ; 1 mark for choosing your preference, 1 mark for
justification).
PART B : Reflecting Back
1. Would you still choose this car if you go back and buy a different one? Why or why not?
(2 marks ; 1 mark for choosing/not choosing the vehicle, 1 mark for explaining
why/why not).
2. What factors may change your mind to buy a car when it is used? Please state three
deal-breakers for buying used. (/3 marks ; 1 for each ‘deal-breaker’ x 3).
3. What is your final decision? Will you buy the used vehicle or buy the new one? Why or
why not? (3 marks; 1 mark for your decision, 2 marks for support as to why you made
your choice).