My Car: A Personalized PlanGrant Yost

Needs and Wants in a Car

NEEDS

Four door Automatic transition Air conditioning Safe Good gas millage Luggage space Defrosters Anti-lock breaks

(If living in Wisconsin) Powered door locks

WANTS

Black or dark blue color Sport wheels 6-disk CD changer Powerful engine Sport car Sun roof/moon roof Heated leather seats

2011 Lexus IS 250

15% of my yearly income is $7,972.02$7,972.02 is equal to $664.34 a monthLeasing this car is only $400/month The leasing transfer fee is $200 dollars (Down payment)Over one year I will only be spending $5000Ill be saving $2,972.02 a year I could be spending towards my budget of transportation.

Gas Costs

Highway : 26 MPG

City : 18 MPG

Average Miles/Year for

20-34 year old male: 17,976

17,976÷12= 1,498

miles/month

(assuming half and half for highway

and city miles)(26+18)÷2= 22 MPG

1,498÷22= 68 Gallons a

month.

68G×$3.88= $264 a month

V6 engine

Maintenance

With the lease vehicle is under factory

warranty.

Already paid for.

Performance and Safety records

PERFORMANCE

The IS 250 is swiftly propelled by a 2.5-liter V6, providing 204 horsepower

SAFETY

Anti-lock Braking System All IS models are built with side-

impact door beams to help protect occupants during side collisions. In addition, the front and rear of the vehicle are engineered to crumple at a controlled rate to help absorb energy and manage the impact forces on the driver and passengers.

Special features

Sporty black rims Bluetooth phone

technology Touch screen deck Heated seats Sunroof Pioneer audio speakers 6-disk changer

New or Used (lease)

NEW Recently many people have

considered new cars much safer than older ones as brand new vehicles are provided with more contemporary safety features.

USED If you buy a new car, sat at the

wheel, driven off and immediately your car changes its status from “brand new” to “second hand”. This means that its price becomes lower immediately after you have purchased it. Within 3 years an absolutely new car loses around 40% of its value. This is an average indicator & some cars can keep their starting value within rather a long period of time. In most cases a person selling you a used car looses much more that you who is buying it.

LeasingWhen you lease, you pay only a portion of a vehicle's cost, which is the part that you "use up" during the time you're driving it.In my opinion leasing is a better option especially when your only planning on having the car for a certain amount of time.

My expenses available Lexus Available $ of my 15% income saved

7,972.02 15% / yr $5000/year $2972.02 / year

$664.34 15% / month $400/month $264.34 / month

Insurance Rates

COSTS

Pay in Full $662.98 (for 6 months)

Pay monthly $156.00

I would pay in full because that way I would save $116.99 instead of paying monthly

TYPES OF INSURANCE

Coverage's Medical Payments Uninsured Motorist Bodily injury Underinsured Motorist Bodily

Injury Rental loss damage waiver Accidental Death Coverage

Your vehicle coverage Comprehensive Collision Security Advantage Extended Transportation New car replacement Personal Effects

Costs for insuranceCoverage Included Costs

Medical payments $10,000 22.66

Uninsured motorist bodily Injury

$100,000 to $300,000 8.72

Underinsured Motorist Bodily Injury

$100,000 to $300,000 7.27

Rental loss damage waiver

No Coverage 0.00

Accidental Death Coverage

No Coverage 0.00

Comprehensive $500 Deductible 135.65

Collision $500 Deductible 316.94

Security Advantage $75 Included

Extended Transportation

$30/day/$900 Max Included

New car replacement No Coverage 0.00

Personal Effects No Coverage 0.00

Total = $662.98/ 6 monthsOr $156.00 a month

Fair Price

http://www.kbb.com/new-cars/lexus/is/2011/pricing-report?id=353580&r=636419296095342976

Dealer add-ons

All wants in I listed previously are included with this 2011 Lexus IS 250.

After 2 years I would most likely get new tires.

Is this a good option?

For this assignment leasing the car is the best option. Because in this project we don’t take into consideration of how much we will sell it for.

All costs for the car including gas, insurance, new tires, and the transaction fee still has me below 8,000 dollars a year