Test Drive

Test Drive

Who Am I?Name: Martha

Harold76-year-old womanSavings: $15,000Monthly Auto

Budget: $400Drive 30 miles a

week

Car #1

1997 BMW 318i $4,722

Convertible

5-speed manual transmission

Has been driven for 139,560 miles

Reminds me of back in the day

Car #2

1998 Ford Mustang Base $2,999

Convertible

Automatic transmission

Miles have not been driven yet

Reminds me of back in the day

Car #3

2007 Honda Accord $11,997

Coupe

5-speed automatic transmission

Has been driven for 49,840 miles

Makes me feel more youthful

Car #4

2008 Volkswagen GTI $13,995

Coupe

6-speed automatic transmission

Has been driven for 44,894 miles

Makes me feel more youthful

Financing – Car #1

CarLoan

CompanyLoan

Amount

Yearly Intere

st Rate

Monthly

Interest Rate

Length of Loan (in months)

Monthly Loan

Payment

Car #1: 1997 BMW 318i

Loan Company #1: Pentagon Federal Credit Union

$2,361 1.49% ≈0.12% 36 $67.10

Loan Company #2: myAutoloan.com

$2,361 1.65% ≈0.14% 36 $67.26

Loan Company #3: Wells Fargo Bank

$2,361 6.74% ≈0.56% 36 $72.62

Loan Company #4: U.S. Bank

$2,361 2.83% ≈0.24% 36 $68.48

Loan Company #5: Bank of America, N.A.

$2,361 2.79% ≈0.23% 36 $68.44

Financing – Car #2

CarLoan

CompanyLoan

Amount

Yearly Intere

st Rate

Monthly

Interest Rate

Length of Loan (in months)

Monthly Loan

Payment

Car #2: 1998 Ford Mustang Base

Loan Company #1: Pentagon Federal Credit Union

$1,499.50

1.49% ≈0.12% 36 $42.62

Loan Company #2: myAutoloan.com

$1,499.50 1.65% ≈0.14% 36 $42.72

Loan Company #3: Wells Fargo Bank

$1,499.50 6.74% ≈0.56% 36 $46.12

Loan Company #4: U.S. Bank

$1,499.50 2.83% ≈0.24% 36 $43.50

Loan Company #5: Bank of America, N.A.

$1,499.50 2.79% ≈0.23% 36 $43.47

Financing – Car #3

CarLoan

CompanyLoan

Amount

Yearly Intere

st Rate

Monthly

Interest Rate

Length of Loan (in months)

Monthly Loan

Payment

Car #3: 2007 Honda Accord

Loan Company #1: Pentagon Federal Credit Union

$5,998.50

1.49% ≈0.12% 36 $170.46

Loan Company #2: myAutoloan.com

$5,998.50 1.65% ≈0.14% 36 $170.90

Loan Company #3: Wells Fargo Bank

$5,998.50 6.74% ≈0.56% 36 $184.50

Loan Company #4: U.S. Bank

$5,998.50 2.83% ≈0.24% 36 $173.99

Loan Company #5: Bank of America, N.A.

$5,998.50 2.79% ≈0.23% 36 $173.89

Financing – Car #4

CarLoan

CompanyLoan

Amount

Yearly Intere

st Rate

Monthly

Interest Rate

Length of Loan (in months)

Monthly Loan

Payment

Car #4: 2008 Volkswagen GTI

Loan Company #1: Pentagon Federal Credit Union

$6,997.50

1.49% ≈0.12% 36 $198.97

Loan Company #2: myAutoloan.com

$6,997.50 1.65% ≈0.14% 36 $199.36

Loan Company #3: Wells Fargo Bank

$6,997.50 6.74% ≈0.56% 36 $215.23

Loan Company #4: U.S. Bank

$6,997.50 2.83% ≈0.24% 36 $202.97

Loan Company #5: Bank of America, N.A.

$6,997.50 2.79% ≈0.23% 36 $202.85

Insurance (pt. 1)1997 BMW 318i

1) 21st Century Down: $107.07 Monthly: $85.65

2) Progressive In Full: $272 Monthly: $49.68

3) GEICO Monthly: $87.99 Premium: $497.90

1998 Ford Mustang Base1) 21st Century

Down: $103.75 Monthly: $82.83

2) Progressive In Full: $337 Monthly: $61.52

3) GEICO Monthly: $52.35 Premium: $284.10

Insurance (pt. 1)2007 Honda

Accord1) 21st Century

Down: $115.34 Monthly: $92.28

2) Progressive In Full: $641 Monthly: $115.86

3) GEICO Monthly: $59.29 Premium: $325.70

2008 Volkswagen GTI1) 21st Century

Down: $141.50 Monthly: $113.20

2) Progressive In Full: $715 Monthly: $128.53

3) GEICO Monthly: $50.14 Premium: $270.80

MPG

1997 BMW 318i = Blue1998 Ford Mustang Base = Purple2007 Honda Accord = Black2008 Volkswagen GTI = Green

Final Comparison

Car NameMonthly

Maintenance Costs

Monthly Loan

Payment

Monthly Insurance Cost

Average Monthly Fuel Cost

Total Monthly

Cost

1997 BMW 318i $200 $67.10 $87.99 $14.91 $370

1998 Ford Mustang Base

$510 $42.62 $82.83 $20.34 $655.79

2007 Honda Accord

$33.92 $170.46 $115.86 $16.27 $336.51

2008 Volkswagen GTI

$50 $198.87 $128.53 $17.62 $395.02

Final Selection

1997 BMW 318i