Financial Literacy 20, 30

(a)	Identify the costs ofowning and operating a vehicle.
(b)	Discuss the advantages and disadvantages of buying versus leasing a vehicle.
(c)	Calculate the costs of buying versus leasing using lease calculation and owner’s calculation formulas.
(d)	Determine an individual’s ability to afford a vehicle using strategies or guidelines such as the 20-10 rule and total loan cost.
(e)	Discuss the consequences of relying primarily on the monthly payment amount to determine affordability of a vehicle loan.
(f)	Explore finance options for vehicle loans and leasing vehicles from a variety of providers (e.g., car dealership and bank).
(g)	Compare the advantage and disadvantages of buying or leasing a new andused vehicle.
(h)	Investigate where and how (e.g., through dealerships, privately and online) vehicles might be purchased.
(i)	Discuss the role of a down payment in financing a vehicle purchase or lease.
(j)	Investigate the process of trading in a vehicle to purchase another.
(k)	Research how vehicles depreciate and ways to help a vehicle hold value.
(l)	Define the concept of negative equity and discuss situations (e.g., accident and length of ownership) that may result in negative equity on a vehicle loan.
(m)	Explore the consequences of trading in a vehicle with negative equity to purchase another, and doing so too frequently.
(n)	Research and compare insurance and warranty options for vehicles.
(o)	Discuss the repercussions of financing a vehicle on access to credit for future purchases.
(p)	Apply decision-making strategies or approaches to a variety of scenarios that include the option to purchase or lease a new or used vehicle.

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