Glencoe Accounting

Chapter 26: Notes Payable and Receivable

Making It Personal True Cost to Own

When you consider purchasing a car, you should take into account other costs of car ownership. These extra costs include insurance, gas, maintenance, repairs, interest on your loan, depreciation, taxes, and fees. At, True Cost to Own you can select the car you are interested in and learn more about the hidden costs of owning that particular car.

Destination Title: True Cost to Own

Guided Activity

Start at the True Cost to Own Web site. Record your answers to these questions separately.

  1. Go to the True Cost to Own Search section. Select "used" and wait for the careen to refresh. Assume you are planning to purchase a used 2002 Ford Mustang 2dr Coupe in the zip code 78757. Select these details in the pull-down menus to calculate the true cost to own. Click Go! What is the true cost to own for the first year?
  2. What amounts make up this total for the first year?
  3. What individual amounts increase as the car gets older?
  4. How might this information impact your decision to buy this car?
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