CHOICE ONE: THE TRUE COST OF OWNERSHIP

For this lesson’s assignment, you will select one of the activities below to complete and submit to your instructor. Read through each option before making your selection. Both options require Internet research. Reach out to your instructor if you have questions on appropriate sites for your research.

CHOICE ONE: THE TRUE COST OF OWNERSHIP
Instructions:
How much value do you lose on the purchase of a new automobile? Is the amount the same for every car?

Select a new car to research. Locate reliable resources to assist you in finding out how much money you can lose in a five-year cycle.
Open The True Cost of Ownership .docword documentor .rtf.
Calculate the costs for each year of the first five years of ownership in the following categories:
Depreciation
Insurance
Taxes/Fees
Fuel
Maintenance
Place the information in your document.
Calculate the same information on the same make of car but on one that is two years older, and place that information in your document.
Answer the following questions based on your research and the information in the chart:
How much does it cost per mile to drive the car? (Use an annual mileage of 15,000 miles.)
How much could you save by buying the two-years-older model?
What is your savings expressed in percentage for each category?
In which categories do you see the biggest loss?
Why is there not much change in the other categories? What does that tell you about the older model?
Choice 1 Rubric

The True Cost of Ownership Rubric
Excellent Good Needs Improvement Poor
Content
35-40 points
The work contains allthe required elements:

calculated cost of ownership for a new car
calculated cost of ownership for a two-year-old car
responses to questions posed after research is completed
29-34 points
The work contains mostof the required elements:

calculated cost of ownership for a new car
calculated cost of ownership for a two-year-old car
responses to questions posed after research is completed
20-28 points
The work contains some of the required elements:

calculated cost of ownership for a new car
calculated cost of ownership for a two-year-old car
responses to questions posed after research is completed
0-19 points
The work contains few or none of the required elements:

calculated cost of ownership for a new car
calculated cost of ownership for a two-year-old car
responses to questions posed after research is completed
Quality 35-40 points
The True Cost of Ownership document chart and responses to questions are completeand on topic. Responses are thoughtfully prepared, provide insight, and completely apply the principles discussed in the lesson. 29-34 points
The True Cost of Ownership document chart and responses to questions are mostly complete and on topic. Responses are somewhat thoughtfully prepared, provide some insight, and mostly apply the principles discussed in the lesson. 20-28 points
The True Cost of Ownership document chart and responses to questions are somewhat complete and/or strays from the topic. Responses lack appropriate amount of thought, have limited insight, and somewhat apply the principles discussed in the lesson. 0-19 points
The True Cost of Ownership document chart and responses to questions are incomplete and/or strays from the topic. Responses lack thought, have limited insight, and inadequately apply the principles discussed in the lesson.
21st century presentation skills 17-20 points
The work is wellorganized, easy to read and comprehend. It has few spelling or grammar errors. 14-16 points
The work is mostlyorganized, easy to read and comprehend. It has few spelling or grammar errors. 10-13 points
The work is somewhatorganized, easy to read and comprehend. It has somespelling or grammar errors. 0-9 points
The work lacksorganization, ease of reading and comprehension. It has many spelling or grammar errors.
CHOICE TWO: DRIVE FREE
Instructions:
Carefully consider the message of the “Drive Free, Retire Rich” video.
Open the Used Car Log .docword documentor .rtf.
Either shop around at car lots in your area or look at online or newspaper ads to find a great car that you would like to buy. Look for a car that is two to three years old. Be reasonable with your expectations—you do not need a Porsche!
Write the cost of the car you find in the blank marked “goal” at the top of the used car log. Then, figure out how much you need to save per month for the next 20 months to reach that goal.
Since you need something to drive between now and then, find two other cars you could buy in the meantime. Start with a car around $1,500.
Then, find a car in the mid-range between the $1,500 car and the one you are ultimately working toward.
Assume you would buy the second car after about 10 months of saving.
Fill in the required information for all three of these cars on the used car log.
Remember, the money used to buy the first two cars is not “lost.” You will sell the current car before buying a newer one, so you will apply the proceeds from that sale toward the purchase of the next car. For the purposes of this activity, and because you will have owned the first two cars for less than a year before selling them, you can assume you will sell them for the amount you paid for them.
Using the information on the used car log, create a timeline of the entire 20 months. You can create this digitally using a graphic program, or you can create on a poster board and take a picture to send to your instructor.
On the timeline, include the following for each car purchase:
Purchase date
Picture of the car
Purchase price
Number of months required for savings
Choice 2 Rubric

Drive Free Rubric
Excellent Good Needs Improvement Poor
Content
35-40 points
The work contains allthe required elements:

timeline poster or graphic timeline with
purchase date
image of car
purchase price
number of months of savings required
29-34 points
The work contains mostof the required elements:

timeline poster or graphic timeline with
purchase date
image of car
purchase price
number of months of savings required
20-28 points
The work contains some of the required elements:

timeline poster or graphic timeline with
purchase date
image of car
purchase price
number of months of savings required
0-19 points
The work contains few or none of the required elements:

timeline poster or graphic timeline with
purchase date
image of car
purchase price
number of months of savings required
Quality 35-40 points
Timeline is completeand on topic. Representations are thoughtfully prepared, provide insight, and completely apply the principles discussed in the lesson. 29-34 points
Timeline is mostly complete and on topic. Representations are somewhat thoughtfully prepared, provide some insight, and mostly apply the principles discussed in the lesson. 20-28 points
Timeline is somewhatcomplete and/or strays from the topic. Representations lack appropriate amount of thought, have limited insight, and somewhat apply the principles discussed in the lesson. 0-19 points
Timeline is incompleteand/or strays from the topic. Representations lack thought, have limited insight, and inadequately apply the principles discussed in the lesson.
21st century presentation skills 17-20 points
The work is wellorganized, easy to read and comprehend. It has few spelling or grammar errors. 14-16 points
The work is mostlyorganized, easy to read and comprehend. It has few spelling or grammar errors. 10-13 points
The work is somewhatorganized, easy to read and comprehend. It has somespelling or grammar errors. 0-9 points
The work lacksorganization, ease of reading and comprehension. It has many spelling or grammar errors.

 

 

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