Test Drive
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Transcript of 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