Grade 9-12
,
Activity
What Car Should I Buy Activity
Objective
Students will be able to:
- Evaluate their options when buying a car.
Standard
National Standards in Economics
Decision Making
Standard: 2
- Students will understand that: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices "are all or nothing" decisions.
- Students will be able to use this knowledge to: Make effective decisions as consumers, producers, savers, investors, and citizens.
National Standards in Financial Literacy
Spending
Standard: 2
- Students will understand that: A budget is a plan for allocating a person’s spendable income to necessary and desired goods and services. When there is sufficient money in their budget, people may decide to give money to others, save, or invest to achieve future goals. People can often improve their financial wellbeing by making well-informed spending decisions, which includes critical evaluation of price, quality, product information, and method of payment. Individual spending decisions may be influenced by financial constraints, personal preferences, unique needs, peers, and advertising.
In this personal finance activity, students will compare the costs and benefits of new vs used cars.
Resources
Procedure
This is an individual activity where students will examine the costs and benefits of buying a new car versus buying a used car. To complete this activity, students need to follow the directions below:
- Watch the video What’s the Cost of Buying a New Car vs a Used Car?
- Use either the Quizizz activity or ReadyAssessments Activity to determine the costs and benefits of both options.
- After completing the review, write a brief paragraph explaining which car (new or used) you would prefer to purchase and why.