A Personalized PlanBy: Patrick Collins

Table of ContentsIntroCar ChoicePaymentsFinancingMaintenanceInsurance

IntroductionAs a student and an athlete I do not have time

to work after school. However, during the summer I work full time. With the money I have saved up from this I plan on buying a used car with my parents help. It has to be something safe but sporty and obviously can not be lame.

Car Choice: BMW 325iThe car I chose for purchase is the BMW

325i. This car is a reliable German made sedan with under 120000 miles. It is an automatic with decent gas mileage and 2wd. This car is fast, safe, and looks decent. In short it is the perfect first car.

PaymentsCars cause a person to spend lots of money. A

driver has to pay for many things such as gas, maintenance, insurance, and financing. In order to pay for these things I will have to save money from my job and work out a deal with my parents. For example, if I pay for gas then they will pay for insurance. A way that I could get them on board with this would be to offer them my free time to run chores and drive siblings around.

Financing the CarTo purchase this car, I will be spending my

own money and my parents have decided to meet me half way. The car is selling for $7,500 dollars. If I meet them half way then I will be spending under 4k. This amount of money is reasonable for a high school student and their help keep me from having a financial contract such as a loan.

Maintenance Because this car is reasonably new, the cost

of parts should not be overly expensive, however it is a foreign made vehicle which will up the price. However, BMWs have been known for their reliability and this will help to keep from making expensive purchases. This car comes with many installed features which may need to be repaired at some point.

Insurance Medical-to cover the passengers that I would be transporting Personal injury-to protect myself from any injury during an accident No-fault-to keep myself from not being able to pay for an accident Uninsured Motorist-to keep myself from getting ripped off since another driver doesn’t have

insurance Rental, Towing, and GAP- If something goes wrong with the car I can easily get the car moved to a

shop to get fixed Liability- to help keep me from paying for an accident that may not have been my fault

The insurance would be paid for by my parents. The realize that my safety is important and also that I don’t have that much money, or time to make money so any major payments would be very detrimental.

Bibliography http://usedcars.kbb.com/detail/cars/ob-

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