Car Affordability and Financial Tips Quiz

What was the average new vehicle transaction price in the U.S. as of last month?

• $60,000

• $50,000

• $47,244

• $35,000

What is the average auto loan term mentioned in the video?

• 84 months

• 68 months

• 36 months

• 48 months

What is the average APR for a new car at the best credit score level?

• 5.64%

• 6.5%

• 4.5%

• 3.5%

According to the 20/4/10 rule, what percentage of your gross monthly income should your total transportation costs be?

• 20%

• 15%

• 10%

• 5%

What is the required gross income to afford a new car using the 35% rule?

• $200,000

• $150,000

• $130,000

• $100,000

What percentage of households in America make more than $150,000?

• 10%

• 21%

• 30%

• 40%

What is one benefit of buying an electric vehicle according to the video?

• Higher maintenance costs

• Lower initial purchase price

• No federal tax credit

• Limited inventory

Why might buying a used car be financially beneficial?

• They are harder to find

• They avoid initial depreciation

• They have higher insurance costs

• They depreciate faster

What is a potential downside of owning a luxury car?

• Fewer features

• Limited availability

• Higher maintenance costs

• Lower resale value

What is the main reason for the increase in car insurance rates?

• Lower demand for cars

• Decrease in vehicle prices

• Increase in labor and parts costs

• More insurance companies