13 terms

Auto Buying Terms

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invoice price
amount the dealer paid to buy the car from the manufacturer
base price
The price of a vehicle with standard equipment
MSRP
manufacturer's suggested retail price
sticker price
Dealer's initial asking price as found on the sticker in the vehicle window
lemon law
laws that require car manufacturers to replace or buy back a car that cannot be fixed after repeated tries, has multiple major defects, or has defects that kept it out of service for 30 days
make of a vehicle
the company that builds the vehicle - GM, Ford, Toyota
model of a vehicle
style of vehicle made - Corolla, SRX, Equinox, Civic
blue book value
A guidebook that compiles and quotes prices for new and used automobiles and other vehicles of all makes, models and types.
Depreciation
A decrease or loss in value
Vehicle reliability rating
How often the vehicle needs repairing
fuel economy
the relationship between the distance traveled and the amount of fuel consumed by the vehicle
vehicle warranty
number of years or miles certain repairs are guaranteed for a vehicle
vehicle lease
Use of a car for a fixed period of time at a stated payment with no form of ownership included