Comparison shopping
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  • 1. EPF.10f Demonstrate comparison shopping skillsEPF.11a Compare the costs and benefits of purchasing vs. leasing a vehicle EPF.11f Evaluate discretionary spending decisions
  • 2. Comparison shopping provides information to help consumersobtain the best quality for the best price.
  • 3. What are some of the considerationsto be taken when comparisonshopping? • value • time • convenience • dollar costs • payment options • negotiations of prices and terms • the consequences of conspicuous consumption • opportunity cost • costs and benefits.
  • 4. There are costs and benefits to purchasing a vehicle and costsand benefits to leasing a vehicle.
  • 5. What are the steps in purchasing or leasinga vehicle?1. Consumers should identify several alternative vehicles, including new and used.2. Consumers should gather information and test-drive multiple vehicles.3. Consumers should compare each alternative to the criteria established to determine which vehicles best meet them, keeping in mind that not all criteria are equally important.
  • 6. What are the costs and benefits ofpurchasing vs. leasing a vehicle?Considerations in purchasing or leasing a vehicle may include: performance safety odometer mileage average miles driven annually fuel consumption size appearance price/payment limit insurance costs, taxes, and maintenance options/features warranty depreciation and resale.
  • 7. What are subjective and objective sources ofpurchase and lease information?  Information should include both:  subjective resources  advertisements  sales representatives  consumer reviews  objective resources  statistically based research  published consumer data – ex. Consumer Reports
  • 8. Consumers should weigh costs and benefits to prioritizediscretionary spending decisions.
  • 9. What is discretionary spending? Discretionary spending is spending for goods and services beyond the essentials of food, shelter, and clothing. Discretionary spending allows consumers freedom of choice in what to purchase and how much to spend on such things as education, health care, entertainment, transportation, and communication technology.
  • 10. What tools can consumers use toevaluate discretionary spendingdecisions? Consumers can weigh costs and benefits of alternative spending choices. Consumers can use decision models to clarify choices. Consumers can consider saving as an alternative to current spending.