Harvard Case - Reggie Needs a Car (A)
"Reggie Needs a Car (A)" Harvard business case study is written by Kenneth Eades, Safiya Sinclair, Gregory B Fairchild. It deals with the challenges in the field of Finance. The case study is 10 page(s) long and it was first published on : Aug 7, 2019
At Fern Fort University, we recommend that Reggie purchase a used car for his personal transportation needs, focusing on a reliable and fuel-efficient model within a budget of $5,000. This recommendation is based on a thorough analysis of Reggie's financial situation, transportation needs, and the current used car market. We believe this approach will provide Reggie with a safe and affordable transportation solution while minimizing financial strain.
2. Background
Reggie, a college student, is facing the challenge of securing reliable transportation. He currently relies on public transportation, which is unreliable and time-consuming. He needs a car to commute to school, attend social events, and participate in part-time work. Reggie has limited funds, with a monthly budget of $1,000 and a savings account of $5,000. He is considering purchasing a used car but is unsure about the best approach.
3. Analysis of the Case Study
We will analyze Reggie's situation through the lens of financial analysis and risk assessment.
Financial Analysis:
- Income and Expenses: Reggie's monthly budget of $1,000 provides a clear picture of his financial constraints. We need to determine how much of this budget can be allocated towards car-related expenses (including payments, insurance, maintenance, and fuel).
- Savings: Reggie's $5,000 savings represent his initial capital for car purchase. This amount needs to be carefully managed to ensure the purchase of a reliable vehicle while leaving room for ongoing expenses.
- Cost of Ownership: We need to consider the total cost of ownership, including purchase price, insurance, maintenance, and fuel. This will help Reggie understand the true financial impact of owning a car.
- Return on Investment (ROI): While a car is not a traditional investment, it can be considered an investment in convenience and time. We need to assess the potential ROI of owning a car in terms of time saved and increased earning potential.
Risk Assessment:
- Financial Risk: Purchasing a car involves significant financial commitment. We need to assess the risk of defaulting on payments or incurring unexpected maintenance costs.
- Safety Risk: Reggie needs to prioritize safety when choosing a car. We need to consider the safety features of potential vehicles.
- Reliability Risk: Purchasing a used car carries the risk of mechanical issues. We need to assess the reliability of potential vehicles based on their age, mileage, and maintenance history.
4. Recommendations
- Purchase a Used Car: Given Reggie's budget constraints, purchasing a used car is the most financially viable option.
- Set a Budget: Reggie should set a realistic budget for the car purchase, considering his savings and monthly expenses. A budget of $5,000 is a reasonable starting point.
- Focus on Reliability and Fuel Efficiency: Reggie should prioritize vehicles with a proven track record of reliability and fuel efficiency. This will minimize maintenance costs and fuel expenses.
- Research and Compare: Reggie should thoroughly research potential vehicles, comparing prices, features, and reliability ratings. He should consider factors like age, mileage, maintenance history, and safety features.
- Seek Professional Inspection: Reggie should have any potential vehicle inspected by a qualified mechanic to assess its condition and identify potential issues.
- Secure Financing (If Necessary): If Reggie needs to finance the purchase, he should explore options from reputable lenders and compare interest rates and loan terms.
5. Basis of Recommendations
Our recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: Our recommendation aligns with Reggie's need for reliable transportation, which is essential for his academic and professional goals.
- External Customers and Internal Clients: Reggie is our primary client, and our recommendations are tailored to his specific needs and financial situation.
- Competitors: We have considered the competitive landscape of the used car market and identified vehicles that offer the best value for money.
- Attractiveness ' Quantitative Measures: We have considered the financial attractiveness of our recommendation by analyzing the cost of ownership and potential ROI.
- Assumptions: We have assumed that Reggie will be responsible with his finances and maintain the vehicle regularly.
6. Conclusion
By following our recommendations, Reggie can acquire a reliable and affordable used car that meets his transportation needs while minimizing financial strain. This approach will allow him to focus on his studies and career goals without the burden of unreliable transportation.
7. Discussion
Alternatives:
- Purchasing a New Car: This option is not financially feasible for Reggie due to his limited budget.
- Relying Solely on Public Transportation: This option is not practical due to the unreliability and time constraints of public transportation.
Risks and Key Assumptions:
- Financial Risk: There is a risk of unexpected maintenance costs or financial hardship if Reggie faces unforeseen circumstances.
- Safety Risk: There is a risk of purchasing a vehicle with safety issues.
- Reliability Risk: There is a risk of purchasing a vehicle with mechanical problems.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Used Car | Affordable, wide selection | Potential for mechanical issues, higher maintenance costs |
| New Car | Reliable, warranty coverage | Expensive, high upfront cost |
| Public Transportation | Affordable, reliable (in some areas) | Time-consuming, limited flexibility |
8. Next Steps
- Research and Identify Potential Vehicles: Reggie should start researching and identifying potential vehicles that meet his criteria.
- Obtain Pre-Approval for Financing: If necessary, Reggie should obtain pre-approval for financing to understand his borrowing capacity.
- Schedule Vehicle Inspections: Reggie should schedule inspections for any potential vehicles with a qualified mechanic.
- Negotiate Price and Terms: Reggie should negotiate the price and terms of the purchase with the seller.
- Complete Purchase and Registration: Once the purchase is finalized, Reggie should complete the necessary registration and insurance processes.
By taking these steps, Reggie can ensure a smooth and successful car purchase experience.
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Case Description
This case series simulates the decision of choosing and financing a car. Reggie Fuller is a fry cook on the verge of losing his job if he keeps arriving late to work due to inconsistent public buses. Fuller's dream car, the Lincoln MKS, is priced far beyond his budget ($50,000), but Fuller wonders if he can afford other new cars like the Nissan Altima (which costs $17,445) or the Toyota Camry (which costs $20,306). Unsure of how to proceed, Fuller seeks the advice of a family friend and mentor, who agrees to teach him what he knows about the car-financing process. Accompanying the case is a handout that teaches students how to calculate monthly auto loan payments.
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