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What is a better predictor of the cost of a used car: age or

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Alexandra Maidan

on 15 November 2014

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Transcript of What is a better predictor of the cost of a used car: age or

Data
We obtained our information from the internet. We used the following website(s):



Graphs
Relationship between Age and Price of Car
Summaries and Interpretations
Age of Car
Conclusion and Discussion
The mileage of the car does a better job of predicting the response variable. The two explanatory variables were reasonably close to one another. The correlation between the mileage and price of a car was slightly higher than the correlation between the age of the car. For car age, only 51.34% if the data is accounted for, whereas for car mileage 65.14% of the data is accounted for.
What is a better predictor of the cost of a used car: age or number of miles?
Introduction
In our project, we are investigating whether the age of a car or the number of miles the car has been driven is better to predict the average price of a used car. Our two explanatory variables are age of the car and number of miles on the car. The response variable is the average price of a used car. We expect to see a negative relationship.
http://www.carmax.com/search?ANa=4294967020+69&Ep=search%3afindcar%3aused&AZ=95608&ADc=50

http://www.carmax.com/search?ANa=4294963010&D=50&zip=95608&N=4294963045+285+4294963141+4294963181+4294963136&Q=4837b03b-9f69-490f-85f8-5c5cd3a1dbe6&Ep=search:results:results%20page
Relationship between Mileage and Price of Car
Both graphs show a negative correlation between the two variables. They are quite similar to each other.
Mileage of Car
a= 34251
b= -2443.2
y=34251-2443.2x
r= 0.7165
r2= 0.5134
a= 38326
b= 0.2884
y=38326-0.2884x
r= 0.8071
r2= 0.6514
Residual Plots
Full transcript