Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)

Business Analytics for Used Car Price Prediction with Statistical Models

Authors
Yufei Chen1, , Chenle Li2, , Minglu Xu3, *,
1College of liberal arts, Xi’an University, Xi’an, Shaanxi, 710075, China,2198971840@qq.com
2Art & Science, University of Toronto, Nanjing, Jiangsu, 210000, China,joanne.lichenle@gmail.com
3School of business, Macao university of science and technology, Xu Zhou, Jiang Su, 221000, China,1176789750@qq.com

These authors contributed equally

*Corresponding author. Email: guanghua.ren@gecacademy.cn
Corresponding Author
Minglu Xu
Available Online 15 December 2021.
DOI
10.2991/assehr.k.211209.090How to use a DOI?
Keywords
Car Price Prediction; Model; Statistics; Business Analytics; Clustering
Abstract

With the development of the used car market, the demand for a more accurate and scientific price prediction model of used cars becomes urgent. This paper uses multiple linear regression, decision tree and random forest to build up the automobile price forecasting model. We use means to cluster cars and find out that some factors like power, kilometers, gearbox have an influence on the price. According to the analysis, we find out that random forest has the best prediction performance, make sure R2 reaches 0.92 will be enough.

Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
Series
Advances in Economics, Business and Management Research
Publication Date
15 December 2021
ISBN
978-94-6239-483-4
ISSN
2352-5428
DOI
10.2991/assehr.k.211209.090How to use a DOI?
Copyright
© 2021 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Yufei Chen
AU  - Chenle Li
AU  - Minglu Xu
PY  - 2021
DA  - 2021/12/15
TI  - Business Analytics for Used Car Price Prediction with Statistical Models
BT  - Proceedings of the 2021 3rd International Conference on Economic Management and Cultural Industry (ICEMCI 2021)
PB  - Atlantis Press
SP  - 542
EP  - 547
SN  - 2352-5428
UR  - https://doi.org/10.2991/assehr.k.211209.090
DO  - 10.2991/assehr.k.211209.090
ID  - Chen2021
ER  -