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Used Cars - What main factor that affects the price of a second hand car

Extracts from this document...

Introduction

Aim To investigate what is the main factor that affects the price of a second car. Hypothesis A number of factors such as age, mileage and engine size all affect the second hand price of car but the factor that I feel affects the price most is mileage the car has done. I believe this to be true because as a car travels more and more miles the engine and the other parts of the car have lot of strain put on them and so begin to wear, which then makes the car less and less reliable. Therefore this is apparent in the second price of the car. The price spread of the small sized cars will be the smallest. This is because the engine size range of the car small sized cars is quite small and as the small sized cars to not depreciate fast. The large sized car will have the largest price spread, as the engine size range is the biggest and also because luxury cars that are quite expensive tend to have large engines sizes. That is why the price of the large sized cars will be greatest. Small sized cars depreciate a lot slower in price than large engine sized cars. I believe this because small sized cars have a fairly low price any way and so the price of those cars won't drop as dramatically as others. Also small sized cars have a bigger demand than large cars as large cars are more expensive to maintain and run. Introduction In this investigation I will collect information on a sample of cars from a used car database and then present this data many ways such as scatter graphs and cumulative frequency graphs. I will do this to find out what is the main factor that factors the second hand price of a car. Factors that can affect the second hand price of a car are as follows: Age A car that is five years old will cost less ...read more.

Middle

Also the scatter graph suggest that where the mileage is fairly small the value of the fall in price of car is quite steep, but the mile age gets higher the point of data start to be even more spread and varied showing that the fall in price slows. From looking at the mean point on the scatter graph it can be seen that it is right next to the line of best, where also most of the points of data is situated. This means that the line of best is precise and reliable. Also as I have mentioned in the analysis of scatter graph 1, the line of best fit can be used to estimate the value of other cars. Scatter graph 3 Scatter graph 3 on page 9 shows that thee is negative correlation between the second hand price and age on a car, which means that as the car ages the value of the car begins to fall. The line of best fit shows that there is a similar trend towards the price in this scatter graph as well as scatter graph 2. the scatter graph shows there are some with the same age that have different second hand values, which would mean that there are also other factors acting upon the value of the cars. From looking at the scatter graph it can be seen that the more newer a car is the higher it's price is, but there are also some outliers on the scatter graph which still hold their value with age. This would suggest that these cars are more prestigious upmarket cars such as a Bentley or a limited edition car where as they age the value becomes higher due to their rarity. The mean point that I also plotted on the scatter graph shows the line of best fits is accurate as the mean point is next to it. ...read more.

Conclusion

Mileage and age came out to have very similar affects of price but still age was found to be just that bit more important to price than mileage. Perhaps if I looked at a another sample of cars I will find that mileage has a bigger affect on price than age as I still believe this to so. I have found that my second hypothesis in which I stated that small cars have the smallest spread in price to be true and correct. Through looking at cumulative frequency graphs and box plots for the different sizes of cars I can see that small cars do have a small spread where most of the car prices are concentrated. Where as large cars have very varied price ranging from quite low to high, this is apparent in its box plot it is very big com pared to the other two. In relation to my third hypothesis I can now say that this is also not true as a I have found out that in this sample of cars that I took large cars seem to hold their strongest not depreciate in value as fast as medium or small cars Overall I feel that this investigation has been a great success as I have managed to find the answers I was looking for at the start. I didn't have mush trouble with this investigation, but only that it was fairly confusing to get started as there a lot of data handling to be done. Improvements Improvements that could be made to this investigation are as follows, Using as sample of cars that had even numbers of each size of car. When looking at the cumulative frequency using small intervals to plot the graph as this will help analysing the data. Looking at cars with greater mileages and investigating more factor that could possibly affect the second hand price of a car. ?? ?? ?? ?? Maths Used Cars Coursework Mohammad Abdul Sakib ...read more.

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