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Car Prices Coursework

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Introduction

Car Prices Coursework

In the near future I am going to be looking to buy car to get around in either when I leave school or when I am in the Sixth form.  I am a bit confused about how car prices work and if they go down more due to their age or to the amount of mileage there is on the clock or any other reasons.  I have set myself the task of investigating car prices.

My Hypothesis’ are:

  1. The higher the mileage the cheaper the car.
  2. The older the car the cheaper it is.
  3. The car model effects the price a lot.

I considered where I should take the data from. I thought a bit and I was dicing between doing primary or secondary sampling, finally I choose to use secondary data because I felt that if I had chose to do primary sampling I could have run into unforeseeable problems in the future.

The next thing I had to decide was where I was going to take my data from. I first instinct was to take it from the local newspaper in the car adverts section, but then I thought that might be a little biased or wrong because I am only taking the data from one region and the same car might cost more in a different region.

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Middle

I decided to use the formula Spearman’s Coefficient of Rank. This formula is good to show correlation without drawing a graph and is very good as it ranks the data and sorts it.  

I ranked the Data according to the mileage then I ranked the price. I performed the calculation and my end result confirmed my suspicions. The Spearman’s coefficient was -0.275. The closer to zero the answer is the weaker the correlation is. By this answer it shows the correlation is very weak and it seems that the age doesn’t have to do much with the price.

I was very surprised that the mileage didn’t have much to do with the price, I am going to investigate other areas that might tell me what effects the price a lot.

As this Hypothesis has come to the fact that the mileage doesn’t have much of an effect on the price my second Hypothesis might be more helpful.

My second Hypothesis

I am now going to investigate if the age of the car has any effect on the price.

I believe that the cars age will have more effect than the mileage on the price and this investigation will turn out more positive towards my hypothesis.

Again I have started off by doing a scatter graph.

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Conclusion

The same pattern with the mileage also happens. The prices overlap here, or if you look at it another way the mileage overlaps so the graph turns out the way it does and so does the standard deviation. I have marked on the graph where one graph would over lap the one preceding it.  

This same pattern happens with the Mileage. As the graphs for Mileage against Price show, as you go up in lots of 10,000 miles the price varies a lot and the graphs over lap here as well. Again I have marked on the graph where it starts to over lap the one preceding it.  

Evaluation

Now as I have analysed all the data my results seem inconclusive. None of the Standard Deviation and graphs have shown any indication of what affects the price the most. The only thing I can put my finger on after this investigation is that the make of car has the biggest affect. Because many of the Vauxhalls are more expensive that the other makes of cars. Also I if was to carry out this further I would investigate other areas such as the engine size, condition, type and the model of the car. I think these other factors together with the things like mileage age and make all together contribute to the price of the car.  

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