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Investigate what influences the price of a second hand car

Extracts from this document...

Introduction

Marcus Wright

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Aim

Use the information to investigate what influences the price of a second hand car.

Introduction

I’m going to find out what it is that affects the price of a second hand car.

Hypothesis

I think that the main factors in the drop of car prices are the age and mileage; this is because they give us a good indication as to what the cars price and other information could be.

Plan

I am going to prove this by making scatter graphs which compare the age and mileage with the second hand price. I have decided to only use 3 car makes, this is because there is 100 different cars with lots of irrelevant information. Therefore I will use Ford, Vauxhall and Rover because these are the most popular makes in the database.

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Middle

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As I was creating these graphs I realised that I would have more accurate results if I found the % depreciation and used this to compare with the age and mileage instead of the second hand price.

I found the % Depreciation by finding the new price and dividing it with the second hand price, then dividing this by the new price, and finally multiplying this by 100.

Price when new – Second hand price = Price difference

Price difference            = % Price depreciation

Price when new

I used Microsoft Excel, so this formula looked like this: -

=SUM(cell number/cell number)*100

The cell number is the cell on the spreadsheet where the prices when new and the second hand prices are for the cars used.

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Conclusion

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Was I correct?

My prediction was a success; the Fiat Uno’s current price is £1495. This is only a £145 difference from my prediction.

Conclusion

I think there is a strong significant relationship between age and % depreciation, and mileage and % depreciation. Engine size is also a good factor as this helped me with my prediction. I believe all of the other factors are insignificant and show no relationship, so I didn’t need to compare or use them.

Maths Coursework

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