Version 1
: Received: 9 November 2019 / Approved: 10 November 2019 / Online: 10 November 2019 (16:46:47 CET)
How to cite:
Agokei, C.G.; Afa, B.J. Statistical Analysis and Forecasting of Price and Mileage Correlation for Second-hand Cars in Australia. Preprints2019, 2019110119. https://doi.org/10.20944/preprints201911.0119.v1
Agokei, C.G.; Afa, B.J. Statistical Analysis and Forecasting of Price and Mileage Correlation for Second-hand Cars in Australia. Preprints 2019, 2019110119. https://doi.org/10.20944/preprints201911.0119.v1
Agokei, C.G.; Afa, B.J. Statistical Analysis and Forecasting of Price and Mileage Correlation for Second-hand Cars in Australia. Preprints2019, 2019110119. https://doi.org/10.20944/preprints201911.0119.v1
APA Style
Agokei, C.G., & Afa, B.J. (2019). Statistical Analysis and Forecasting of Price and Mileage Correlation for Second-hand Cars in Australia. Preprints. https://doi.org/10.20944/preprints201911.0119.v1
Chicago/Turabian Style
Agokei, C.G. and Bomonyo J. Afa. 2019 "Statistical Analysis and Forecasting of Price and Mileage Correlation for Second-hand Cars in Australia" Preprints. https://doi.org/10.20944/preprints201911.0119.v1
Abstract
In developed countries, especially the big-sized ones like Australia and the USA, a car is almost an inevitable necessity to carry out daily activities. Due to this, used cars have become a great alternative to brand new cars because of their cost effectiveness. In this work, estimation of prices of used cars based on numerous factors is studied statistically. Data is based on prices of used cars sold across Australia. Statistical methods like correlation and permutation tests using linear regression model, exact tests and non-parametric bootstrapping is implemented to study the relationship of price with mileage and year of manufacture of the car using p-values and null hypothesis. Predictions are also made on the price by calculating a 95% confidence interval (CI) of median prices in small portions of the dataset. The study presents potential ideas for understanding correlation between variables and parameters in business studies.
Business, Economics and Management, Econometrics and Statistics
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
