Comparative analysis of data classification methods for prediction of trade-in auto prices

Abstract

In the presented article, machine learning algorithms are used to predict the price of cars. Forecasting the price of cars is one of the most important issues in modern times, because the number of car users is increasing year by year worldwide. Therefore, it may be interesting for many car owners to know the approximate price of cars in advance. The vehicle’s build date, mileage, size and other parameters are essential data for the machine learning process. Based on these parameters, the data needed to predict the price of any car was classified and a training dataset was created. Based on this data set, some interesting predictions were made. The purpose of the article is to consider the pre-processing of data, to determine and analyze what achievements the direction of artificial intelligence has achieved on the basis of predicting the price of cars. Hybrid forecasting methods using statistical analysis and machine learning methods were used in the research.