Research on factors affecting second-hand car market prices

Abstract

This study uses a multiple linear regression model to analyze the key factors affecting second-hand car prices. Using data exploration and regression analysis, 945 samples spanning the years 2019-2024 were analyzed, and four variables were chosen for further examination. In terms of price, these factors include the impact of mileage, the year the vehicle was manufactured, the brand category, and the color. According to the findings, the most important factors that influence price are the number of miles driven and the year the vehicle was manufactured. Additionally, the category of the brand has a significant impact, while the color has a negligible effect on the price. In addition to assisting customers in making more informed choices, the findings of this study can also provide car dealers with valuable insights regarding pricing strategies and inventory management. The findings of this study also revealed that the market for used automobiles is characterized by a significant circulation and a multitude of factors that have an impact. To further refine the existing model, further research could be conducted to take into consideration additional potential influencing factors.