Investigating Which Factors Affect the Price of a Used Car
Introduction:
I have been given a database which contains information about one
hundred different used cars. We are investigating what is the most
influential factor when buying a second hand car. The factors which I
will be using are the age and mileage of the cars to see how they
affect the price.
Hypothesis:
Cars which are older and have got more mileage are generally cheaper,
but if I have a vintage (antique) car it will change my graph so it
would skew my data as an outlier. Also some cars will depreciate
quicker than others in their first year.
Plan:
Using the data which has been given to me I will compare age to
mileage on a scatter graph with price. If I did the investigation by
hand I would have chosen a sample of 100 cars of about 20 being picked
at random using every 5th car as a sample and picking where to start
counting at random by putting the numbers lets say the numbers 1-5 in
a hat and pulling one out at random, But however I have been given the
data on excel. By doing the charts on excel I will be able to plot all
the data on the scatter graph and then draw a line of best fit
(trendline) more easily and then compare between age and mileage
because the computer can generate a graph much quicker than if done by
hand. This will show me what sort of correlation the graph has,
whether positive or negative and how strong it is and also become
apparent with the line of best fit. If my investigation goes well, my
hypothesis should be correct and should expect some outliers. On excel
I would eliminate the outlier if I need to get a better line of best
fit. Also I can use specific makes of cars to compare how quickly the
car price decreases. When I have completed the graph containing all
the cars I will draw graphs containing specified data specific to
Above is my original data. In the graph, it can be seen that there are
A person should be able to describe the monthly costs to operate a business, or talk about a marathon pace a runner ran to break a world record, graphs on a coordinate plane enable people to see the data. Graphs relay information about data in a visual way. If a person read almost any newspaper, especially in the business section, they will probably encounter graphs.
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Indexmundi (2013) ‘Historical Data Graphs per Year’ Indexmundi Available from http://www.indexmundi.com/g/g.aspx?c=ei&v=21 [accessed on the 29-3-2014]
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