Car Resale Value Prediction Using Applied Data Science

DOI

No DOI

Published In

Volume 4, Issue 2 (2023)

Published Online

March-April 2023

Pages

364-369

Article Type

Research Article

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Abstract: In a difficult economic environment, it is possible that used and imported pre- owned (reconditioned) cars will sell more. In many developed countries, leasing a car is more common than outright purchase. The buyer will have the option of buying the vehicle for its residual value or expected resale value when the lease term is up. Therefore, from a business perspective, it is in the best interest of sellers and financiers to be able to forecast the salvage value (residual value) of vehicles. We suggested a system that forecasts the resale worth of the car using regression algorithms, making it intelligent, flexible, and effective. It is necessary to build a regression model that takes into consideration the main factors that might affect a vehicle's resale value.