Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)

Used Car Prices in India: What about Future?

Authors
Xinru Chen1, Shiyu Gu2, *, Ximing Deng3, Lei Huang4
1University of Washington, USA
2University of Sydney Business School, Australia
3Gies College of Business, University of Illinois,Urbana-Champaign, USA
4Department of Physics, University of Washington, USA
1

e-mail: chenxr@uw.edu

4

e-mail: leih3@uw.edu

These authors contributed equally.

Corresponding Author
Shiyu Gu
Available Online 26 March 2022.
DOI
https://doi.org/10.2991/aebmr.k.220307.134How to use a DOI?
Keywords
Machine Learning; Gradient Boosting; Decision Tree; Used Car; Information Asymmetry
Abstract

With the steady increase in the demand for cars and the shrinking supply of the new cars due to chip shortage in the worldwide market, the used car price has risen dramatically in recent years. This paper investigated Used Car prices in India market by applying multiple machine learning models to predict and analyze the typical characteristics of the used car market in India, which is a rapidly developing country that has an ill-informed used vehicle buyer market. Before building models, We checked important statistical attributes of our data, created a new variable called the average_cost_price, converted the unit of price to thousand dollars, visualized the data through different graphs, and dropped several potential outliers to eliminate the effects on the later models. Then, we applied four useful machine learning algorithms, including Linear Regression, Decision Tree Regression, Random Forest Regression and Gradient Boosting Regression, for model buildings and analysis. Based on the performance of our final optimal model, the final optimal Gradient Boosting Model can be used to predict used car prices in India market at the current point. Buyers can then get much more information about used car prices in India, and sellers are hard to hide information in face of our relatively comprehensive model.

Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

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Volume Title
Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
Series
Advances in Economics, Business and Management Research
Publication Date
26 March 2022
ISBN
978-94-6239-554-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.220307.134How to use a DOI?
Copyright
© 2022 The Authors. Published by Atlantis Press International B.V.
Open Access
This is an open access article under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Xinru Chen
AU  - Shiyu Gu
AU  - Ximing Deng
AU  - Lei Huang
PY  - 2022
DA  - 2022/03/26
TI  - Used Car Prices in India: What about Future?
BT  - Proceedings of the 2022 7th International Conference on Financial Innovation and Economic Development (ICFIED 2022)
PB  - Atlantis Press
SP  - 831
EP  - 840
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.220307.134
DO  - https://doi.org/10.2991/aebmr.k.220307.134
ID  - Chen2022
ER  -