Pricing Used Cars
A car dealer wants a reference price before negotiating the purchase of a used car. Using available data on posted prices and car characteristics (year of production, kilometers shown on the odometer, horsepower, etc...), the aim is to help this car dealer by means of a multiple regression model. Several reasonable models are possible, each providing insights into the relevance of the different factors. The price estimates for the different models are similar, which is reassuring because the different models provide a similar answer.
Collection: IESE (España)
Ref: AD-280-E
Format: PDF
Number of pages: 3
Publication Date: Jun 28, 2002
Language: English
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Description
A car dealer wants a reference price before negotiating the purchase of a used car. Using available data on posted prices and car characteristics (year of production, kilometers shown on the odometer, horsepower, etc...), the aim is to help this car dealer by means of a multiple regression model. Several reasonable models are possible, each providing insights into the relevance of the different factors. The price estimates for the different models are similar, which is reassuring because the different models provide a similar answer.
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Year: 2002
Geographic Setting: España
Learning Objective
To review the methodology to build multiple regression models.
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