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Statistical Analysis Project Part A Quiz
I appreciate your decision to buy a car to ease your commute to work and the thought of purchasing used car is a good choice.
As you requested my opinion about the used cars, I carried out a statistical analysis using a sample data of used Mitsubishi Lancer cars in Queensland. A random sample of 121 used car details were obtained covering a period between 2000 and 2017. I have restricted my focus to only two- and three-year-old cars in the time period of 2014 and 2015 with 24 and 15 samples respectively. The sample consisted of used cars which are both white- and non-white-colored vehicles, with manual and automatic transmission and sold by a dealer or private owner. As this is a random sample of prices of the used Mitsubishi Lancer model, it is a representative of the overall population of this model.
For a two-year old used car, the minimum amount spent for purchase in Queensland was $10,990 and the maximum amount spent was $27,990. The average price of the vehicles was around $16,665. It is estimated price of a three year old used car would be around $17,000. For a two-year old used car, the minimum purchase price was $12,800 and the maximum price was approximately $30,000 which is evident from the quartile calculations. This is also reflected in the quartile function. The average price of these cars was $17,531. The estimated price of a two-year old used car would be around $17,199.
I also observed several patterns in the prices of used Mitsubishi Lancer. Based on the odometer readings, vehicles operated for higher kilometers were priced low and vice versa. For instance, in the three-year old cars, vehicle with highest odometer reading of 125,80 kms was given the lowest price at $10,990 and a reading 15,830 kms was priced at $27,250. Despite this, I observed that prices are not solely dependent on this factor alone. The frequency of purchase and its prices showed that both white and non-white colors were equally preferred. However, most of the vehicles were sold through dealers. The automatic transmission models were highly sold and the buyers seemed to be willing to pay higher prices as reported in the sample data. A similar scenario is also observed for the two-year old cars. Also, the prices of three-year old used cars were slightly lower than the two-year old cars.