Statistics on car prices Essay
For my maths coursework I will be conducting an investigation into statistics - Statistics on car prices Essay introduction. I had a choice for this coursework of both statistics on year 10 to 11 school children, and facts about them and also their likes in terms of sport and subjects at school. I chose not to do this project on that information; instead I chose data on 100 different cars, the reason for this is that I like cars more and may perhaps pursue it as a career. I did not want to do a project on data that I have no interest in.
The 100 different cars have data under the following headings, Car number in order from 1 to 100, the make of the car, the price when new of the car, the current second hand price, the age of the car, the colour of the car, engine size e.g. 2 litres, the type of fuel the car uses e.g. diesel or unleaded, the MPG (miles per gallon) this is roughly how many miles the car can travel at a constant speed on one gallon of fuel, the current mileage of the second hand car, if it has a service history or not, the number of previous owners, the length of the current MOT (road tax) if there is one, the TAX months, its insurance groups (this relates to the prices the owner will have to pay to insure the car, e.g. a high insurance group costs more money to insure), the number of doors (including the boot door), the style of car, if it has central locking or not, the type of gearbox and if manual the number of gears, if it has air conditioning, and finally, if airbags are included.
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There are 23 different headings under which data has been entered, and there are 100 cars in this survey. Using this information I can make an equation
100 (different cars) x 23 (different headings) = 2,300 datum points.
This means that there are 2,300 different pieces of data in the survey.
For my coursework I will be hopefully conducting a total of 3 different investigations into this survey, though this may change to 2 or 4. My aim is to look for a correlation in the separate investigations and perhaps if I can draw any conclusions or maybe find a formula or prediction for a particular investigation that will work for all or most cars. E.g. if from mileage, price when new and age I can calculate the current second hand price.
My investigation will be:
The frequency of mileage in my sample, if there is a relationship between the second hand price and age of a car, and finally if there is relationship between the age and percentage loss of a car.
I will be taking a sample of 20 cars; I will take every 5th car in the database. I will show the data in terms of tables, a tally chart, and by way of bar, and scatter graphs with a line of best fit if applicable.
To improve my investigation I will take a sample of 5 cars, which will not be included in my final investigation, but this 5 car sample is to test my investigation techniques, and to allow me to foresee and problems and practise in investigating statistics.
I will not be able to take all 100 cars and will have to do my investigations on different samples of the survey, I hope to take 1/5 of the cars, and I will do my investigations on 20 cars. I hope that all the data will be valid and correct, though human error could be a factor in wrong data, if there are mistakes in the survey I will point these out in my evaluation.
Once I have done my different investigations I will show my data in forms of pie, scatter and bar charts; I will also use tables to show data that is relevant.
These predictions relate to the numbered investigations.
1. I think that the more mileage, more owners, and older the car, the less it will be able to sell. The percentage loss in price of each car will be higher relating to the higher the three factors are (mileage, age, owners). I hope to draw up a formula from this, to calculate the re-sale price of cars given the three factors. I feel there will be a strong relationship between the percentage loss of a car and its Age, but perhaps a weaker or no correlation between the second hand price and age of the cars.
When comparing cars, I will have to insure my investigating is fair, by only sampling cars that are exactly the same or have a few minor differences, I cannot compare the re-sale price of a Ford and a Bentley, as the Bentley will be a higher price if though it is older.