Investigating the Factors that Determine the Price of a Second Hand Car

The purpose of the survey to determine the price of secondhand cars is to use this information to investigate factors affecting the price of secondhand cars. Introduction I will find factors that affect the price of used cars. I think that the main factors of the decline in the price of the car are age and mileage, because they are good examples of car prices and other information. To prove this we will create a scatter chart to compare age and mileage with second hand price.

Alternative: For example, price index data for new and used cars is shown below (Figure 2). As new vehicle prices related to consumer income decline, this will increase demand for new cars and will result in a decrease in demand for used cars (other circumstances remain unchanged). Used car prices fell sharply. The stronger the relationship between the two products, the more the cross-price elasticity of the demand will increase. For example, if you have two alternatives, the elasticity of the cross price will be very positive. Likewise, if there is a strong complementary relationship between the two products, the elasticity of the cross price will be very negative. Unrelated products have zero cross elasticity

If there are additional used cars in the market, the price of the used car goes down. People will sell their cars more quickly than usual. This means that you can get more fuel efficient cars in the past. This happens when the total demand for automobiles has fallen. If the price of a used car three years ago was less than half, who would buy a new car? Of course, there are cars that ultimately enter other markets where car demand is still high. This includes the transportation of cars to regions with weak traffic infrastructure. Regions with these problems will use lead-free vehicles and buses for longer delivery times. They can be sold to these markets only when the price of secondhand cars in the first market has dropped sufficiently to justify the cost of the move. As a result, these sales will help maintain the price of secondhand cars in major markets, but can not be restored to the previous level.