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Used Car Price Prediction Models

The document describes a project to build machine learning models to predict the fair price of used cars based on attributes like make, model, age, and mileage. Several regression models were tested including linear regression, lasso regression, decision tree regression, and random forest regression. Based on metrics like R-squared error and accuracy, random forest regression and decision tree regression performed best on the used car dataset, achieving R-squared values of 97% and 95% respectively. However, further analysis is needed to select the best model for real-world use.

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Shahjadi Fananna Jahura
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30 views13 pages

Used Car Price Prediction Models

The document describes a project to build machine learning models to predict the fair price of used cars based on attributes like make, model, age, and mileage. Several regression models were tested including linear regression, lasso regression, decision tree regression, and random forest regression. Based on metrics like R-squared error and accuracy, random forest regression and decision tree regression performed best on the used car dataset, achieving R-squared values of 97% and 95% respectively. However, further analysis is needed to select the best model for real-world use.

Uploaded by

Shahjadi Fananna Jahura
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd

USED CAR PRICE

PREDICTION
GROUP MEMBERS

Tanveer Ahmed

Id: 2018-2-60-120

Mahmudur Rahman Chowdhury

Id: 2019-1-60-064
• Introduction
• Objective
• Machine learning models
• Methodology
• Visual Data
• K-Fold Validation
• Conclusion
• Reference
INTRODUCTION

• We are trying to explores different machine


learning regression models to predict the fair
price of used cars, using a dataset with variables
such as make, model, age, mileage, and
condition. The models include linear regression,
polynomial regression, and decision tree
regression, which are trained on a split dataset
and evaluated using metrics such as mean
absolute error, mean squared error, and R-
squared. The best model can be used to estimate
the price of a used car, providing a valuable tool
for buyers and sellers in the used car market.
OBJECTIVE

• To build a supervised machine learning model for


forecasting value of a
vehicle based on multiple attributes.
• The system that is being built must be feature based i.e.
feature wise
prediction must be possible.
• Providing graphical comparisons to provide a better view.
MACHINE LEARNING MODELS

Random
Linear Lasso
Forest SVM
regression Regression
Regression

Ridge Decision Tree K-Fold Cross


Regression Regression validation
METHODOLGY
V I S U A L D ATA

Linear Regression Lasso Regression Random Forest


V I S U A L D AT A

SVM Ridge Regression Decision Tree Regression


K - F O L D C R O S S VA L I D AT I O N
A N A LY S I S
Model Name R-squared Error Accuracy

Linear Regression 83%

Lasso Regression 83%

SVM 10%

Decision Tree 95%

Ridge Regression 83%

Random Forest 97%


CONCLUSION

• K-fold cross-validation is a useful technique to evaluate


machine learning models on a dataset, and it's great that
you used it to compare the performance of different
regression models on the used car dataset. Based on
your results, it seems that Random Forest Regression
and Decision Tree Regression are good models for this
dataset. However, it's important to note that the
performance of a model can depend on various factors
such as the size and quality of the dataset, the choice of
hyperparameters, and the evaluation metric used.
Therefore, it's important to conduct further analysis and
compare the models' performance on other metrics and
datasets. Additionally, you may want to consider the
interpretability, complexity, and runtime efficiency of
the models before deploying them in real-world
applications.
REFERENCES
• C. Jin, "Price Prediction of Used Cars Using Machine Learning," 2021 IEEE International
Conference on Emergency Science and Information Technology (ICESIT), Chongqing, China,
2021, pp. 223-230, doi: 10.1109/ICESIT53460.2021.9696839.
• [Link]
• Ganesh, Mukkesh & Venkatasubbu, Pattabiraman. (2019). Used Cars Price Prediction
using Supervised Learning Techniques. International Journal of Engineering and
Advanced Technology. 9. 216-223. 10.35940/ijeat.A1042.1291S319.
•[Link]
vised_Learning_Techniques
• Sharma, Sai Sandeep and Gandavarapu Sathya kiran. “Vehicle Price Prediction using SVM
Techniques.” International Journal of Innovative Technology and Exploring Engineering
(2020): n. pag.
•[Link]
ma-kiran/aa74078dd9b98397f71236676237f424c9aa0f5a

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