Comparative Analysis of Machine Learning Algorithms for Used Car Price Prediction
Journal Title: International Journal of Current Science Research and Review - Year 2024, Vol 7, Issue 09
Abstract
After 2021, over 90 million passenger automobiles were produced, marking a significant increase in auto production. This growth has led to a flourishing used car market, which has become a highly lucrative sector. One of the most critical and fascinating areas of research within this market is automobile price prediction. Accurate price prediction models can greatly benefit buyers, sellers, and businesses in the used car industry. This paper presents a detailed comparative analysis of two supervised machine learning models: K-Nearest Neighbour and Support Vector Machine regression techniques, to predict used car prices. We utilized a comprehensive dataset of used cars sourced from the Kaggle website for training and testing our models. The K Nearest Neighbour algorithm is known for its simplicity and effectiveness in regression tasks. On the other hand, the Support Vector Machine regression technique uses a different approach, finding the optimal hyperplane that best fits the data. Both methods have their strengths and weaknesses, which we explored in this study. Our results indicated that both KNN and SVM models performed well in predicting used car prices, but with slight variations in accuracy. Consequently, the suggested models fit as the optimum models and have an accuracy of about 83 percent for KNN and 80 percent for SVM. The results indicate that the KNN model slightly outperforms the SVM model in predicting used car prices.
Authors and Affiliations
Vaneesha K H, Srinivas V, Abhishek V, Sujay Srinivas,
Keywords
Related Articles
- EP ID EP745173
- DOI 10.47191/ijcsrr/V7-i9-39
- Views 71
- Downloads 0
Digital Transformation in Human Resource Management: A Case Study of Haier Group and Its Strategic Implications for Businesses
This study explores the strategic implications of digital transformation for corporate growth and sustainability by examining its function in human resource management (HRM), particularly within Haier Group. HRM must adj...
Analysis of Factors Affecting Complaints of Lower Back Pain among Nurses at Bhayangkara Hospital Kendari
Background: One of the important factors that affect the quality of nurses’ work is occupational health and safety. One of the occupational diseases is Low Back Pain (LBP). Occupations that have a high risk of back pain...
Advanced TRST01 ESG Scoring Model with Beta Based Financial Metrics and Machine Learning Techniques
In the current corporate world, assessing a company’s sustainability performance is very important for investors, stakeholders, and policymakers. The TRST01’s ESG (Environmental. Social and Governance) Scoring Model intr...
Influence of Principal-initiated Goal Setting Strategies on Students’ Academic Achievement in Public Secondary Schools in Kenya: A Study across Secondary Schools, Mbita Sub County
Goal setting is one of the most important principal initiated strategies that facilitate students’ academic achievement in schools. This is because it energizes the students’ participation in academic programs and as a r...
Dimensions of Risk in the Effect of Customers’ Awareness and Knowledge on the Readiness to adopt Neobanks
The majority of conventional banks offer digital services during pandemics, while the government promotes cashless transactions in daily life. In India, the Neobanking industry is developing at an increasing rate. It’s a...