Car Price Prediction Based on Multiple Machine Learning Models

Hangzhi Chen

2024

Abstract

This article takes car price prediction based on three machine learning models as the topic. Cars, especially in recent decades, are becoming increasingly necessary for companies and families around the world. As the demand for cars grows, further concerns about purchasing vehicles emerge. Obviously, car price acts as a key factor in making these decisions. Therefore, car price prediction becomes a meaningful topic to discuss about. In this passage, comparisons between three machine learning models, Linear Regression, Random Forest and XGBoost, are carried out. The three models are applied to a train and a test dataset and the performances are evaluated by Root Mean Squared Error (RMSE) and accuracy. For the train dataset, the RMSE for Linear Regression, Random Forest and XGBoost are 534,865.15, 155,706.68 and 302,861.88 while the accuracy reveals to be 61.64%, 96.75% and 87.70%. For the test dataset, the RMSE for Linear Regression, Random Forest and XGBoost are 555,802.12, 338,065.9 and 337,698.16 while the accuracy is 58.44%, 84.62% and 84.66%. The overall conclusion is that Random Forest learnt slightly faster and better than XGBoost but performed almost the same in predicting car prices. Linear regression performed the worst throughout all datasets.

Paper Citation

in Harvard Style

Chen H. (2024). Car Price Prediction Based on Multiple Machine Learning Models. In Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML; ISBN 978-989-758-754-2, SciTePress, pages 92-95. DOI: 10.5220/0013509000004619

in Bibtex Style

@conference{daml24,
author={Hangzhi Chen},
title={Car Price Prediction Based on Multiple Machine Learning Models},
booktitle={Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML},
year={2024},
pages={92-95},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0013509000004619},
isbn={978-989-758-754-2},
}

in EndNote Style

TY - CONF

JO - Proceedings of the 2nd International Conference on Data Analysis and Machine Learning - Volume 1: DAML
TI - Car Price Prediction Based on Multiple Machine Learning Models
SN - 978-989-758-754-2
AU - Chen H.
PY - 2024
SP - 92
EP - 95
DO - 10.5220/0013509000004619
PB - SciTePress