regression formula needed for hobby project

Question

Hi all,

I have a hobby website based around cars.

I can source car sold data with 3 variables: price, mileage and age. If I collect enough data, is it possible to enter an age and mileage and return an extracted price? Assuming same car model in each case.

Thanks. BTW I am a programmer not a mathematician so don't assume I know models etc.

Answer 1

Hi Khany,

If I understand your question correctly, it sounds like you're after the mean price for a model of car based on its age and how far it has travelled.

If that is the case, why don't you set up a little job that calculates, by model, the mean price for cars that have a mileage within a certain band, e.g. 0-1000 miles, 1000-5000 miles, 5000-10000 miles, etc.

If you do this you can build yourself a lookup-table that you can easily query against with the input you specified.