Ended on 8th Feb'21 03:30 PM (Coordinated Universal Time)
Data Sprint #23: Used Cars Prices
Calculate fair price of a used car
389
Medium
Challenge Starts
05 Feb 03:30 pm
Registration Ends
08 Feb 03:30 pm
Challenge Ends
08 Feb 03:30 pm
Content
What determines the price of a used car?
The value of a car starts dropping right from the date it is bought. The depreciation continues with each passing year. In fact, in the first year, the value of the car drops by 20% of the price at which it was bought.
As per BankBazaar, the aforementioned values correspond to the rate of depreciation of the entire vehicle with age.
Problem Statement
A car owner needs to be aware of the worth of his/her vehicle. This will be useful when one is selling the vehicle or when buying a suitable insurance cover for it. Having an accurate valuation of the car ensures that you get the best price for the vehicle.
Most car buyers appreciate honesty and are more likely to buy a car when they think that they would save some money through the deal. So, it is crucial to price a used car accurately by identifying a fair price for that model.
Being a Data Scientist, use the power of data science to calculate a fair price for a car.
Objective
Build a machine learning model to calculate a fair price for the given car.
What you will learn?
- Exploratory Data Analysis (Learn ithere)
- Data Preparation (Learn ithere)
- Natural Language Processing (Learn ithere)
- Supervised Learning Algorithms - Regression (Learn ithere)
Evaluation Criteria
Submissions are evaluated using the Root Mean Squared Error (RMSE).
How do we do it?
Once we release the data, anyone can download it, build a model, and make a submission. We give competitors a set of data (training data) with both the independent and dependent variables.
We also release another set of data (test dataset) with just the independent variables, and we hide the dependent variable that corresponds with this set. You submit the predicted values of the dependent variable for this set and we compare it against the actual values.
The predictions are evaluated based on the evaluation metric defined in the Datathon.
