Review on the Pre-owned Car Price Determination using Machine Learning Approaches

Abstract

Used car market is one of the latest booming industries. With the advent of the digital age, online platform plays a huge role to cater the needs of buyer and seller in the used cars market. That being said, the challenge lies in deciding the worth of the used car on the buyer's end and the pricing of it on the seller's end. Therefore, a pre-owned car price determination model is needed to forecast a used car resale price for business finance and customer purchase. Researchers have proposed various ML models for determining a pre-owned car fair price to make this research area evergreen. This review paper focuses on various machine learning algorithms proposed by researchers for predicting the used car price and its limitations. It also focuses on the hybrid ML approach that can be adapted to predict the used car price effectively and accurately. In addition, it also illustrates the performance analysis of the proposed used car price prediction model.