Second-hand vehicle value estimation method and system based on machine learning algorithm

Abstract

The invention relates to a second-hand vehicle value estimation method and system based on a machine learning algorithm. The method comprises the steps that firstly, a value estimation model is constructed for each vehicle type through the machine learning algorithm and a cross validation method according to transaction case data; and a corresponding value estimation model is called for estimationaccording to the type of the target vehicle. In combination with a machine learning algorithm, potential rules of second-hand vehicle mass data are fully mined, so that second-hand vehicle valuationis more intelligent and scientific, and the market law of second-hand vehicles is better met.

Description

technical field [0001] The invention relates to a used car valuation method and system based on a machine learning algorithm. Background technique [0002] In recent years, the second-hand car trading market has flourished and its sales have been increasing day by day, which has accumulated a large amount of transaction data for the second-hand car market. However, due to the existence of online platforms and offline middlemen, the transaction information is not transparent and asymmetric. The traditional used car appraisal method relies on the personal experience of the appraiser, which is highly subjective. At the same time, the method of revising the valuation by looking for the most similar completed cases relies too much on citing a few transaction cases, and the transaction prices of these cases are easily affected by the bargaining power of buyers and sellers. Therefore, traditional valuation methods lack objectivity, rationality and scientificity. [0003] Secondly...

AI Technical Summary

Problems solved by technology

[0002] In recent years, the second-hand car trading market has been booming and its sales are increasing day by day, which has accumulated a large amount of transaction data for the second-hand car market. However, due to the existence of online platforms and offline middlemen, the transaction information is not transparent enough and asymmetric

The traditional used car appraisal method relies on the personal experience of the appraiser, which is highly subjective

At the same time, the method of revising the valuation by finding the most similar completed cases relies too much on citing a few transaction cases, and the transaction prices of these cases are easily affected by the bargaining power of buyers and sellers

Therefore, traditional valuation methods lack objectivity, rationality and scientificity

[0003] Secondly, in the existing intelligent valuation methods, the process of assessing the condition of used cars is constantly becoming too complicated, so that only professionals can use professional testing tools to complete it, and it cannot be extended to every car owner. The car condition is too simple to represent the real car condition

To sum up, the existing used car evaluation methods cannot meet the current market demand

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