Used car price prediction based on XGBoost and retention rate

In order to improve the accuracy of used car price prediction,a machine learning prediction model based on the retention rate is proposed in this paper.Firstly,a random forest algorithm is used to filter the variables in the data.Seven main characteristic variables that affect used car prices,such as new car price,service time,mileage and so on,are filtered out.Then,the linear regression classification method is introduced to classify the test data into high and low retention rate data.After that,the extreme gradient boosting(XGBoost)regression model is built for the two datasets respectively.The prediction results show that the comprehensive evaluation index of the proposed model is 0.548,which is significantly improved compared to 0.488 of the original XGBoost model.Finally,compared with other representative machine learning algorithms,this model shows certain advantages in terms of mean absolute percentage error(MAPE),5%accuracy rate and comprehensive evaluation index.As a result,the retention rate-based machine learning model established in this paper has significant advantages in terms of the accuracy of used car price prediction.