Valuation of Used Vehicles: A Computational Intelligence Approach

Abstract

In most of the countries in the world, the number of vehicles has increased exponentially in the past decade. As a result, the used vehicle trade has flourished. In order to determine the resale value of a vehicle or for financial requirements such as vehicle leasing services, used vehicle valuation is paramount. In order to meet the future demand, a proper mechanism using computational intelligence is needed for vehicle valuation in order to overcome the inefficiencies of conventional and subjective valuation mechanisms. This paper focuses on discussing aspects regarding used vehicle valuation, previous work related to the domain as well as the proposed solution. The proposed solution intends to use real-time web scraping and machine learning in order to determine the value of a given vehicle.