Suppose you are in the market to purchase a used car. To make an informed decision regarding your purchase, you would like to collect as much information as possible. Among the information you might consider are the typical price of the car, the typical number of miles the car should have, and its crash test results, insurance costs, and expected repair costs.
Make a list of at least three cars that you would consider purchasing. To be fair, the cars should be in the same class (compact, midsize, etc). They should also be of the same age.
Collect information regarding the three cars in your list by finding at eight cars of each that are for sale. Obtain such information as the asking price and the number of miles the car has. Sources of data include your local newspaper, classified ads, and car websites (www.cars.com and http://www.vehix.com). Compute the summary statistics for asking price, number of miles, and other variables of interest. Remember, the summary statistics include min, max, mean, median, mode, range, variance, standard deviation, and so on.
- Write a report (4-5 paragraphs) in Microsoft Word with supporting data supporting your conclusion regarding which car you would purchase and why.
- Attach the Excel sheet used for the primary data source.
- You’ll submit both the Word document and Excel file.