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How do you estimate the cost of a car that you observe on the street? If someone drives a seven year old car that cost a lot new, how do you know if they bought
by perl4ever 7y ago
How do you estimate the cost of a car that you observe on the street? If someone drives a seven year old car that cost a lot new, how do you know if they bought it new or for a fraction of the price?
- def8cefe 7y ago>The cost of each car was estimated using various pricing categories from the Kelly Blue Book (KBB). This consisted of using the video data to determine the vehicle make, model, year, and overall condition. The year of the vehicle was estimated by cross referencing each manufacturer's website to compare body styles. To estimate the overall cost of the vehicle, the low end and high end price estimates from private sale were averaged. They appear to have used their estimation of current value, not their estimation of the original purchase price.
- anoncake 7y agoIf you knew the cost of the car you wouldn't need to estimate it.
- perl4ever 7y agoIf it's uncorrelated to known characteristics, then arbitrarily choosing a number isn't really "estimating".
- anoncake 7y agoGood thing it is correlated to the characteristics in question.
- perl4ever 7y agoAssuming it was just purchased. Which is my point. The average car was not just purchased, I feel confident in saying.
- anoncake 7y agoYou don't have a point. A correlation doesn't have to apply for every single instance, not even for the majority.
- perl4ever 7y agoMy original post contained the suspicion that nobody was estimating cost. Although I never clicked the link, someone else ("def8cefe") posted as a response to me, that they indeed did not use cost but current value. So, despite being downvoted, I think I made a substantive contribution in identifying the headline as misleading. This in turn would affect how a reasonable person interprets the meaning of the whole thing. What is your point?
- anoncake 7y agoCost correlates with current value.