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Analysis of Circular Price Prediction Strategy for Used Electric Vehicles

Author

Listed:
  • Shaojia Huang

    (School of Intelligent Manufacturing & Aeronautics, Zhuhai College of Science and Technology, Zhuhai 519041, China)

  • Yisen Zhu

    (School of Electronics and Information Engineering, Wuyi University, Jiangmen 529000, China)

  • Jingde Huang

    (School of Intelligent Manufacturing & Aeronautics, Zhuhai College of Science and Technology, Zhuhai 519041, China)

  • Enguang Zhang

    (School of Intelligent Manufacturing & Aeronautics, Zhuhai College of Science and Technology, Zhuhai 519041, China)

  • Tao Xu

    (Department of Biomedical Engineering, Shantou University, Shantou 515063, China)

Abstract

As the car price war has intensified in China from 2023, the continuous decline in prices of new cars for both conventional fuel vehicles and electric vehicles (EVs) has led to a sharp decline in used cars. In particular, the EV market appears more vulnerable as the prime cost of battery raw materials has decreased since January 2023. And thus, a second-hand EV price prediction system is urgent. This study compares several methods for used EVs in China. We find that the random forest method and the gradient boosting regression tree (GBRT) method have good effects on predicting used EV prices in respecting price ranges. Timed EV data capture is applied to guarantee the real-time property of our prediction system. Then, we propose the concept of circular pricing, which means that the obsolete data for the priced car will be repriced according to the latest data. In this way, such a system can guide the used car dealers to adjust the price in time.

Suggested Citation

  • Shaojia Huang & Yisen Zhu & Jingde Huang & Enguang Zhang & Tao Xu, 2024. "Analysis of Circular Price Prediction Strategy for Used Electric Vehicles," Sustainability, MDPI, vol. 16(13), pages 1-19, July.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:13:p:5761-:d:1429890
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    References listed on IDEAS

    as
    1. Benjamin Jones & Viet Nguyen‐Tien & Robert J. R. Elliott, 2023. "The electric vehicle revolution: Critical material supply chains, trade and development," The World Economy, Wiley Blackwell, vol. 46(1), pages 2-26, January.
    2. Karl Storchmann, 2004. "On the Depreciation of Automobiles: An International Comparison," Transportation, Springer, vol. 31(4), pages 371-408, November.
    3. Qian, Lixian & Grisolía, Jose M. & Soopramanien, Didier, 2019. "The impact of service and government-policy attributes on consumer preferences for electric vehicles in China," Transportation Research Part A: Policy and Practice, Elsevier, vol. 122(C), pages 70-84.
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    Cited by:

    1. Joanna Alicja Dyczkowska & Norbert Chamier-Gliszczynski & Waldemar Woźniak & Roman Stryjski, 2024. "Management of the Fuel Supply Chain and Energy Security in Poland," Energies, MDPI, vol. 17(22), pages 1-20, November.

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