Author Topic: Yes, I do this in my spare time  (Read 829 times)

Offline mmret

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Yes, I do this in my spare time
« on: October 17, 2010, 09:11:14 pm »
I managed to learn just enough awk to parse search results from AutoTrader.com.

So, in the spirit of a near-parity Loonie, I have determined the following information

For used BMW 335is (plural, not the new coupe) between 2007 and 2010 within 500 miles of Buffalo NY, with at least 2k miles on the clock:

Generally:
Each Year Newer is worth $3250
Each 10k miles is worth $1400
Navigation is worth $825
CPO is worth $2000

Unfortunately the data wasn't good enough for me to figure out which cars had the Sport pkg and which did not. One would have to look at the pic of the steering wheels.

Deviations by Year:
2010s are usually $1400 above the modeled price
2009s are usually $500 below the modeled price
2008s are usually $1450 below the modeled price (looks like the best value is here)
2007s are usually $300 above the modeled price

Examples:
2009 CPO 335, 12298 miles, no navigation, asking 35.9k, model price is 38.6k
2007 non CPO 335, 25777 miles, asking $28.5k, model price $28.2k

Commentary and Scatter Plot
There is a LOT of variation in model value near the "round numbers" like $25k, $30k, etc. So one guy has a nice model asking $30k while another guy has a crappy example still asking $30k because its a round number. There is value to digging into the details.

Looks like 2008 examples with Navigation (hey, only $825...) are pretty reasonable deals right now. The average asking price is $30,185. Average mileage is 31k (miles...). 31% of them are CPO, and 40% of them have Navigation.

See attachment

Technical Detail:
The constant (ie: year zero, zero mile, non CPO, non nav car) is worth negative $6,497,018 for anyone who is curious.

R-squared is 83% / Correlation 91%

All factors are statistically significant with 99.75% confidence or higher.
Everything in life is relative.

Offline Sir Osis of Liver

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Re: Yes, I do this in my spare time
« Reply #1 on: October 17, 2010, 09:21:07 pm »
I managed to learn just enough awk to parse search results from AutoTrader.com.

So, in the spirit of a near-parity Loonie, I have determined the following information

For used BMW 335is (plural, not the new coupe) between 2007 and 2010 within 500 miles of Buffalo NY, with at least 2k miles on the clock:

Generally:
Each Year Newer is worth $3250
Each 10k miles is worth $1400
Navigation is worth $825
CPO is worth $2000

Unfortunately the data wasn't good enough for me to figure out which cars had the Sport pkg and which did not. One would have to look at the pic of the steering wheels.

Deviations by Year:
2010s are usually $1400 above the modeled price
2009s are usually $500 below the modeled price
2008s are usually $1450 below the modeled price (looks like the best value is here)
2007s are usually $300 above the modeled price

Examples:
2009 CPO 335, 12298 miles, no navigation, asking 35.9k, model price is 38.6k
2007 non CPO 335, 25777 miles, asking $28.5k, model price $28.2k

Commentary and Scatter Plot
There is a LOT of variation in model value near the "round numbers" like $25k, $30k, etc. So one guy has a nice model asking $30k while another guy has a crappy example still asking $30k because its a round number. There is value to digging into the details.

Looks like 2008 examples with Navigation (hey, only $825...) are pretty reasonable deals right now. The average asking price is $30,185. Average mileage is 31k (miles...). 31% of them are CPO, and 40% of them have Navigation.

See attachment

Technical Detail:
The constant (ie: year zero, zero mile, non CPO, non nav car) is worth negative $6,497,018 for anyone who is curious.

R-squared is 83% / Correlation 91%

All factors are statistically significant with 99.75% confidence or higher.

This is awesome!
« Last Edit: October 17, 2010, 09:23:15 pm by Sir Osis of Liver »
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Offline Winklovic

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Re: Yes, I do this in my spare time
« Reply #2 on: October 17, 2010, 09:23:55 pm »

Offline dr_spock

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Re: Yes, I do this in my spare time
« Reply #3 on: October 17, 2010, 09:30:41 pm »
You're awksome!   :)    What other analysis can you do? 


Offline mmret

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Re: Yes, I do this in my spare time
« Reply #4 on: October 17, 2010, 09:34:04 pm »
You're awksome!   :)    What other analysis can you do? 

Trust me I only wish I could have a way to SQL query the AutoTrader database directly.

I did this previously for SLKs, and Z4s (the SLK one was freakishly good, 90%+ Rsqaured) I also have one for G37 Sedans but only about 58% R squared. Not enough market depth there but if you squint at the scatter you can pick out the "best values".

As an aside, I did something similar for diamonds too. Round cut AGS 000 between 75 and 120 points. Nonlinear regression. Very easy thanks to pricescope. Bought my (her) engagement diamond using that model.

Offline Sir Osis of Liver

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Re: Yes, I do this in my spare time
« Reply #5 on: October 17, 2010, 09:37:48 pm »

As an aside, I did something similar for diamonds too. Round cut AGS 000 between 75 and 120 points. Nonlinear regression. Very easy thanks to pricescope. Bought my (her) engagement diamond using that model.


mmret, you old romantic, you! ;D

Offline wing

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Re: Yes, I do this in my spare time
« Reply #6 on: October 17, 2010, 09:43:59 pm »
So auto traders best value finder not good enough?


Offline mmret

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Re: Yes, I do this in my spare time
« Reply #7 on: October 17, 2010, 09:44:26 pm »
So auto traders best value finder not good enough?

What the heck is that? ???

Offline wing

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Re: Yes, I do this in my spare time
« Reply #8 on: October 17, 2010, 09:47:40 pm »
Not sure about .com but the .ca has a button on it that will give you all results high/low and takes the average and returns the results.

Offline mmret

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Re: Yes, I do this in my spare time
« Reply #9 on: October 17, 2010, 10:19:20 pm »
Not sure about .com but the .ca has a button on it that will give you all results high/low and takes the average and returns the results.

If its the one I'm thinking about it goes into nowhere near the level of detail that I'd like. It tells you nothing about options, mileage, etc etc.

It doesn't try to value the cars on a relative basis, just gives you very general statistics. So no its not good enough. :)

Offline vdk

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Re: Yes, I do this in my spare time
« Reply #10 on: October 18, 2010, 01:01:01 am »
Seems to me like you enjoy it.  ;)

Offline G0dspd

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Re: Yes, I do this in my spare time
« Reply #11 on: October 18, 2010, 02:08:28 am »
 :thumbup: :thumbup:
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Offline Railton

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Re: Yes, I do this in my spare time
« Reply #12 on: October 18, 2010, 05:37:12 am »
Did you discard the used stuff and only use dealers? If dealers only did you filter the BMW dealers from the "Late model dealers or off-brands"?
Railton
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Offline tpl

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Re: Yes, I do this in my spare time
« Reply #13 on: October 18, 2010, 08:42:39 am »
There is obviously something missing in your life MM. Your should give up on this financial whizzbangery and go back to proper engineering.    ;) 8)
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Offline inco

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Re: Yes, I do this in my spare time
« Reply #14 on: October 18, 2010, 09:26:49 am »
I was thinking ' get a life' but then I guess it's his. :-\

Offline mmret

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Re: Yes, I do this in my spare time
« Reply #15 on: October 18, 2010, 09:23:33 pm »
Did you discard the used stuff and only use dealers? If dealers only did you filter the BMW dealers from the "Late model dealers or off-brands"?
Railton

Wish I had the ability to easily filter this, but alas no. However the "Certified" tag probably correlates well with real BMW dealers.

There is obviously something missing in your life MM. Your should give up on this financial whizzbangery and go back to proper engineering.    ;) 8)

Never. :)

Offline dr_spock

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Re: Yes, I do this in my spare time
« Reply #16 on: October 18, 2010, 10:25:56 pm »
There is obviously something missing in your life MM. Your should give up on this financial whizzbangery and go back to proper engineering.    ;) 8)

Engineering also involves economics and stats.  Had to do both to get my degree.  :)


Offline kardood69

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Re: Yes, I do this in my spare time
« Reply #17 on: October 18, 2010, 10:54:39 pm »
Not sure to be impressed or horrified that you used awk....

Offline mmret

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Re: Yes, I do this in my spare time
« Reply #18 on: October 18, 2010, 11:50:13 pm »
Should I have used sed?

Offline Julie

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Re: Yes, I do this in my spare time
« Reply #19 on: October 19, 2010, 11:51:10 pm »

As an aside, I did something similar for diamonds too. Round cut AGS 000 between 75 and 120 points. Nonlinear regression. Very easy thanks to pricescope. Bought my (her) engagement diamond using that model.


mmret, you old romantic, you! ;D

Cool!  Mr. Mmret is getting married!  ;D

Mmret, lots of 2008s because they are coming off lease.  Used to be that way last year with 2007's.  So that may help explain better value (better choice)?

I love the new iDrive, but it only comes with the 09+ models - just a reminder in case you didn't know.  On the BMW forums, there's pretty much consensus that it's a big difference.  Also hard drive updates versus CD updates with the 07-08 models.

So I think you should wait a while, and I think you'll see the 2009 models look better and better.....

What a cool analysis.