Method for estimating a used vehicle's market value

Details Method for estimating a used vehicle's market value Method for estimating a used vehicle's market value

2011-08-23

2011-08-23

Mooneyham, Janice A. (Department: 3689)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

C705S306000, C708S134000

Reexamination Certificate

active

08005684

ABSTRACT:
A method for estimating a used vehicle's market value is disclosed. The method searches for a set of comparable vehicles in an existing historical database of used vehicles. Estimations of the used vehicles are established based on each comparable vehicle (neighbor) in the set of comparable vehicles by adjusting their resale value in accordance with the individual differences found between the neighbor(s) and the used vehicle whose market value is to be estimated/predicted (the target vehicle). Finally, a distance-weighted average of all such estimations is calculated to arrive at a market value estimation for the target vehicle.

REFERENCES:
patent: 5978776 (1999-11-01), Seretti et al.
N.A.D.A. Web page, from Nov. 1999.

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