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Case Problem 3Finding the Best Car Value

When trying to decide what car to buy, real value is not necessarily determined by how much you spend on the initial purchase. Instead, cars that are reliable and dont cost much to own often represent the best values. But no matter how reliable or inexpensive a car may cost to own, it must also perform well.

To measure value,Consumer Reportsdeveloped a statistic referred to as a value score. The value score is based upon five-year owner costs, overall road-test scores, and predicted-reliability ratings. Five-year owner costs are based upon the expenses incurred in the first five years of ownership, including depreciation, fuel, maintenance and repairs, and so on. Using a national average of , an average cost per mile driven is used as the measure of five-year owner costs. Road-test scores are the results of more than tests and evaluations and are based on a -point scale, with higher scores indicating better performance, comfort, convenience, and fuel economy. The highest road-test score obtained in the tests conducted byConsumer Reportswas a for a Lexus LS 460L. Predicted-reliability ratings ( , , , , and ) are based upon data fromConsumer ReportsAnnual Auto Survey.

A car with a value score of is considered to be an average-value car. A car with a value score of is considered to be twice as good a value as a car with a value score of ; a car with a value score of is considered half as good as average; and so on. The data for three sizes of cars ( small sedans, family sedans, and upscale sedans), including the price ( ) of each car tested, are contained in the file named CarValues (Consumer Reportswebsite, April 18, 2012). To incorporate the effect of size of car, a categorical variable with three values (small sedan, family sedan, and upscale sedan), use the following dummy variables:

Managerial Report

1. Treating Cost/Mile as the dependent variable, develop an estimated regression with Family-Sedan and Upscale-Sedan as the independent variables. Discuss your findings.
2. Treating Value Score as the dependent variable, develop an estimated regression equation using Cost/Mile, Road-Test Score, Predicted Reliability, Family-Sedan, and Upscale-Sedan as the independent variables.
3. Delete any independent variables that are not significant from the estimated regression equation developed in part 2 using a level of significance. After deleting any independent variables that are not significant, develop a new estimated regression equation.
4. Suppose someone claims that smaller cars provide better values than larger cars. For the data in this case, the Small Sedans represent the smallest type of car and the Upscale Sedans represent the largest type of car. Does your analysis support this claim?
5. Use regression analysis to develop an estimated regression equation that could be used to predict the value score given the value of the Road-Test Score.
6. Use regression analysis to develop an estimated regression equation that could be used to predict the value score given the Predicted Reliability.
7. Whatconclusionscanyouderivefromyouranalysis?

Car	Size	Price ($)	Cost/Mile	Road-Test Score	Predicted Reliability	Value Score
Toyota Corolla (base, manual)	Small Sedan	16,419	0.44	70	4	1.99
Mazda3 i Touring (manual)	Small Sedan	18,895	0.50	74	5	1.94
Toyota Corolla LE	Small Sedan	18,404	0.47	71	4	1.89
Mazda3 i Touring	Small Sedan	19,745	0.52	70	5	1.82
Hyundai Elantra GLS	Small Sedan	18,445	0.53	80	3	1.64
Nissan Sentra 2.0 SL	Small Sedan	20,150	0.57	74	4	1.51
Kia Forte Sedan EX	Small Sedan	19,040	0.57	71	3	1.32
Ford Focus SE	Small Sedan	20,280	0.52	68	2	1.30
Ford Fiesta SE	Small Sedan	16,595	0.47	61	2	1.25
Volkswagen Jetta SE (2.5)	Small Sedan	20,300	0.54	60	3	1.24
Volkswagen Jetta TDI	Small Sedan	25,100	0.50	68	2	1.18
Chevrolet Cruze LS (1.8)	Small Sedan	18,375	0.57	67	1	0.96
Chevrolet Cruze 1LT (1.4T)	Small Sedan	20,530	0.60	69	1	0.91
Nissan Altima 2.5 S (4-cyl.)	Family Sedan	23,970	0.59	91	4	1.75
Kia Optima LX (2.4)	Family Sedan	21,885	0.58	81	4	1.73
Subaru Legacy 2.5i Premium	Family Sedan	23,830	0.59	83	4	1.73
Ford Fusion Hybrid	Family Sedan	32,360	0.63	84	5	1.70
Honda Accord LX-P (4-cyl.)	Family Sedan	23,730	0.56	80	4	1.62
Mazda6 i Sport (4-cyl.)	Family Sedan	22,035	0.58	73	4	1.60
Hyundai Sonata GLS (2.4)	Family Sedan	21,800	0.56	89	3	1.58
Ford Fusion SE (4-cyl.)	Family Sedan	23,625	0.57	76	4	1.55
Chevrolet Malibu LT (4-cyl.)	Family Sedan	24,115	0.57	74	3	1.48
Kia Optima SX (2.0T)	Family Sedan	29,050	0.72	84	4	1.43
Ford Fusion SEL (V6)	Family Sedan	28,400	0.67	80	4	1.42
Nissan Altima 3.5 SR (V6)	Family Sedan	30,335	0.69	93	4	1.42
Hyundai Sonata Limited (2.0T)	Family Sedan	28,090	0.66	89	3	1.39
Honda Accord EX-L (V6)	Family Sedan	28,695	0.67	90	3	1.36
Mazda6 s Grand Touring (V6)	Family Sedan	30,790	0.74	81	4	1.34
Ford Fusion SEL (V6, AWD)	Family Sedan	30,055	0.71	75	4	1.32
Subaru Legacy 3.6R Limited	Family Sedan	30,094	0.71	88	3	1.29
Chevrolet Malibu LTZ (V6)	Family Sedan	28,045	0.67	83	3	1.20
Chrysler 200 Limited (V6)	Family Sedan	27,825	0.70	52	5	1.20
Chevrolet Impala LT (3.6)	Family Sedan	28,995	0.67	63	3	1.05
Lexus ES 350	Upscale Sedan	38,615	0.77	91	5	1.45
Acura TL (base)	Upscale Sedan	36,465	0.75	82	5	1.41
Lexus IS 250	Upscale Sedan	33,734	0.75	84	5	1.40
Infiniti G25 Journey	Upscale Sedan	34,225	0.73	86	4	1.37
Lexus HS 250h Premium	Upscale Sedan	38,939	0.75	83	4	1.36
Acura TSX (4-cyl.)	Upscale Sedan	29,675	0.67	84	3	1.35
Infiniti G37 Journey	Upscale Sedan	37,225	0.79	95	4	1.33
Toyota Avalon Limited	Upscale Sedan	35,485	0.73	86	3	1.27
Hyundai Genesis 3.8	Upscale Sedan	39,850	0.78	92	3	1.22
Volvo S60 T5	Upscale Sedan	35,100	0.76	77	4	1.18
Nissan Maxima 3.5 SV	Upscale Sedan	33,700	0.78	83	3	1.17
Buick Regal CXL (2.4)	Upscale Sedan	28,840	0.65	77	2	1.14
Lincoln MKZ	Upscale Sedan	37,160	0.80	77	4	1.12
BMW 328i	Upscale Sedan	39,175	0.79	77	3	1.10
Audi A4 Premium Quattro	Upscale Sedan	35,895	0.76	76	3	1.08
Ford Taurus Limited	Upscale Sedan	34,980	0.78	73	3	1.07
Buick Regal CXL (turbo)	Upscale Sedan	32,135	0.71	79	2	1.06
Mercedes-Benz C300 Sport	Upscale Sedan	37,325	0.83	77	3	1.04
Volkswagen CC Luxury (2.0T)	Upscale Sedan	32,680	0.73	82	2	1.04
Saab 9-3 2.0T	Upscale Sedan	31,615	0.70	69	3	1.00
Buick LaCrosse CXS (V6)	Upscale Sedan	37,555	0.81	74	2	0.82