Research Project 1 Mth 154 Quantitative Reasoning Compare ✓ Solved

Research Project 1 Mth 154 Quantitative Reasoningcompare The Price

Research Project #1, MTH – 154 Quantitative Reasoning compares the prices of popular models of new and used cars in Woodbridge, VA, and Toronto, Canada (or other selected cities in the USA and Canada). The assignment involves researching real consumer information, performing calculations and data visualization in Excel, and applying quantitative reasoning to compare costs, including currency conversion and import fees. The project emphasizes practicing research skills, data analysis, chart creation, and drawing evidence-based conclusions based on the collected data.

Sample Paper For Above instruction

Introduction

The goal of this research project was to compare the prices of five selected car models across different production years in two distinct markets: Woodbridge, VA in the United States, and Toronto, Canada. By analyzing both new and used cars, converting currency, and adding import fees, we aimed to determine which market offers a more economical option for consumers interested in specific vehicle models.

Methodology

The research process started by selecting five popular car makes and models, each from different production years to ensure a comprehensive comparison. The selected models included Honda Civic, Toyota Corolla, Ford Focus, Chevrolet Malibu, and Nissan Altima. These models are commonly purchased vehicles with plentiful online listings, making it feasible to gather current pricing data. The data collection involved visiting dealership websites in both Woodbridge, VA, and Toronto, Canada, to record the listed prices for each vehicle.

The next step was to organize the data into Excel for analysis. Each car model was assigned its own table, including columns for the year of manufacture, model, price in the local currency, price converted into US dollars (when applicable), and associated import fees. Currency conversion was performed using current exchange rates sourced from reliable financial websites. Import fees, which include taxes, duties, and other charges, were calculated based on available online tools and provided fee schedules.

Data Entry and Calculations

The Excel worksheet was formatted in landscape orientation, with personal identification information included in the header row for clarity. The car data was organized into tables, with each row representing a specific model and year, and columns capturing all necessary financial data. After inputting the local prices, conversion rates were applied to standardize the dollar amounts, and import fee calculations were added to assess the total cost of purchasing a Canadian vehicle in the US market.

The conversion from Canadian dollars to US dollars was performed using current exchange rates, which approximately ranged from 1 CAD = 0.75 USD, depending on the date of the data extraction. Import fees were computed as a percentage of the vehicle's value, with variations for different vehicle types and models, based on online import regulation information.

Graphs and charts were created to visually compare the pricing differences between the two markets. Two charts were chosen; one illustrating the prices of the models in the local currencies, and another comparing the total costs after currency conversion and import fees. These visualizations helped in identifying patterns and potential savings or extra costs when importing vehicles.

Results and Analysis

Among the five models, the Honda Civic from 2018 in Canada was selected for detailed analysis. The base price in Canada was CAD 15,000. When converted to US dollars, this amounted to approximately USD 11,250 using an exchange rate of 1 CAD = 0.75 USD. Additional import fees of approximately CAD 1,500 (or USD 1,125) were added, leading to a total estimated cost of USD 12,375. In comparison, the same model purchased in Woodbridge, VA, was listed for USD 13,000.

Thus, purchasing the Honda Civic from Canada and importing it into the US would save approximately USD 625. Conversely, for some models, the total costs after considering import fees and currency exchange resulted in higher expenses compared to buying locally in the US. This indicates that geographic location and corresponding import regulations significantly impact the final consumer cost.

Conclusion

The comparative analysis demonstrates that, for certain models like the Honda Civic, importing from Canada can be cost-effective, provided the import fees and exchange rates are favorable. However, for other models, local US dealerships offer competitive or lower prices even after accounting for import expenses. This research underscores the importance of comprehensive cost analysis, including currency conversion and import duties, when making purchasing decisions across borders.

From a broader perspective, consumers should consider not only sticker prices but also additional costs involved in cross-border vehicle transactions. Future purchasing decisions can be optimized by leveraging real-time data and analyzing total costs, encompassing taxes, fees, and currency fluctuations.

References

  • Bank of Canada. "Exchange Rates." https://www.bankofcanada.ca/markets/forex-market/
  • U.S. Customs and Border Protection. "Importing Vehicles." https://www.cbp.gov/trade/basic-import-export
  • Edmunds. "Car Prices & Dealers." https://www.edmunds.com
  • Kelley Blue Book. "New & Used Car Prices." https://www.kbb.com
  • Government of Canada. "Vehicle Import and Registration." https://www.canada.ca/en/services/transport/road-vehicles.html
  • Cars.com. "International Car Import." https://www.cars.com
  • Canadian Vehicle Import Program. "Importing Vehicles into Canada." https://www.tc.gc.ca/en/services/road/importing-vehicle.html
  • U.S. Department of Homeland Security. "Import Fees and Tariffs." https://www.dhs.gov
  • OECD. "Trade and Tariffs." https://www.oecd.org/
  • MLA Style Guide. "Formatting and Citations." https://style.mla.org

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