Last month, We Predict launched the inaugural We Predict Deepview™ True Cost Report. This report is a fantastic example of how data combined with technologies like machine learning can generate insights with real-world impact.
The True Cost report is unique in measuring service and warranty costs compiled from actual car service records. The report includes more than 801,000 vehicles across 306 models, with results based on 1.6 million service or repair orders that totalled more than $128 million in parts and $254 million in labour costs.
For customers, the insights can help them decide the best car for them, saving time and money. For manufacturers, they can see the areas which need to be addressed to improve customer satisfaction. For example, the report found repairs represented 77 per cent of service visits in the first three months of ownership, while only 8 per cent of service is for maintenance.
We Predict uses machine learning and a proprietary predictive methodology, working alongside data scientists, mathematicians, and computer scientists to analyse the data and gain new insights. The report measured the money spent by owners and manufacturers of 2021 model-year vehicles after three months on the road. It revealed which brands and models across 21 segments, including electric vehicles, have the lowest service costs. Honda North America’s vehicles had the lowest average actual service and warranty costs for non-premium brands and were tied with Toyota's Lexus brand among the premium brands.
You can read more here and here.