Is Carvana Broken?!?

[JsnMrd]

I tried to get an estimate for my brand new Maverick XLT Hybrid and much to my surpise, it gave me only 24k!? Same thing with my other car which I've getting estimate with equity of at least 2k now seats 2k-3k below what I owe!

Is this the end of the era of flipping cars? I have not tried any other companies so I can't compare.

Anyone have the same experience recently?

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[cavemold]

I tried to get an estimate for my brand new Maverick XLT Hybrid and much to my surpise, it gave me only 24k!? Same thing with my other car which I've getting estimate with equity of at least 2k now seats 2k-3k below what I owe!

Is this the end of the era of flipping cars? I have not tried any other companies so I can't compare.

Anyone have the same experience recently?

What does Kelly blue book say about your value ?

 

[tonyfall1]

I am planning on trading in a Dodge Minivan, they quoted me 23k on 7/6. On 7/19 they quoted me 17k. Supposedly used car prices are falling fast. I may have lost at least 6k on trade cause I still haven't gotten my Mav.

 

[RatherBeDrivingaManual]

Yes, used car values are dropping. Repos are starting to skyrocket as the subprime auto loan bubble pops.

I sold my Jeep Gladiator to Carvana for $38,000 two weeks ago at the peak. I checked again today and they're offering $34,400

 

[RatherBeDrivingaManual]

I am planning on trading in a Dodge Minivan, they quoted me 23k on 7/6. On 7/19 they quoted me 17k. Supposedly used car prices are falling fast. I may have lost at least 6k on trade cause I still haven't gotten my Mav.

You say lost $6k, I say didn't make $6k potato patato.

 

[LessFrequent]

I tried to get an estimate for my brand new Maverick XLT Hybrid and much to my surpise, it gave me only 24k!? Same thing with my other car which I've getting estimate with equity of at least 2k now seats 2k-3k below what I owe!

Is this the end of the era of flipping cars? I have not tried any other companies so I can't compare.

Anyone have the same experience recently?

Carvana's stock price/market value has declined >90% over the past year, so yea, their execution is broken...

 

[Red Ryder]

There was a $4000 difference in my 2018 Colorado Carvana offer in late December vs. what they paid in early March. That, and $800 in new tires to get me through the winter.

So, roughly $5000 difference for me six months ago.

As for the subprime auto loan bubble and related repos, another reason not to pay over MSRP. The market is dynamic.

 

[huunvubu]

Yes it looks like prices are crashing at least for Carvana.

My new offer is now only $28,547. Previous offer was $34,294 so the new one is down $5,747 from that one.

My Carvana offer has now come in lower for the second time.

Current offer on 7/24/2022 is $28,547.

Previous offer(s) were $34,294 on 7/1, $35,646 on 6/17, $34,889 on 5/29, $32,974 on 5/6 and $31,196 on 4/13.

XLT Hybrid + Co-Pilot360, Cabin 120V/400W outlet, Sliding Rear Window, Hard Drop-In Bedliner

 

[jsus]

Carvana's offers will fluctuate over time in general. They also started off with some really absurd valuations (and sales prices) on Mavericks. Some of that has since come down. Also depends on your exact build and perhaps the zip code you provided.

For reference, for a Maverick XLT EB FWD with 5,000 miles:

June 12: $35,373
July 3: $34,067
July 24: $30,766

Other models I'm tracking hasn't dropped that precipitously.

In general, when the market is this off balance, it's better not to wait expecting to even get the same offer, let alone a higher one. Take advantage of it while it lasts.

 

[Nick]

Maverick Hybrids are down $6000 since 2 weeks ago. Broncos down $4000.

 

[gte105u]

Used car companies got hammered. They are not moving the vehicles they are buying (go figure people don't want to pay more used than new). This whole flipping vehicles is fizzling.

 

[OleFordGuy]

Yep, the automotive and housing pricing bubble has busted. Lots of folks gonna be under water. The folks at YAA have been talking and warning about all of it for a while on youtube. https://www.youtube.com/channel/UCzGxSaDv_5dgSe4RgJ99sfA

 

[Flomounier1]

Carvana bought all the Mavericks when they were offering 30k+ for them and now they can't sell any of them because people are probably just going to wait til the 2023 model comes out due to all the problems the 2022 ones have been having.

I live in SoCal, when you search for 2022 Ford Mavericks for sale, Carvana is literally the only place selling them. There was one private party listing but that's it.

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