Is Carvana Broken?!?

[cavemold]

This was my June offer

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[cavemold]

… I was gonna order 20 mavericks on 8/2 to flip…

Read my posts lol

 

[gte105u]

My recommendation is to consider Carmigo. Back in May, Carvana offered me right around $33k for my base FWD XL EB. Carmax offered $28k, Vroom was around that number as well. I used Carmigo (they are a third party that auctions your vehicle to dealerships for a $350 sell fee) and cleared $34,500.

Earlier this month when our 2023 Integra arrived it was time to sell our Genesis G70. Carvana's offer was pathetic at $23,600. Carmax offered $27,000. Vroom offered $26,937 or some weird number. We used Carmigo again and got $30,200.

I recommend this often on here, but I am not a paid spokesperson or anything like that. I have just had 2 very positive experiences in the last few months and they are not well known at this point.

I assume as with any auction, what it it gets it gets? Unless you put a reserve on it (do they allow one)? I think that is the concern some of the risk adverse have, no guarantee.

 

[OleFordGuy]

don’t say that too loudly! There are still many on this forum who plan on ordering two mavericks and making bank on the one they don’t keep! They will shout you down if you criticize flipping or the long term viability of it in the coming year! This high priced car market will never end! Money for everyone!

yep you are correct, pie in the sky, easy money, til their bankrupt and credit ruined

 

[MortyHooper]

Guess I am swinging back to relieved that I sold my Ridgeline in April… been a bit choked lately as the Maverick likely gets bumped to 2023.

 

[2022EOW]

I particularly love this, makes me happy to see all those morons who paid over MSRP to all of a sudden lose $1,000's and $1,000's instantly. Remember the housing bubble, here comes the auto bubble.

 

[2022EOW]

I got a quote yesterday for my 2012 focus with 156000 miles and they offered me $300 dollars. A coworker with a very similar focus in same condition and miles was offered $6000 dollars last month.

I got a little over $10k for my 2014 Focus with 78K miles on it back in January from Carvana when my Maverick came in.

 

[ValenciaOrange]

Carvana stores all their quotes in a computer. They know exactly when you requested a quote and the price offered.

There business is not that great, and their stock price has tanked.
My quote was almost 7k less for my Maverick Truck since the last quote.

 

[MLowe05]

I assume as with any auction, what it it gets it gets? Unless you put a reserve on it (do they allow one)? I think that is the concern some of the risk adverse have, no guarantee.

You set a reserve. In my case, they recommended $36,500 as the reserve for my XL EB so that's what I went with. The high bid was $34,500. So I could have walked away and kept the truck, or I could have negotiated with the high bidder. But I chose to accept the offer.

With the G70, they recommended a reserve of $31,300 so again that's what I went with. The high bid ended up at $30,000. I negotiated with the high bidder and we settled at $30,200.

 

[Scott Asheville]

https://www.thestreet.com/investing/carvana-the-amazon-of-car-dealers-is-in-deep-trouble

Enough said on Carvana.

 

[athertonbt]

Seeing used car lots completely full up with massive trucks and gas guzzling monster SUVs that have now been sitting for months…previous model year used cars that are more expensive than buying new (in the case of my wife’s CRV, a used 2020 was 36k vs. her new 2021 at 26k through Autonation)…Anyone who remembers the previous recession could see this coming. Bummer for those who are upside down. There’s no joy in watching it happen.

 

[huunvubu]

Looks like Carvana is giving low ball offers because as others have stated Carvana is struggling as a company and has too much Maverick inventory.

Luckily there are other online car companies like Vroom, Carmax and others.

I just got my Vroom quote of $34,500 and it is higher than Carvana's offer of $34.294 from 7/1 and much much higher than the ridiculous low ball offer from them today 7/24 of $28,547

So all the current talk on this thread that the used car purchase market is collapsing as we speak is just hyperbole as the issue is Carvana not the others.

 

[Oggy]

We lucked out, bought my wife’s van at the very beginning of the increased, and found the Maverick instead of paying the inflated resale prices for used cars I was considering to replace mine…

Every bubble bursts, used car prices will drop, but I believe the housing market will stay high. Changes there will be in the transaction going back to the old norm, inspections, mortgages, houses on the market for more than a day…

 

[Scott Asheville]

Autoline follows the used car market very well. There are mixed signals out there. You have to watch auction prices, loan defaults, inventory, days on market and more. And then you need to consult Yoda, because the future is always in motion.

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