Carvana offer plummets!

[cooper]

The offer prices are plummeting, but they are still selling many models for high prices. The spread on my car's offer vs similar sales is really high. Their latest offer for my car is $2.8k, while recent sales are around $12-14k for same year/model.

Their algorithm is definitely preparing for a pending crash and they are trying to tighten their inventory.

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[RustyB]

I don’t own this truck anymore but if I still owned it I would make more selling it for scrap! I hope when (if) the time comes to trade for my Maverick the truck I own now won’t have dropped in value by 85%!

Yow ! They offered 12,000+ for my 2010 Tacoma

 

[08ranger]

Carvana in Centex offered me a lowball # for my 2008 Ranger that had 205K on it (original owner). I sold it locally for $1500! That was in March when my 23 Mav Hybrid finally arrived (16 months after ordering).

 

[08ranger]

The offer prices are plummeting, but they are still selling many models for high prices. The spread on my car's offer vs similar sales is really high. Their latest offer for my car is $2.8k, while recent sales are around $12-14k for same year/model.

Their algorithm is definitely preparing for a pending crash and they are trying to tighten their inventory.

Inventory? at my dealer this week in central TX they had ONE vehicle in the showroom-a Bronco Sport for 36K... NO new pickup Trucks of ANY type. My sales rep said he felt he was working at a used car lot!

 

[cooper]

Inventory? at my dealer this week in central TX they had ONE vehicle in the showroom-a Bronco Sport for 36K... NO new pickup Trucks of ANY type. My sales rep said he felt he was working at a used car lot!

Your dealership is a unicorn then, because dealerships around here have F150's as far as the eye can see. Other dealerships have lots filling up with inventory.

Sure, there are some models that are hard to find (Maverick, etc), but the $80k trucks are sitting on the lots.

 

[727223]

My 22 Lariat went from 34k to 29k in six weeks. 11K miles. Latest bid is $200 more than MSRP I paid. Not selling it anyway, but quite a drop. The order banks may still be open partially because flippers see the future for a flip profit is not so great.

My carvana quote for a 23 lariat dropped down to $27k. Sold it to carmax for $32k. New Lariat is slated for production in a few weeks

 

[CTYankee]

Inventory? at my dealer this week in central TX they had ONE vehicle in the showroom-a Bronco Sport for 36K... NO new pickup Trucks of ANY type. My sales rep said he felt he was working at a used car lot!

Ira Ford in Auburn, MA has 41 F-150's, most of which appear to be on-site. They have no Mavericks or Rangers and only 1 SuperDuty. There is 1 Bronco on-site and 3 inbound. So, not a lot to work with there in the truck department unless you want a 150.

 

[KrayzieMav]

Inventory? at my dealer this week in central TX they had ONE vehicle in the showroom-a Bronco Sport for 36K... NO new pickup Trucks of ANY type. My sales rep said he felt he was working at a used car lot!

damn my medium-sized local dealer currently has 373 new Fords in stock, like 150+ of them f-150s

 

[MakinDoForNow]

I’d love to know where the “market” is to buy a truck like that for $800.

It says Carvana in Tennessee in the picture of his offer in his post. Search there!!!!

 

[Suzukiridr14]

I don’t own this truck anymore but if I still owned it I would make more selling it for scrap! I hope when (if) the time comes to trade for my Maverick the truck I own now won’t have dropped in value by 85%!

It's 13 years old, with over 171,000 miles. Carvana makes it's money by financing the cars it sells. Can't make money with this truck.

 

[MakinDoForNow]

The offer prices are plummeting, but they are still selling many models for high prices. The spread on my car's offer vs similar sales is really high. Their latest offer for my car is $2.8k, while recent sales are around $12-14k for same year/model.

Their algorithm is definitely preparing for a pending crash and they are trying to tighten their inventory.

Couple weeks ago Carvana worked a money deal with bondholders so maybe one of the conditions was to change their algorithms????

 

[pa-outdoorsman]

Great... The trade in values and prices of used vehicles at auction are dropping, but dealers are still trying to sell them at the same inflated prices.

That's because they are into much of their existing inventory at those same inflated prices. They will have to come down. The market is cooling rapidly.

Buyers have more leverage now than they've had since pre-COVID. Time to put the screws to the dealers again, just like it was in the good, old days...

 

[40caliber]

Never trade in without lube

 

[commadorebob]

My Explorer dropped $16,000 and I haven't even taken it home. Used market is reacting to the higher interest rates (which is good; I need to get something for my daughter next year).

 

[K5Blazer]

Paid 50%, or less, of current dealer markup on my Maverick 3 months ago.

Got 50%, or more, by selling my used car 3 months ago than the market value now.

I expected all this would happen. Worked out exactly as planned.

And before someone tells me I paid too much and should have waited because “prices will come down on Hybrids”, I have one thing to say;
I have one in my garage, right now.

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