Carvana has cratered.

Frack N Cylons said:
So when are used car prices coming down?!?!?

Like everything else, they took the elevator up but damn sure are taking the stairs down.
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They should be now. Nothing's selling at auctions. Banks holding out because they loaned out too much when prices were high, but tons of repos. It should be a buyer's market for awhile.
 
I sold two cars to Carvana over the last year, both for more than I paid for them. One was only a little over a year old, the other was 4 years old. I bought both new.

I checked on the value of my new Ford Maverick there last week just because I could. They were offering what I paid for it. So, not a good as times past, but still pretty high for a now used vehicle in this market. No wonder they are getting ready to fold.
 
Landric said:
I checked on the value of my new Ford Maverick there last week just because I could. They were offering what I paid for it. So, not a good as times past, but still pretty high for a now used vehicle in this market. No wonder they are getting ready to fold.
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Hey @Landric, how are you liking the Maverick? I’m really interested in an XL Hybrid as a commuter and general “beater”. I don’t need a full-size truck but a smallish bed could come in handy.
 
Aren‘t they also facing lawsuits in multiple states over not being able to produce titles for cars they‘ve sold?
 
willpgn said:
Aren‘t they also facing lawsuits in multiple states over not being able to produce titles for cars they‘ve sold?
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Not sure about lawsuits, but at least a few states have penalized them for failure to produce titles in the legally allotted time frame, NC included.
 
steelciocc said:
Hey @Landric, how are you liking the Maverick? I’m really interested in an XL Hybrid as a commuter and general “beater”. I don’t need a full-size truck but a smallish bed could come in handy.
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I love it. Mine is a ecoboost AWD. I wanted basically the same thing, some truck utility without truck size or cost. I would absolutely buy it again.

That said, ordering for the 2023 model year Maverick is already closed. It opened for less than a week in September and Ford got something like 86000 orders. They have said they have the parts to build the orders in a 35% Hybrid / 65% Ecoboost split. The problem is that the orders placed were just the opposite, 35% Ecoboost, 65% Hybrid. Hybrids will be rare on the ground and likely marked up thousands over MSRP for at least the next year. If you want the Ecoboost that should be doable later in the year. If not, consider ordering when the 2024 orders open.
 
@Landric ^^Thanks!! I was going to order in September but, with a slowdown in the economy coming, I thought I’d just wait it out until cars start selling under MSRP again : ) By next year at this time I’m pretty sure it’ll be back to a buyer‘s market.

Good to hear that you’re loving it though! As long as they keep the prices reasonable they should be able to sell every one they make! Thanks again.

I also need the ability to tow it behind a motor home. The Hybrid is towable and would replace my current Jeep Cherokee for traveling purposes.
 
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I was watching a podcast by a father/son car dealership a couple weeks ago and they said this was coming. Interesting hearing their inside take on the market, repos going up, recommending people wait to buy right now, etc. They, for sure, called the Carvana implosion. They also said the guys who founded it are walking away worth billions with the shareholders and bondholders holding the bag.
 
cubrock said:
I was watching a podcast by a father/son car dealership a couple weeks ago and they said this was coming. Interesting hearing their inside take on the market, repos going up, recommending people wait to buy right now, etc. They, for sure, called the Carvana implosion. They also said the guys who founded it are walking away worth billions with the shareholders and bondholders holding the bag.
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was something else expected?
 
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