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Message
re: Is Carvana about to go belly up?
Posted on 11/7/22 at 9:53 pm to molsusports
Posted on 11/7/22 at 9:53 pm to molsusports
quote:
There are a growing number of repossessed vehicles that have not been sold at auction because banks don't want to accept the loss. The patient buyer should have better options over the next year
When i went last summer to look at a car the literally tried to go 50% over msrp on me. I understand there are rubes out there willing to pay that, but what i never understood the banks financing it. A nationwide bank auto loan collapse is inevitable. A ton of people are going to hand in keys when they are upside down $20k on their kia.
1
Posted on 11/8/22 at 1:26 am to Palm Beach Tiger
Funny you diss KIA. I went through a mid-life crisis when my 17yo cat was dying last year and traded in a 2yo Outback for a JEEP Wrangler Rubicon which shuddered down the freeway as soon as I drove it home.
I couldn't drive it, it waffled and shook all over the road. Dealership was not understanding and I had a 52k boat anchor and still had to get to work. Carvana offered me 33k on the JEEP. I sold it to Carmax for 39k and ate the 13k loss, happy to be rid of it. Every dealership was posting prices way over MSRP and I was so over buying a vehicle to impress anyone anymore especially myself. I just needed a safe reliable vehicle with good cargo space and all of the trucks I looked at were way over priced and had totally beaten up or crappy interiors and the wait list for a new one was months away. I ended up buying a brand new KIA Carnival minivan which is enormous and looks more suv-ish but I really didn't care about how it looked. I liked the best in class warranty and the safety features they included in the base model. It was 33k msrp, dealership did not mark up, and a few months later I was able to haul myself, my valuables and my cats 2000 miles to Texas with enough gear to last me 3 weeks until the trailer arrived with my house stuff. My kIA has a 3500lb tow rating, and last week I loaded 2 full size solid wood doors, 2 leftover granite slabs, hardibacker and vintage 1950 pine paneling from a house I'm remodeling, to add to all the crap in my garage for future projects. I freaking love my KIA. Took out the middle seats, folded the back seats flat and I basically have a cargo van. Looks like an orca going down the road. Don't knock the kias. The telluride is pretty sweet too.
I couldn't drive it, it waffled and shook all over the road. Dealership was not understanding and I had a 52k boat anchor and still had to get to work. Carvana offered me 33k on the JEEP. I sold it to Carmax for 39k and ate the 13k loss, happy to be rid of it. Every dealership was posting prices way over MSRP and I was so over buying a vehicle to impress anyone anymore especially myself. I just needed a safe reliable vehicle with good cargo space and all of the trucks I looked at were way over priced and had totally beaten up or crappy interiors and the wait list for a new one was months away. I ended up buying a brand new KIA Carnival minivan which is enormous and looks more suv-ish but I really didn't care about how it looked. I liked the best in class warranty and the safety features they included in the base model. It was 33k msrp, dealership did not mark up, and a few months later I was able to haul myself, my valuables and my cats 2000 miles to Texas with enough gear to last me 3 weeks until the trailer arrived with my house stuff. My kIA has a 3500lb tow rating, and last week I loaded 2 full size solid wood doors, 2 leftover granite slabs, hardibacker and vintage 1950 pine paneling from a house I'm remodeling, to add to all the crap in my garage for future projects. I freaking love my KIA. Took out the middle seats, folded the back seats flat and I basically have a cargo van. Looks like an orca going down the road. Don't knock the kias. The telluride is pretty sweet too.
Posted on 11/8/22 at 8:50 am to tigerfive
I have 2 kia sorrentos. Kia was the dealerships i went to that tried to sell me a tellurides for 50% over msrp. The Sorrento were similar. I am in central Florida
Posted on 11/8/22 at 9:25 pm to Palm Beach Tiger
The Telluride has premium features that compete with $80k SUVs, so the dealerships see an opportunity to cash in. Dealers in the CA Bay Area were charging around $8-16k over MSRP for new Tellurides but they were unobtainium when I was looking for one. Which led me to the Carnival which is so much more useful for me. I turned the 7 seater into a 2 seater and it's amazing how much you can haul in one. I found a dealership that had the base model I wanted, that was charging straight MSRP in a rural county 4 hours north,
took a bus there and drove the KIA home. Saved myself about $6k by buying from a dealership that cares about their reputation in their small community. Even the Carnival was marked up 5-6k in most places.
took a bus there and drove the KIA home. Saved myself about $6k by buying from a dealership that cares about their reputation in their small community. Even the Carnival was marked up 5-6k in most places.
Posted on 11/9/22 at 1:41 pm to tigerfive
Their vending machines are nothing but really expensive billboards since almost everyone chooses delivery.
Also never a great idea to build a building that no other buyer would ever want.
Also never a great idea to build a building that no other buyer would ever want.
Posted on 11/9/22 at 1:44 pm to Bruco
They are great to sell to, but bad to buy from. 
Posted on 11/10/22 at 5:08 pm to Bruco
quote:
Also never a great idea to build a building that no other buyer would ever want.
I’m in the commercial real estate business and I’m scratching my head as to what you could do with those buildings once they fail. I guess other car dealers could be interested perhaps for high end sales but that’s an expensive mofo to own.
Posted on 11/10/22 at 5:19 pm to Lsut81
quote:I’m going to guess that was a new build display. Not like they don’t have the inventory to fill up a 20 car display.
Tinmely, theres one of those Carvana elevator display cases a few miles from me and passed it last weekend, it was empty, not a single car. First time I've ever seen it like that, so I wondered what was going on with them.
Posted on 11/10/22 at 5:25 pm to Klondikekajun
quote:they don’t look that expensive honestly. I watched a couple go up from scratch it’s just steel frame. No need for IT, cabling, major electrical, AC. It’s an expensive billboard but ongoing costs would be just property taxes.
I’m in the commercial real estate business and I’m scratching my head as to what you could do with those buildings once they fail. I guess other car dealers could be interested perhaps for high end sales but that’s an expensive mofo to own.
Posted on 11/18/22 at 1:50 pm to UltimaParadox
quote:I'm wondering if this will have a sobering effect on the price of collectable cars. Some have skyrocketed in values over the last three years.
If anything prices will continually slide downward for used cars
Posted on 11/18/22 at 2:34 pm to HubbaBubba
quote:
I'm wondering if this will have a sobering effect on the price of collectable cars. Some have skyrocketed in values over the last three years.
EVERYTHING became a bubble during 2020
Posted on 11/18/22 at 2:59 pm to HubbaBubba
quote:
I'm wondering if this will have a sobering effect on the price of collectable cars. Some have skyrocketed in values over the last three years.
The first thing that I noticed hitting collectible car prices or demand at the margin was the downward moves in the equity and crypto markets. When Bitcoin took a tumble earlier this year, one young man who was chomping at the bit to buy an antique vehicle I had for sale backed away. His initial idea to trade me some Bitcoin for it was never going to fly. But as things got worse, his finances wouldn’t allow a purchase.
Higher end and very rare vehicles (Ferraris, Porsches, Jags, low production muscle cars, etc.) don’t seem overly affected so far. I have 3 collectible vehicles that I’d like to sell within the next year. I’m trying to follow Mecum, Hagerty, etc. to see what the pricing trends look like. The newer (someday) collectible vehicles that Carvana and other volume sellers deal with are probably going to take a hit, IMO.
Posted on 11/18/22 at 4:03 pm to UltimaParadox
quote:
Carvana did not even make money during the peak run up of used car prices. They thought that they could only grow by buying up inventory at inflated prices. Now that used car prices are falling rapidly, they are doubly screwed since now they have no one buying their depreciating vehicles. Plus they borrowed money to buy these vehicles and interest rates are rising fast.
It's the reason used Tesla prices were so absurd and now you are seeing this spill into those prices crashing. I knew it and was gaslit about this scam years ago when I was obsessed with Tesla being a fraud.
Posted on 11/18/22 at 4:53 pm to Jag_Warrior
fricking square body fords and the older power wagons are pulling way over 150k if they are done correct. Those things just used to be money pits for people that loved them. Nobody actually paid to have them restored.
Now it’s nuts. I bought my 06 6.0 f350 for 18k buck with 50k miles a few years back. Beat the shite out of it for work but one in the condition I bought mine would be worth 35 easy now
Now it’s nuts. I bought my 06 6.0 f350 for 18k buck with 50k miles a few years back. Beat the shite out of it for work but one in the condition I bought mine would be worth 35 easy now
Posted on 11/18/22 at 11:06 pm to Big Jim Slade
quote:
Maybe people finally figured out that their cars were 15-20% higher than any given dealer. But i guess you got the video game buying experience and/or home delivery. Good riddance.
Carvana and Carmax are industry disruptors for a reason. People are willing to pay a little more/recoup a little less to avoid the scummy, stressful dealership experience. Dealerships better take note.
Posted on 11/18/22 at 11:20 pm to Navajo61490
quote:
I wonder is the cost of cars/inflation on the middle class has anything to do with it
That and the fact that people are finally wising up to the fact that a lot of the crap CARVANA sells is just that.
Crap that has come out of rental fleets and is a rusty POS.
What a lot of people don't realize is the rental companies self insure and do their own body work in-house. No insurance claim=no CarFax report.
So you wind up with a beat up abused rental car that has a clean CarFax, but is a POS.
Posted on 11/19/22 at 5:58 am to Nephropidae
quote:
I’m going to guess that was a new build display. Not like they don’t have the inventory to fill up a 20 car display.
No, it’s been there since Carvana became a thing. I10 out to Katy. Was always full and now it’s empty.
But like others have said, juice prob not worth the squeeze since nobody is going to pick up cars and all are delivered.
Posted on 11/19/22 at 6:01 am to wutangfinancial
Elon in your head rent free. Lol
Posted on 11/19/22 at 10:09 am to Htownbayubengal
K
Posted on 11/19/22 at 10:14 am to Jag_Warrior
quote:What do you have? I have a 2003 Mustang GT Premium Centennial Edition Coupe with a few modest mods, but I have kept everything to return it to stock. It has only 12k miles on it. Debating with myself about whether or not I should replace the tires on the car, though. They only have 11k miles on them, but... they're almost 20 year old tires, now. I only take it out for Coffee and Cars events.
I have 3 collectible vehicles that I’d like to sell within the next year. I’m trying to follow Mecum, Hagerty, etc. to see what the pricing trends look like.
Ford made 717 of these cars, but as optioned from the factory, it's one of only 26. It came with a limited edition 100th anniversary commemorative Ford coffee table book, commemorative Keychain and commemorative watch. These are in the original box and never been used and the book has never been opened. Hell, I don't think the car has ever even been out in the rain.
Thinking about flipping it and finding me an older, low mileage 1993 C4 Corvette ZR-1 with the 32 valve Lotus LT5 power plant.
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