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Message
Is Carvana about to go belly up?
Posted on 11/4/22 at 10:44 pm
Posted on 11/4/22 at 10:44 pm
Remember when they were trading at $300+ last year? Who would have thought a vending machine for cars would never work?
This post was edited on 11/5/22 at 1:40 am
8
Posted on 11/4/22 at 10:50 pm to hikingfan
I wonder is the cost of cars/inflation on the middle class has anything to do with it
Posted on 11/4/22 at 11:25 pm to hikingfan
This was inevitable the company is run by literal crooks. Garcia III literally plead guilty to bank fraud in his previous business. He used carvana and drive time to make himself rich.
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.
I have no doubt that some bank will loan them some money to extend them some money. But bankruptcy is inevitable. Garcia gets rich and stock holders are left with the bag
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.
I have no doubt that some bank will loan them some money to extend them some money. But bankruptcy is inevitable. Garcia gets rich and stock holders are left with the bag
Posted on 11/5/22 at 7:12 am to hikingfan
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.
First time I've ever seen it like that, so I wondered what was going on with them.
Posted on 11/5/22 at 11:29 am to hikingfan
They should go bankrupt. They offered me $38,000 for a truck that I traded in for $62,000
Posted on 11/5/22 at 7:22 pm to hikingfan
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.
Posted on 11/5/22 at 8:45 pm to hikingfan
Damn, they were good to me when I sold my vehicle
Posted on 11/7/22 at 7:37 am to hikingfan
quote:
Who would have thought a vending machine for cars would never work?
quote:
Remember when they were trading at $300+ last year?
I mean it sounds like it did work some?
Posted on 11/7/22 at 9:40 pm to hikingfan
I’m not surprised
I sold a car to them a few months ago for very good price and another to CarMax 2 weeks ago and the guy at car max said the prices were starting to fall.
He said new car inventory was starting to catch up to demand and that will hurt used car prices bigtime.
To verify, I went to 2 dealerships this weekend and both confirmed that they’re loading up on inventory. Their lots were full btw.
Carvana has other issues tho. Some financial question marks
I sold a car to them a few months ago for very good price and another to CarMax 2 weeks ago and the guy at car max said the prices were starting to fall.
He said new car inventory was starting to catch up to demand and that will hurt used car prices bigtime.
To verify, I went to 2 dealerships this weekend and both confirmed that they’re loading up on inventory. Their lots were full btw.
Carvana has other issues tho. Some financial question marks
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