Used car market

[RockChalk]

Originally Posted by Bearcat

I've never actually used them, but my experience is their quotes on trade-ins are awfully low (confirmed by trading in multiple vehicles elsewhere for significantly more), and there are a lot of bad stories out there that seem to go beyond the typical people complaining on the internet.

I've heard some of those same things. Just was curious if we had any CP-member experiences with them.

[MagicHef]

Originally Posted by RockChalk

Random thread bump, but I thought this one was the best place to ask my question.

Anyone on here ever used Carvana? Curious about your thoughts, dealings with them after the fact, etc.

I sold my car to them, for quite a lot more than was offered by other dealers, and about what I expected to be able to sell it for if I listed on Craigslist. It was pretty quick and easy, you sign a power of attorney for the car rather than signing over the title. The guy spent about 15 seconds looking at the car and then loaded it up and drove away, the money was deposited the next day or so.

[TambaBerry]

Originally Posted by MagicHef

I sold my car to them, for quite a lot more than was offered by other dealers, and about what I expected to be able to sell it for if I listed on Craigslist. It was pretty quick and easy, you sign a power of attorney for the car rather than signing over the title. The guy spent about 15 seconds looking at the car and then loaded it up and drove away, the money was deposited the next day or so.

they're losing all the money they got from investors. When it first came around they were spending a ton of money buying cars.

[scho63]

Originally Posted by RockChalk

Random thread bump, but I thought this one was the best place to ask my question.

Anyone on here ever used Carvana? Curious about your thoughts, dealings with them after the fact, etc.

When I spent 3-4 months looking for a car to buy, bought one in late November, I checked many of the online retailers. Carvana and Car Max both seemed 10-15% or more higher on every car I checked. Never saw a good deal. A car valued at 19K everywhere else would be priced at 22K. A 25K car would be around 28.5-29K. Carvana was a little higher than Car Max.

I personally don't think they are good value.

[displacedinMN]

Also heard Carvana is financially unstable. What ever that means for business.
They seem like a car broker more than sales. Buy low, sell high.

[kepp]

Originally Posted by displacedinMN

Also heard Carvana is financially unstable. What ever that means for business.
They seem like a car broker more than sales. Buy low, sell high.

Yep, and with the way the used car market has been the last couple of years, they're going to be hurting for a while as the market calms down. They'll likely be taking some big losses.

[BryanBusby]

Originally Posted by displacedinMN

Also heard Carvana is financially unstable. What ever that means for business.
They seem like a car broker more than sales. Buy low, sell high.

Carvana is going to go tits up.

[backinblack]

Yeah the scuttlebutt going around car circles is Carvana won't be around much longer, and I have heard they are really bad with titles. They sell cars without titles, they won't hand over titles when cars are paid off, they don't forward titles to lean holders etc. As you can imagine this has led to Carvana being the subject of numerous lawsuits, and some states apparently have tried to bar them from selling cars in their state.

[notorious]

The auction inventory is massively over stocked. Banks are trying to move cars at their book value instead of wholesale, so it's piling up.

When banks decide to eat the huge loss and sell at wholesale, you will see the auction cars start to funnel back to the lots.

Used care prices are about to take a dip. Some dude tried to tell me otherwise on here last year yet here we are.

[Bugeater]

My son bought car from Carvana, thankfully it went well and he received the title. I have no idea what kind a deal he got on it, but is was back in the used car crisis and I doubt there were any good deals on anything. The only problem is came from an area that didn't see snow, so he had to buy all weather tires for it.