I think the whole used car market skyrocketed then took a giant dump. Their inventory is killing them. Interest rates haven't helped.Carvana lost $439M last quarter... probably even more this quarter.
Carvana posts $439 M net loss for Q2, sales volume increases
According to an official report from the company, Carvana sold about 117,564 retail vehicles, which calculates to a 9% increase from the previous year.www.cbtnews.com
The Q1 loss was as big
"The company's net loss rose from $82 million in Q1 2021 to $506 million in Q1 2022"
Carvana lifts Q1 2022 sales, widens loss
Carvana, an e-commerce platform for buying and selling used cars online that offers a car vending machine, reported a higher loss despite improved sales for Q1 2022, according to a letter to shareholders. Highlights include: Revenue rose 56% from $2.2…www.vendingtimes.com
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Bottom dropping out of used market?
- Thread starter Love2Run
- Start date
These are "regular" cars, Used cars costing more than new is ridiculous to me. I am one of those people who refuse to do that for anything (pay what amounts to scalper pricing).
I also happen to find it fairly humorous for some people (not you) to intimate that the "bottom is falling out of the market" because a used vehicle is no longer costing as much or more than a new one.
thesmokingman
Active Member
Used pricing has been trending down for months. Don't believe it? Add to that high rates which are higher for used, and you can see why. Heck the housing market is feeling the same pressures.
Used Car Prices Have Fallen for 4 Months Straight
Hold the applause: Typical monthly payments are actually more expensive now.
money.com
Who was the idiot who decided that articles on the web don't need to have conspicuous publish dates on sites with timely topics?Used pricing has been trending down for months. Don't believe it? Add to that high rates which are higher for used, and you can see why. Heck the housing market is feeling the same pressures.
Used Car Prices Have Fallen for 4 Months Straight
Hold the applause: Typical monthly payments are actually more expensive now.
I think that article is a few months old... can't really say for sure because they don't seem to think including the context of when it was published is important.
thesmokingman
Active Member
thesmokingman
Active Member
TSLY
Member
Don't get trampled under the stampede of the herd mentality. And avoid groupthink. By the time you read something, it's generally too late to capitalize on, whether it's true or false. 
Blackbook and MMR are the best indicators and they have been falling for 8-12 weeks now.
CarGurus has retail price history (which lags behind auction prices because dealers don't immediate discount prices... much like gas prices don't fall immediately at the pump). Tesla Model Y Price Trends - CarGurus
CarGurus has retail price history (which lags behind auction prices because dealers don't immediate discount prices... much like gas prices don't fall immediately at the pump). Tesla Model Y Price Trends - CarGurus
SageBrush
REJECT Fascism
I've submitted my 2022 Model Y for sale to the internet retailers this week and received quotes spanning $56k - $63k. Surprising to me, the highest offer so far is $68k from a local VW dealer who contacted me via TrueCar.
My experiences selling cars via the internet leads me to conclude that each retailer has their own analytics, spot inventory, and pet market niches. I think quote prices ebb and flow, and we really do not have any insight into what any one retailer might offer today Vs tomorrow. It takes time to query them all but the difference spans some 10% most of time and sometimes up to 20%.
There is a softening of the used Tesla market but I think it is still strong overall, once the recent frothy buying spree inventory of the retailers is sold.
My experiences selling cars via the internet leads me to conclude that each retailer has their own analytics, spot inventory, and pet market niches. I think quote prices ebb and flow, and we really do not have any insight into what any one retailer might offer today Vs tomorrow. It takes time to query them all but the difference spans some 10% most of time and sometimes up to 20%.
There is a softening of the used Tesla market but I think it is still strong overall, once the recent frothy buying spree inventory of the retailers is sold.
TomServo
Active Member
I sold mine on Aug 25th and the market was on the downward trend then, I got $56K down from the high of $61K in May when I placed my order for a MYP. My Y cost $67,990 before the latest price increase.
And we are looking to adding a “beater” for dog and other dirty duties and I can tell used prices are dropping.
And we are looking to adding a “beater” for dog and other dirty duties and I can tell used prices are dropping.
I hope so. I have two years left on my leased Y and I'd prefer to buy it versus ordering another car. As of now Tesla has denied the ability to purchase a leased car which is not normal. If the market goes down they'll allow it since they can't make a major profit off selling my used leased car on the open market.
Carmax just offered me 58k for my essentially brand new MYP. I'm not looking to flip for a profit by any means, but one of the main reasons I bought a Tesla was for the resale and knowing that I could "escape" from the car relatively easily if I wanted to.
And I locked mine in two price bumps ago... I feel really bad for anyone paying current prices.
And I locked mine in two price bumps ago... I feel really bad for anyone paying current prices.
That's how much I sold my 2021 Standard Range Y with 27k miles on it lol. The market is definitely on a downward trend.
The EV market had the biggest spike and traditionally EVs are supposed to depreciate 50% over 3 years.
All cars had stupid spikes in 2021 and early 2022... I remember checking Carvana on my one week old Telluride back in May of this year and they offered $10K over MSRP which means they were trying to sell it for $15K or $20K over MSRP. Those days are gone. Good for everybody to be honest.
There were way too many flippers that bought these just to make a quick buck. Flippers had no intention to keep the vehicle. They are quickly unwinding their positions. When everyone heads for the exits at the same time some will get hurt. Once the flippers leave I expect the prices to stabilize again. Btw I love my Y and would never think of selling it for any amount.
Yeah I have a strong feeling there will be no shortage of speculators getting burned here, dealerships included
The online order system feels particularly conducive to this type of speculation and flipping
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