Automotive

Carvana, The Used Market, and Consumer Tips

We aren't here to share consumer buying advice as much as a reverse engineer it...
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Carvana, The Used Market, and Consumer Tips

After a $10K fine, handing over its dealership license in Michigan for three years, and receiving a 40% market value surge in return, Carvana is laying off workers due to weak used car sales. The layoffs, hour reductions, and open positions going unfilled are a continuation of about 4K terminations in 2022.

The company is also lowering prices to withstand what they call a slump in demand.

Despite dropping prices shown in data, some popular models previously considered affordable are still out of reach of most buyers. iSeeCars data shows 33 cars that met the affordability threshold in 2019 no longer meet the criteria.

In many instances, customers are frustrated by an inability to keep up with the elevated prices of regular old cars.

Hesitant buyers are more likely to consider higher mileage cars with clean accident/maintenance reports, establish a relationship with a salesperson who will look out for their desired vehicle, or just wait for lower demand to bring prices down further.

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