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So, when a car drops 20k in value, that means...? (Is Carvana dying?)

4703 Views 90 Replies 35 Participants Last post by McBoltFace, 22 h ago

RacerX00

Discussion Starter · 12 d ago (Edited)

3

Correct me if I'm wrong but a 2021 with 8,500 miles should be like $28k, right? What the heck happened here? This is my MSRP swapped car, so I'm fine with the VIN being public (especially if it enables to someone to tell us what happened here). Something has to be wrong, right?

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Edit: Altered title since this is obviously a Carvana thing.

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2020 Bolter

· #2 · 12 d ago

RacerX00 said:
Correct me if I'm wrong but a 2021 with 8,500 miles should be like $28k, right? What the heck happened here? This is my MSRP swapped car, so I'm fine with the VIN being public (especially if it enables to someone to tell us what happened here). Something has to be wrong, right?

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Carvana is on the verge of collapse. As a reference point they would have paid $52k for my Mach-E in August, a Ford dealer would have given me about $45k. Now Caravana offers about $20-25k for a Mach-E, whereas a Ford dealer would give me $35-40k for my car. The Ford price is actually decent considering I paid $40k after rebates over a year ago.

So regarding the Bolt, a private sale would probably still get you a quick $20-$25k on that car.

Reactions: 4

greendave

· #3 · 12 d ago

RacerX00 said:
Correct me if I'm wrong but a 2021 with 8,500 miles should be like $28k, right? What the heck happened here? This is my MSRP swapped car, so I'm fine with the VIN being public (especially if it enables to someone to tell us what happened here). Something has to be wrong, right?

How is this Chevy Bolt news?

Reactions: 1

Rusty Wilkerson

· #4 · 12 d ago

Try "we buy any car" or Carmax - every company has a different price point, depending on inventory levels and health of their markets. Good luck!

McBoltFace

· #5 · 12 d ago

Yes, something is wrong.

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Wattz

· #6 · 12 d ago

McBoltFace said:
Yes, something is wrong.

I read this as Carvana saying, "We don't want it unless we can steal it."

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PhilipD

· #7 · 12 d ago

I believe that Carvana paid too much for cars in the last few years and now they are moving in the other direction and paying too little.

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atc98092

· #8 · 12 d ago

greendave said:
How is this Chevy Bolt news?

Moved to a different section.

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1nterceptor

· #9 · 12 d ago

If you believed Carvana that your car's price dropped that much, and sold - that's
on you that you got taken. Cheapest Bolt on their site is over $20K:

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RacerX00

Discussion Starter · #10 · 11 d ago

That Bolt is long gone, that was a spam offer on the old VIN and I was like, "what the wait what?"

LV Marlin

· #11 · 11 d ago

Caravana is poorly run and on their way out the door anyways. Just think of them as the way Amazon operated in the negative for so many years. They will NOT survive long with all of the bait and switch and screwed up sales in various states.

shrox

· #12 · 11 d ago

RacerX00 said:
Correct me if I'm wrong but a 2021 with 8,500 miles should be like $28k, right? What the heck happened here? This is my MSRP swapped car, so I'm fine with the VIN being public (especially if it enables to someone to tell us what happened here). Something has to be wrong, right?

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Could even be a typo, "$17,735".

grickpt

· #13 · 11 d ago

I always check Edmunds.com for a quick idea of a car's value. If you have the time, check a site like Autotrader for similar cars. Or use Searchtempest to check CL and/or FB Marketplace for a given geographic area. From Trade In price, add at least 10% for private party, and 20% (are more ) for retail.

enslay

· #14 · 11 d ago (Edited)

Maybe collision damage?

EDIT: Wait, if you did a swap, does that mean the car was essentially "bought back" by the manufacturer due to lemon laws? I heard that permanently taints the car and makes it a "lemon car" which probably has a lot less value.

Reactions: 1

jmcbrew

· #15 · 11 d ago (Edited)

I got something similar from Carvana recently... but it wasn't that bad. I think it was something like $12k for my 2017. I deleted that email, but I think the number was somewhere around there. They also recently sent me another quote for the FIAT that I traded in for the Bolt. They gave me around $12k for the FIAT but now they say it is worth $7k. I happen to know that they sold it for over $23k.

Reactions: 1

usedBolt

· #16 · 11 d ago

Looks like mine has dropped $10K since last summer, at least for tradein value vs what I had to pay (cheapest Bolt in the area at the time that didn't have near 100K miles or more). For the generic Sacramento area, KBB says: https://www.kbb.com/chevrolet/bolt-ev/2017/lt-hatchback-4d/?vehicleid=422335&mileage=47000&offeroptions=true&modalview=false&intent=trade-in-sell&pricetype=trade-in&condition=verygood&options=7597466|false|7597439|false|7597451|true

If I can believe the usual lying car salesman, they paid just over $20K for the one I bought as a tradein. Last summer, when prices were truly stupid. As far as purchase prices are concerned, though, they don't seem to have dropped much; there are more ~$25K available now (starting point for negotiation) than there were then, though.

Frankly, I like the (very basic, no frills) package I have now. In particular, the 2017 has stop lights where following drivers expect to see them. The battery was replaced last summer, a couple months before I bought it, according to Chevy records. So the electrical recalls have been taken care of, and the seat belt pretensioner was just done a few weeks ago. Just got the 5-year coolant replacement done. Probably still need to do brake fluid, but that's not critical yet (also a 5-year item, though). At this point, I hope to Just Drive It for a few more years, so short-term changes in apparent value don't really matter.

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BoltEUV

· #17 · 11 d ago

The used EV market is oversaturated right now. 2 months ago I was offered $32K for my 2022 EUV Launch Edition and now the dealer I bought it from is only giving me $27K. How does a used car lose $5K value in 2 months?

JerryP

· #18 · 11 d ago

The used car market is returning to "normal."

Why is it that people always seem to expect the present trends or conditions to remain the same forever? When I sold my house to move to Honduras in 2007 it was the start of the bubble bursting on house prices. People were all dismayed at how the house wasn't worth nearly what they owed on it. But people who bought houses when prices bottomed are sitting on a pile of potential money now. When we moved back, the prices were on their way back up. Our house is now worth more than twice what we paid for it 8-1/2 years ago.

News flash: markets change.

PhilipD

· #19 · 11 d ago

JerryP said:
When I sold my house to move to Honduras in 2007

Not to pry, but what was in Honduras that made you want to move there? Again, none of my business, just curious.

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JerryP

· #20 · 11 d ago

PhilipD said:
Not to pry, but what was in Honduras that made you want to move there? Again, none of my business, just curious.

We were missionaries at a christian radio station. We turned the station over to the local churches late in 2014 and came back home. I then worked in the home office doing web development and announcing/producing radio programs as well as the occasional trip to Africa to help build a new station there. Retired at the end of 2021, but just got back from another Africa trip anyway. Yup, I'm crazy. 😁

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