Shares of upstart used-vehicle chain Carvana tumbled another 16% Monday, undercut by the company's struggles with falling prices and waning demand for its products.
FILE - A Carvana car retail"vending machine" and vehicle parking lot are seen from a drone in South Fayette, Pa., on March 15, 2021. Shares of the upstart used-vehicle chain tumbled another 16% on Monday, Nov. 7, 2022, undercut by the company's struggles with falling prices and waning demand for its products. – Shares of upstart used-vehicle chain Carvana tumbled another 16% Monday, undercut by the company's struggles with falling prices and waning demand for its products.
Jonas wrote in a note to investors Friday that Carvana's earnings revealed falling sales, higher expenses per vehicle sold, and a “material exhaustion" of cash. Jessica Caldwell, executive director of insights for Edmunds.com, said the used-vehicle market is generally hit harder by rising interest rates and inflation. New-vehicle sales are usually more resilient because automakers subsidize lower-interest loans, she said.
U.S. used vehicle prices are about 30% higher than they were before the coronavirus pandemic began, and were around $31,000 on average in September. But the average price is down was down 1% from its May peak, according to Edmunds.“Cars are an expensive, discretionary, often-financed purchase that inflated much more than other goods in the economy over the last couple years, and it is clearly having an impact on people’s purchasing decisions," CEO Ernie Garcia said last week.
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