[Chazzz]

While used Gen6 Camaro values have been declining along with most preowned vehicles they are still holding their own, even with the winter season now on the horizon. Sadly, it appears Carvana who had been putting some really good offers on used Camaro’s is at least for now steering clear. “Some sweet rides are outside our sweet spot” is the message that now appears on Gen6 Carvana appraisals along with to say the least, a sadly disappointing offer. With used car prices declining rapidly and winter on the way, you have to wonder if the days of crazy used Camaro pricing are finally over. Gotta admit we had a good run while it lasted...

[LateBrakeU2]

Carvana will be BK in the next few months, stock has gone from 350 to 7 bucks.

[CCG Garnet Red]

One of their commercials, that I have seen several times and even recently says it all about them. Shows a Gen 5 Camaro in one of their "vending machines" and they are advertising it as a 2016. They are currently barred from doing business in IL, (second time), and WI, I believe as they can't get people their titles in a timely manner. Will be a failed gimmick business model very soon.

[SomeGeoffGuy]

Originally Posted by CCG Garnet Red

One of their commercials, that I have seen several times and even recently says it all about them. Shows a Gen 5 Camaro in one of their "vending machines" and they are advertising it as a 2016. They are currently barred from doing business in IL, (second time), and WI, I believe as they can't get people their titles in a timely manner. Will be a failed gimmick business model very soon.

Banned in Michigan too. Can't sell cars without giving people the titles for six months it turns out!

-Geoff

[jamala00]

Didn't I just see a report that Carvana lost 1.5 Billion the last quarter? The used car market is/has come back to reality. That doesn't mean dealers or privaty party have been willing to accept it. I still see most Camaros with rediculous prices on them. They'll sit. Dealers overpaid for a lot of their used cars. They'll keep the listed prices up on them as long as they can.

[m6-lt1]

It’s not just carvana, it’s all dealers that are offering less for all cars now. They are now offering normal amounts but adjusted for inflation. Of course a lot of them (not all) are still asking high amounts when they sell them but like the poster above said their cars will sit and they’ll be forced to lower the prices. The prices WILL eventually lower on used cars. I’m seeing private sellers that had ridiculously priced cars lower their prices by thousands of dollars because no one is buying and dealers aren’t giving them crazy high prices anymore. I’m not sure about new cars as they are still having some supply issues.

[Zr8000]

Originally Posted by Chazzz

While used Gen6 Camaro values have been declining along with most preowned vehicles they are still holding their own, even with the winter season now on the horizon. Sadly, it appears Carvana who had been putting some really good offers on used Camaro’s is at least for now steering clear. “Some sweet rides are outside our sweet spot” is the message that now appears on Gen6 Carvana appraisals along with to say the least, a sadly disappointing offer. With used car prices declining rapidly and winter on the way, you have to wonder if the days of crazy used Camaro pricing are finally over. Gotta admit we had a good run while it lasted...

It has to. With interest rates skyrocketing they won’t sell over valued used cars as the payment will be to high. The oems are subsidizeing the rate right now on the new vehicles. Even those plans have been cut back.

[raptor5244]

Originally Posted by Chazzz

While used Gen6 Camaro values have been declining along with most preowned vehicles they are still holding their own, even with the winter season now on the horizon. Sadly, it appears Carvana who had been putting some really good offers on used Camaro’s is at least for now steering clear. “Some sweet rides are outside our sweet spot” is the message that now appears on Gen6 Carvana appraisals along with to say the least, a sadly disappointing offer. With used car prices declining rapidly and winter on the way, you have to wonder if the days of crazy used Camaro pricing are finally over. Gotta admit we had a good run while it lasted...

It's over...

Many had a vehicle purchased during normal times when you would buy under MSRP at a low interest rate. You could trade that car in and pay for inflation adjusted MSRP on a new one because the trade-in value was so good that you could financially justify it. Well, if your trade-in value is plummeting and interest rate are rising then something has to give. Either prices must come down or demand continues to drop.

Sure, we have still have new car supply issues but they are starting to be offset by demand destruction for the reasons stated above. Same thing in the housing market. Rates are going to continue climb even higher to try to curb inflation.

[Zr8000]

Originally Posted by raptor5244

It's over...

Many had a vehicle purchased during normal times when you would buy under MSRP at a low interest rate. You could trade that car in and pay for inflation adjusted MSRP on a new one because the trade-in value was so good that you could financially justify it. Well, if your trade-in value is plummeting and interest rate are rising then something has to give. Either prices must come down or demand continues to drop.

Sure, we have still have new car supply issues but they are starting to be offset by demand destruction for the reasons stated above. Same thing in the housing market. Rates are going to continue climb even higher to try to curb inflation.

The other factor will be the way over priced vehicles that were leased when they start coming back. You know the finance companies will dump those things at auction asap to get them off their books.

[Need4Camaro]

I have to ask who's brilliant idea it was to think 'Demand Destruction' was a good idea.

[jamala00]

Originally Posted by raptor5244

It's over...

Many had a vehicle purchased during normal times when you would buy under MSRP at a low interest rate. You could trade that car in and pay for inflation adjusted MSRP on a new one because the trade-in value was so good that you could financially justify it. Well, if your trade-in value is plummeting and interest rate are rising then something has to give. Either prices must come down or demand continues to drop.

Sure, we have still have new car supply issues but they are starting to be offset by demand destruction for the reasons stated above. Same thing in the housing market. Rates are going to continue climb even higher to try to curb inflation.

We went to an open house Sun. 3 bed 2 bath ranch... A few months ago this open house would have been wall to wall people with offfers $30k + over asking. Sunday's open house we went to... It was us and one other couple. That's all that showed up. Your right, it ain't just the car market that came to a crawl.

[L78toLT1]

Originally Posted by jamala00

We went to an open house Sun. 3 bed 2 bath ranch... A few months ago this open house would have been wall to wall people with offfers $30k + over asking. Sunday's open house we went to... It was us and one other couple. That's all that showed up. Your right, it ain't just the car market that came to a crawl.

I read that, at the peak, 69% of homes listed for sale ended up in bidding wars, and sold for over the asking price. Don't think that's the case now.

[TP2SS]

As another poster mentioned, Carvana in MI is barred from doing business too. Even after the State shut them down, they ignored the order and did business for a few more days.

Crazy story: buddy of mine looking for a used CT6, 2016-2019 range. He's wants the cashmere interior which is rare and only came on the platinum edition apparently. He's called and looked at cars everywhere east of the Mississippi, some priced thousands over KBB, and none of the dealers will budge. Some have been listed for MONTHS, and some have had their prices actually be raised since he first bookmarked/called the dealers on them. And most have finally sold in the past month or two (although he doesn't know the actual sales price). He had at least two dealers say they were just going to wholesale the car at auction, but they wouldn't take his offers (probably more than they'd get at auction...idiots!).

Home prices are definitely dropping around here too.

[raptor5244]

Originally Posted by Need4Camaro

I have to ask who's brilliant idea it was to think 'Demand Destruction' was a good idea.

Nobody really wants to reduce demand but the only tool the Fed has to slow inflation is by raising interest rates. The root of the problem is that government printed way too much money during the pandemic. Add in supply chain issues and the fact no one seems to want to work anymore and here we are.

I am still struggling with the fact that a dozen eggs cost me like $7 the other day.