David S. Wallens said:In reply to RX Reven' :
Buy on the dip?
Only if you can afford to risk the money for a speculative buy and then sell when it hits a predetermined point. Probably with a trailing stop.
As one investing advisor I used to follow put it when recommending a very risky stock: "Don't use your lunch money for this - don't even use your dog-food money for this... this is the ultimate in speculative buys."
Get in, hope to make a quick buck, then GTFO if you do.
Datsun310Guy said:In reply to RX Reven' :
Never catch a falling knife......
This. My garage and cars would be a lot more upscale if I'd learned that lesson 10 years ago.
I will revive this thread with the news that Canada drives, I believe our version of Carvana, has filed for creditor protection shortly after raising $50 mil of an anticipated $100 mil
https://betakit.com/canada-drives-undergoing-restructuring-as-it-files-for-creditor-protection/
Thread resurrection for a very relevant update I ran across. So after all this late-pandemic-era trouble, Carvana since had a "miraculous" comeback...that Hindenburg Research says was largely caused by the company loading up on subprime car loans while the CEO and his son, the largest shareholders, cash out:
https://gizmodo.com/carvana-is-cooking-its-books-hindenburg-research-claims-2000545065
In reply to GameboyRMH :
Saw that recently. I am completely unsurprised considering the management's history. Way too many people involved in the S&L crisis seem to have not only skated with few consequences, but profited greatly in the decades since.
Coincidentally I saw one of their flatbed trucks here in Minneapolis a couple days ago, it was the first time I've seen one in the flesh.
vwcorvette (Forum Supporter) said:How is Vroom doing? We got our i3 from them and sold our Promaster to them. Was not a great experience. Wouldn't recommend.
Since this thread was resurrected, Vroom has since failed. They filed Chapter 11 bankruptcy in 2024. We bought my wife's Volvo through Vroom for no other reason than they happened to have the color/options package we wanted on our AutoTrader search. The whole experience was atrocious, took months to receive a title after threatening them with attorney letter, BBB filing, and complaining to attorney general. Circular phone call center hell. There were entire "Vroom horror stories" Facebook groups of people sharing similar stories, having paid for cars that couldn't legally be registered having never receiving paperwork.
The online/delivery concept should be great, but man did they screw up the deliverable portion of that.
One day I'll tell my grandkids about the time I offloaded a lemon Fiat to Carvana for thousands more than I bought it for due to the blind confidence of tech bro startup mentality.
In the height of the pandemic, I decided to sell my 2015 RAM 1500. I had two other vehicles that I could drive. Not wanting to deal with any dealer or private party BS, I started researching Carvana, Vroom and the like. Vroom gave me the best offer, which was an astounding $8k more than I paid for the truck 4 years earlier. KBB instant cash offer was $9k less than Vroom's offer and I was instantly flooded with dealer vulture calls and emails.
The actual transaction was super easy. I filled all of the paperwork out and mailed it back to them with the prepaid overnight FedEx document mailer. Then they called me to schedule a pickup time. A few days later, a hotshotter arrived and loaded my truck up. He gave me the bill of lading and another document. After Vroom received my truck, they inspected it and cut a check for the amount, which was sent via FedEx. It was the exact same amount that the initial offer was for.
Personally, I couldn't see how this was a sustainable business model. I was not surprised when they filed for bankruptcy.
I sold one other vehicle to them but it was a similar situation to maschinenbau's 
.
They've wised up a bit. Only got a 200 offer on my wagon, which is below scrap value for a running, driving, reliable car.
maschinenbau said:One day I'll tell my grandkids about the time I offloaded a lemon Fiat to Carvana for thousands more than I bought it for due to the blind confidence of tech bro startup mentality.
And your grandkids response:
Star Wars friend just bought a car through them.
In reply to GameboyRMH :
I don't really have a dog in the fight, but I believe that report was written by someone who is trying to to short Carvana stock. That doesn't mean that what's in there isn't accurate, but they certainly have incentives that should be considered.
Hindenburg likes to see things in flames
wae said:In reply to GameboyRMH :
I don't really have a dog in the fight, but I believe that report was written by someone who is trying to to short Carvana stock. That doesn't mean that what's in there isn't accurate, but they certainly have incentives that should be considered.
And has announced such a position.
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