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Interesting but sounds like an advertisement.
Well, robots are people too...
OK, but what will he replace it with and for how much?
That is what markets do. Remembering the early 70s when a popular Japanese compact was $5000 on the lot and $6000 in the used car market. Didn’t last, but shortages do that for a time.
I don’t know why they call it a robot, it’s an algorithm. A chunk of decision tree logic.
Just for grins I went to the Carvana website to find out what their computer program would give me for my 2005 Jaguar S-Type with 93,000 miles in great shape and a great color (dark red).
They came back with $595. It’s worth probably 10-15 times that.
In June 2021 I bought a 2007 Volvo XC90 for $7,000.
It was in decent shape and had 130k on it so I bought it. I wanted it for something I could mess around with and not worry about door dings or etc.
When I took it to a Volvo dealer to get it checked they found one thing to fix - the master cylinder for the brakes needed a new gasket. $20.
The sales manager offered me $10k on the spot for it.
A month or so later a dealer in Wisconsin of all places sent me an email offering me $13k.
Last month I had the car into the dealer again (best Volvo shop around here) and had them put in a new Bilstein suspension with a 3” lift. Cost me just north of $3k.
They offered me $21k for it.
Crazy.
Funny how the author never mentioned how many miles were on the car when Carvana bought it.
“the company [carvana] averages over $4,000 in profit for every car it sells. “
that right there sounds suspicious as all get out ... i get that used car prices are going through the roof, but that would make it even more difficult to add $4,000 profit on top, ESPECIALLY if they’re paying top dollar to start with ...
Well, sure because they know that they can turn it around and sell it for 24 or 25k.
I’m supposed to turn in my 2018 F-150 company car in the next few days. I can buy is for $17,000. I think I can resell it for $25000.
I work part time for an auto parts store delivering parts to repair shops. I am running my entire shift to different shops. They are all very busy and trying to hire help. People are fixing their cars rather than buy new. I chat with everyone at these shops. They are raking in the bucks. I see every car imaginable in these shops. Most are probably just out of warranty and have under 100k miles.
Carvana offered me $3800 for my used BMV. I sold it a week later on Ebay for $7000.
I sold my 2021 Toyota Tacoma to Carvana late last year. Made over 5K on it. Had bought it brandnew in fall of 2020. Ended up buying a new toyota hybrid 2021 RAV4 in December. Checked carvana yesterday...they will give me $9000 over what I owe and I would net out about 3k if I sold it now...that includes factoring in my 5k downpayment and the ONE car payment I’ve made. Probably will hold on to it though unless i can net out another 5k.
Bubbles in markets never end well.
Thanks Biden