Carvana Just Released Another Used Vehicle Pricing Tool
Car valuation tools are nothing new, but it seems that mid-2023 felt like a good time for Carvana to release another one. The online used vehicle seller recently kicked off its own tool, called Carvana Value Tracker, which lets users track values over time.
The company uses mileage, vehicle features, and accident history to help it calculate values, along with an assessment of market trends. You don’t have to buy a car or sell yours to use the tool, but you will have to give Carvana your email and a VIN or license plate number to get started.
Carvana will periodically communicate vehicle value changes to users, though it’s worth noting that the company already does this if you’ve ever started the process of selling. That said, this tool works in a browser and through Carvana’s app, which offers more flexibility than before.
The fluctuating used car market has given Carvana headaches over the last few months, as it took on a significant portion of its inventory at the height of the market. As prices crashed back to reality, Carvana was left holding a bunch of overpriced cars that were out of step with the rest of the market. Earlier this year, the company attempted to restructure its debt, only to be met with resistance from its bondholders, and the road ahead remains challenging for the once-promising company.
[Image: Eric Glenn via Shutterstock]
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Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.
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I can't believe they're still alive. They refuse to die, like Christopher Lee in the Hammer films about Dracula.
I would not knowingly buy stock in a company with a ridiculous gimmick like the car vending machines. Reminds me of a car parking structure I saw in Japan.
Carvana prices at certain points exceeded Carmax over the last few years. Might be a good place to sell, but I would not buy there. Incredibly disorganized when I called for info on cars on their site.
No recent experience with either but I've heard generally positive things about CarMax. Carvana however is all negative, terrible service, mis-represented cars, lost paperwork, etc. Surprised they are still relevant.