AUTO - Carvana Stock Plummets as Used Car Prices Keep Falling
Carvana stock price was down on Thursday, trading at $18.74 as of 12:10 PM EDT.
As used car prices continued to tumble, Carvana ( NYSE:CVNA ) and CarMax ( NYSE:KMX ) were among the major decliners on Thursday. Except for clothes, electricity, and, obviously, used cars, price rises were seen in nearly every category in a hotter-than-expected CPI report.
The third consecutive month of reductions from a peak in June was reported in September, even though the latter category was still 7.2% over 2021 levels. Prices for pre-owned vehicles dropped by 4.2% from August on an unadjusted basis. The third consecutive month of reductions from the June peak was reported in September, despite the latter category being at 7.2% over 2021 levels. Used automobile and truck prices dropped 4.2% from August on an unadjusted basis.
The Manheim Used Vehicle Value Index dropped from 219.9 in June to 204.5 in September, according to a study on the CPI’s ongoing falls . According to the indicator, the reduction in September also represented a year-over-year decline.
According to Cox Automotive, demand for used cars has dramatically decreased along with pricing. According to a recent analysis, “we estimate that used retail sales decreased 8% in September from August, and that used retail sales were down 10% year over year, using a same-store set of dealerships selected to reflect the country from Dealertrack.”
Carvana stock price vs the market
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