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Carvana (NYSE: CVNA) stock has risen more than 500% so far in 2023. That's a huge price advance by any measure, but the stock is still down over 90% from its 2021 highs. There's a lot to wrap your head around here before you decide to buy Carvana stock.
Carvana is trying to turn what has long been an in-person experience into an online one. That was really attractive to customers and investors during the coronavirus pandemic when in-person was a big problem because of social distancing efforts. The stock rocketed higher.