Found my Si on Carvana

[missmySi]

Hi all,

To start off, I bought a new 2020 Si back in February before COVID shut everything down. I was unfortunately laid off and didn't feel comfortable having a brand new loan with so much uncertainty.

I knew it would be tough to sell get rid of such a new car without losing thousands in depreciation, however I heard that Carvana was offering substantially more than places like Carmax or AutoNation. I had gotten the car for just offer $25k OTD and was pleased to find that Carvana offered me $24.5k. I took the offer and the car and loan were gone within 2 weeks.

I was interested in seeing how much they would try and sell it for considering the deal I got. I ended finding the listing and seeing that they're asking just under $30k! I can't imagine why someone would pay so much over dealer prices for a used car. I'm assuming people with credit issues are the only ones that would pay that premium.

Anyways, I thought it was interesting and if anyone else is desperate to get out of their loan, this could be a decent option.

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[SDAlexander8]

Does carvana do subprime loans?

 

[Siiick]

Based on my experience, Carvana does offer more than the other "we'll buy your car" places. I've been toying with the idea of selling them my Fiesta over the past few months. I bought it brand new with 7 miles on the odometer and paid $18,750 OTD back in September of 2017. As of today they offered me $13,250, so $5,500 depreciation over a 3 year period which isn't too bad IMO. When I look up same year/similiar mileage ST's on cargurus and autotrader, the asking prices are anywhere from 14k to 16k for 1-owner 0-accident listings. Could I get more if I sold it myself? Sure. Will I have to deal with a bunch of tire kickers and low ballers? Absolutely. Seriously considering selling it to Carvana but still haven't pulled the trigger yet. I guess I need to quit driving it because every time I do, I always tell myself I can't let it go ?

 

[Aurablade77]

Hi all,

To start off, I bought a new 2020 Si back in February before COVID shut everything down. I was unfortunately laid off and didn't feel comfortable having a brand new loan with so much uncertainty.

I knew it would be tough to sell get rid of such a new car without losing thousands in depreciation, however I heard that Carvana was offering substantially more than places like Carmax or AutoNation. I had gotten the car for just offer $25k OTD and was pleased to find that Carvana offered me $24.5k. I took the offer and the car and loan were gone within 2 weeks.

I was interested in seeing how much they would try and sell it for considering the deal I got. I ended finding the listing and seeing that they're asking just under $30k! I can't imagine why someone would pay so much over dealer prices for a used car. I'm assuming people with credit issues are the only ones that would pay that premium.

Anyways, I thought it was interesting and if anyone else is desperate to get out of their loan, this could be a decent option.

Sorry to hear about your lay-off. I'm on furlough and will most likely lost my job due to this crisis. What industry do you work in?

Glad to see Carvana served you well. Once you get back on your feet are you still thinking about an Si or maybe wait for the 11th gen? Other cars are coming out too (or at least planned....) so I'm kinda playing the waiting game.

 

[jayman84]

It's funny you say this because I was thinking the exact same thing when I was searching for a 2020 and saw how much used 2017-2020s were going for on there and I was shocked people were paying that much. Why buy 3-5k over MSRP of a new one? Makes zero sense to me unless people got the extra money to burn. The saver in me just can't understand the logic.

Used car market is really strong right now so I got $500 above KBB for mine on my deal so I guess that's some of the reasoning but still.

 

[missmySi]

Sorry to hear about your lay-off. I'm on furlough and will most likely lost my job due to this crisis. What industry do you work in?

Glad to see Carvana served you well. Once you get back on your feet are you still thinking about an Si or maybe wait for the 11th gen? Other cars are coming out too (or at least planned....) so I'm kinda playing the waiting game.

I sold office equipment to businesses so that's pretty much done for haha. Luckily I have a beater for now and a job lined up when I graduate college in December.

I enjoyed the Si but like you said there's plenty of stuff coming down the pipeline. The Mazda3 with the 2.5 turbo looks pretty interesting, as well as the Toyota hot hatch rumors.

 

[missmySi]

Based on my experience, Carvana does offer more than the other "we'll buy your car" places. I've been toying with the idea of selling them my Fiesta over the past few months. I bought it brand new with 7 miles on the odometer and paid $18,750 OTD back in September of 2017. As of today they offered me $13,250, so $5,500 depreciation over a 3 year period which isn't too bad IMO. When I look up same year/similiar mileage ST's on cargurus and autotrader, the asking prices are anywhere from 14k to 16k for 1-owner 0-accident listings. Could I get more if I sold it myself? Sure. Will I have to deal with a bunch of tire kickers and low ballers? Absolutely. Seriously considering selling it to Carvana but still haven't pulled the trigger yet. I guess I need to quit driving it because every time I do, I always tell myself I can't let it go ?

That's a solid offer considering how Ford's normally depreciate. How does the ST compare to the Si? They're in a pretty similar segment so I'm surprised you'd own both at the same time

 

[NixChixFix]

My experience with these "no negotiation" used car dealers (Carvana/Carmax) is that they prey on the people with subprime credit that are afraid of traditional salesmen.

I sold my Audi A3 to Carmax for the KBB value, and found that they resold it for almost double the value on the same day it was listed. Total insanity to me.

I was also looking to purchase an Si at the same place and the best they could do for me was 6% APR on a 20k mile 2018 model going for roughly $25000 (before tax and fees). The guy insisted it was because of my credit, and that the lowest they've seen someone with my credit was 4% APR.

Meanwhile, I was able to purchase mine new at 1.9% decently below $25000 straight through the dealership. No fuss, no arguments.

 

[NixChixFix]

That being said, we've always sold our cars through Carmax/Carvana because they're the only ones who stick close to (or even surpass) the KBB value compared to the dealerships around me.

 

[missmySi]

They offered me a 6% as well when I normally qualify for low/0% interest.

Although the selling process was easy, I really don't know if I'd recommend anyone buying from them. Their car vending locations are nothing more than a fancy warehouse with a carwash. It felt more like a buy here, pay here lot with good marketing

 

[Siiick]

That's a solid offer considering how Ford's normally depreciate. How does the ST compare to the Si? They're in a pretty similar segment so I'm surprised you'd own both at the same time

Yep, both are very similar in terms of power, handling, and weight/size. The Civic gets the +1 for its looks, aftermarket support, and MPG's. The Fiesta has the upper hand in terms of practicality. If I could only keep one? Probably the Civic. But I still haven't been able to give up the Fiesta. I've put 26k miles on it and have not had a single issue with it. I've only toyed with the idea of selling it to help pay for some home renovations but so far I haven't brought myself to do it. It really is a hoot to drive.

 

[Snidely]

I checked out Carvana just for giggles last night and they offered me 21.5k for my 19. Kbb was about 700 lower

 

[jason510]

I have one of Carvana's giant "vending machines" close to where I teach. It's impressive and their lot seems to always have a fair amount of people there. They also deliver the car right to you on a flatbed. My credit is cherry so I don't know if I'd buy a car from them, but I'd definitely look into selling one to them.

If anything it could give you some ammo to a dealership to up their offer on a trade in.

 

[jason510]

I read a lot of /r/askcarsales and can tell you this emphatically not true. Every pro dealer knows that Carvana and Vroom are BURNING through VC money making unsustainable deals.

If you try that "Carvana offered X will you beat it" line, they'll hit you right back with "sounds great, go sell it to them"

I'm doing it right now with my wife's Mazda because the used car market for that particular car, like the Si, is hot right now. But to each his own, I try to speak from experience not in absolutes based on what I've read.

 

[Zeffy94]

I checked out Carvana just for giggles last night and they offered me 21.5k for my 19. Kbb was about 700 lower

They are offering me $22.4K for my CTR... they have a local market adjustment that is subtracting more than the one accident reported on it. If anyone is in SE PA, I'd be interested to know if they give you less than other people have reported getting as well.

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