Carvana
-
-
Laying off 1500 (8%):
https://www.thetruthaboutcars.com/cars/news-blog/carvana-takes-another-hit-44497639
The cuts, along with the closing of some locations and the elimination of some work shifts, are all meant to save costs. A source told Bloomberg that it's because of the "challenging economic environment".
The cuts will affect operations, technology, and corporate roles. Those who are let go will get separation/severance pay through at least the new year, plus three months of healthcare coverage and unvested equity awards via cash payments.
Based in Tempe, Arizona, Carvana is struggling with a cratering stock price and cash outflow. That's because after seeing a surge of success in 2021 as the lack of new-car supply drove used-car prices up, the market has shifted. Used-car prices are falling while inflation is rising and that has negatively impacted consumer demand for pre-owned vehicles.
As of Thursday, Carvana stock had plummeted 96 percent during the year. The stock is just under $7 as I type this. -
C300 Coupe. 2022 3,770 miles on odometer. Still under factory warranty.
Traded the Toyota Crown for it. Even up trade pretty much. Paid cash, and that is a first for me on a car of this caliber. Taking that $540 monthly I was paying on the Toyota and putting it into a Roth.
-
If I may ask, what was the reason for the change? Wanted a smaller car?
-
The Toyota Crown is very nice. For a Toyota. It misses the mark for me with too many bugs in the electronics and software. It's ride is compliant and smooth but a little too cushy and a little too loose feeling for my taste. It doesn't feel as confident in the handling department as I would prefer. It's increased height doesn't contribute to great handling characteristics. It doesn't "feel" like a Mercedes.
I gave it a try. It was a nice car but one that I knew I wasn't going to keep long-term. I lost a few dollars in depreciation but that is always the case when buying a new car.
I wanted to pay it off to stop the interest payout monthly, but I didn't want the car.
I just wanted to be back in a Benz. I have been driving them since I was 25 years old. I have had many models in various vintages. I just sold my 2005 S500 that served me well for 13+ years and 100k+ miles. We didn't need 3 cars. We still have a 2021 Subaru CrossTrek.
