If you’re on the fence if you should sell that extra car, this is your sign.
This pandemic caused a major disruption in the new and used car market and nowhere is that more clear than the crazy deals third-party online resellers like CarMax and Carvana are sending to car owners.
Case in point 2019 Honda Civic Si owner Greg Mrakich, who shared to fellow 10th gen Honda Civic Si owner on Facebook that Carvana was offering him a smoking deal despite driving his car off the lot over two years ago.
Carvana now wants more than he paid for it.
Check out a screenshot of his offer details below.
It’s hard to believe only three years ago Honda Civic Si’s had an MSRP of $25,195. And, if you were like Greg, wait a year for depreciation to kick in and you could pick one up for around $24,000.
But, as mentioned, in these crazy times that will be remembered in basic High School Economics courses for years to come, the lack of new car availability and used car owners holding on to their cars longer than ever before, meant many used cars appreciated in value.
A quick search in my area on Carvana reveals that used 2019 Honda Civic Si’s range between $26,600-28,600, there’s not a lot of wiggle room here.
So, how does Carvana even make money on these deals?
It’s quite simple, really.
Buy high and sell even higher.
Civic Si owner Rayford Parnell said, “Carvana paid me $27,200 and, within days they have my car posted for $29,999.”
“I got offered 30k from Honda for my 2019 Si sedan with 19k on it (at that time) and that’s 8k more then I owe,” said Justin Sposito “But, I can’t get a Type R with that so I said no deal”
Tom Smith commented,
“I just sold my Si for more than what I paid in 2017 and $100 less than MSRP. With 38k miles on it, original tires, and original brakes. Now I just have to wait for the market to adjust and then buy another one at a lower price.”
Why Carvana, CarMax, Vroom etc will pay even more for a 10th gen Honda Civic Si now more than ever.
Granted, this new Civic Si is presumably marginally better in every facet of measurable performance but not by a lot.
2021 Honda Civic Si’s are hard to find and 2022 Honda Civic Si’s aren’t even in dealership lots so, if Civic Si shoppers want their sporty Honda fix since, unlike other car manufacturers, Civic Si is manual only, they must go to the used car market.
The 2022 Honda Civic Si announcement is only driving up demand for used Civic Si’s even more!
Selling your used car online has never been more easier.
If you’re a Honda Civic Si owner, don’t drive it much, and want to get rid of it just head on over to Carvana.com, input a few pieces of information, and you’ll get an offer redeemable for seven days.
This market will not last forever.
Word on the street is this chip shortage will resolve itself in the first quarter of 2022.