--- title: What happened to Carvana? - The Hustle description: The company’s stock has plummeted from its pandemic highs. image: https://hs-sbup.thehustle.co/hubfs/The%20Hustle%20News/Assets/Images/462217530-HS-News-Brief_2022-11-08T004839.104Z.webp --- # What happened to Carvana? ![Rob Litterst](https://thehustle.co/wp-content/uploads/2023/01/Rob-Litterst-pic.png?width=48&height=48&name=Rob-Litterst-pic.png) [Rob Litterst](https://hs-sbup.thehustle.co/author/rob-litterst) [Rob Litterst Twitter profile ](https://twitter.com/robbylit) Published: November 08, 2022 Updated: October 11, 2023 A vending machine for cars is one of those crazy business ideas that sounds fake — until you spot one on the side of the highway. ![What happened to Carvana?](https://hs-sbup.thehustle.co/hs-fs/hubfs/The%20Hustle%20News/Assets/Images/462217530-HS-News-Brief_2022-11-08T004839.104Z.webp?width=595&height=400&name=462217530-HS-News-Brief_2022-11-08T004839.104Z.webp) Carvana has [34](https://www.carvana.com/vending-machine) vending machines across the US, and the glass structures can hold anywhere from ~20 to ~40 vehicles. When in-person shopping slowed during the pandemic, Carvana’s online business boomed, pushing its stock from $29.35 in March 2020 to $360.98 in August 2021. #### **But what goes up, must come down** Just over a year later, Carvana’s stock is down 98% from its 2021 highs, and some analysts [believe](https://seekingalpha.com/article/4540432-carvana-bankruptcy-may-be-inevitable) bankruptcy is inevitable. What’s to blame? - **First,** the easing of covid restrictions has led consumers to [shop](https://www.capitalone.com/cars/learn/finding-the-right-car/car-buyers-say-dealerships-matter-more-than-dealers-think/1301) in person again. - **Second,** despite used car prices falling, higher interest rates have made it harder to finance a car, [draining](https://www.consumeraffairs.com/news/used-car-prices-are-dropping-but-fewer-consumers-can-afford-the-payments-102022.html) demand. As a result, Carvana’s vending machines aren’t churning through cars like they used to, and could end up being a monument to a future that was ahead of its time. 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