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Carvana stock falls as car prices drop and interest rates rise

Posted at 10:55 PM, Nov 07, 2022

The volatile car market has taken its toll on used car dealer Carvana.

A mix of lowered prices for used cars and softening demand because of higher interest rates on loans.

Analysts said Carvana stock could be worth as little as a dollar per share, CNN reported.

The company may find itself having to sell cars for less than it paid for them.

Wall Street trading had to be halted multiple times as trading for the stock crashed as it fell sharply.

Used car prices have dropped by more than ten percent in the past year.