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Where Will Carvana Stock Be in 1 Year?
Carvana’s (NYSE: CVNA) stock hit an all-time high of $370.10 on Aug. 10, 2021. Carvana benefited from the post-pandemic acceleration in auto sales, even challenging traditional dealerships with its online platform that simplified the financing process, set firm prices, and enabled its customers to “get the car without the car salesman.” Used car prices fell sharply as the vehicle shortage turned into a supply glut, inflation curbed consumer spending on big-ticket items like cars, and rising interest rates made it more difficult to finance those purchases.
