Bought an M2 from them and it took months to get my title, and that was only after I sent an email to the Vroom general counsel along with the relevant Texas government agency with very specific dates and evidence of them not following the law.

Problem is Vroom was never worth 2.5B no matter how many bought the hype...

@cabobs2000

6 ай бұрын

As soon as I heard. "After the IPO" it's like 50/50. Honestly usually that means the company's original investors want out.

@mikeydude750

6 ай бұрын

It's too easy for companies to get massive investments these days. Stupid investors threw money at everything for the past 15 years even if it didn't make any real sense because the Fed kept printing money for free. I hope the Fed comes to their senses and keeps interest rates where they are currently - it's more sustainable long-term for this. We can't keep popping up zombie companies that only survived because borrowing money was free.

yeah sports cars are still wildly inflated. I had a new 2021 Supra 3.0, sold it the same year for more than I paid. Bought a new Civic Si last year because everyone wants over MSRP for anything remotely interesting. I wanted to get back into a new MANUAL MK5 Supra but dealers want $70k for that car and MSRP is like $59k. INSANE. not playing that game

@EnthusiastsGarage

6 ай бұрын

I 2nd this, even certain trim levels of some cars are crazy. Part of this is people or dealers over paying for cars and now the party is over so they are just holding on as long as they can before they take a hit.

I love Rob. He’s down to earth and I like his style. Keep pumping this stuff man

The bank's job is to identify bubbles and debubble the value to protect itself when deciding how much to loan out. They should have required much larger downpayments to protect themselves from an obvious bubble.

'24 is going to feel a lot like 12-15 years ago in the car business. I think many of the small franchise players will either sell to the large corporate behemoths before they go out of trust, or just to cash out and live the dream. I don't even want to think how tough it must be for the independents right now. Going to be another 3+ years before all of the folks that are underwater can do something on a car lot again.

@singular9

6 ай бұрын

They already have. 7 family owned dealer's in my area sold out to big corporations

Nice sit down with Cooper. Wish you would have addressed the Hurricane EVO and if Tommy screwed you too.

I bought a Stinger GT in Jan 2019. MSRP was $41k. I paid $37k. 42,000 miles later with 2 damage reports (1 was $8k worth of damage due to a deer) on carfax, and a transmission replacement, I sold it back to the dealer for $30k in march of 2022. I saw it a few months ago and talked to the new owner. He paid $44k for it. Over MSRP for a car with 42k miles and bad carfax. Dude got ripped off so bad. That car is probably worth $20k right now.

@damicothebest

6 ай бұрын

My 30+ yr old car hasn’t had a transmission replacement yet. With triple the miles, it feels good

@MuddyTubMedia

6 ай бұрын

@@damicothebest the transmission didn’t actually have an issue as far as function. It had a leak from the front seal, and since it has “lifetime fluid” (which I don’t believe in at all) Kia replaced it under warranty.

@DasArab

6 ай бұрын

"Dude got ripped off so bad." No he never. Did the dealer put a gun to his head? Unlikely. Did he do no research before buying? Most likely. Unfortunately most people buying cars do so based on a monthly and nothing else.

@MuddyTubMedia

6 ай бұрын

@@DasArab you’re absolutely right

@whatta7793

6 ай бұрын

@@MuddyTubMedia lifetime transmission fluid is pretty believable.. I've never changed trans fluid in any of my Chevrolets, the rumor has always been, if you miss the first scheduled transmission fluid change, then to never change it because it will break something. I've never ever changed it in multiple different vehicles, and haven't heard about anyone IRL ever changing theirs either, Chevy and Ford trucks are very common in my area and never seen anyone say they have changed it, advice is always NOT to change it.

I sold to vroom it was pretty easy and they gave me good money. Someone got a great car. I babied that thing.

I bought a 2022 Silverado 3500 for $55k 6 months later the same dealer offered me $65k with 25k miles, now the truck is at 70k miles and worth about $40k

@PremiumUserUltra

5 ай бұрын

Lol

Sold a car to Carvana for more than what I paid for after driving it for 2 years lol. But there's still a long way to go. For reference, I got a Corolla for 18k before taxes in 2019. Now the same one is 24.5k if you can find one at MSRP. That's a 40% increase in just 5 years.

Vroom and the like don't care about making money on the car deal... They're effectively a lender with a car business as the medium to drive lending

@nololol

6 ай бұрын

This should be top comment

@pistonburner6448

6 ай бұрын

But that's all businesses involved in used car sales for the past 20 years...so Vroom is no different or new at all in that sense.

@evanwilliams3645

6 ай бұрын

@@pistonburner6448not the last 20 years, since used car sales have been a thing. The money in used cars have always been about the finance charges. About 35 years ago I knew someone that tried to pay cash on something they wanted from a used car lot and they would take it, only on financing they told him

@Nikowalker007

6 ай бұрын

Yep , most of these online car dealerships make 90% of their profit through their financing department

Bought a new 2017 civic sport hatch for $19,600 in 2017. Sold it to VROOM with 30K miles on it for $22,500 in 2021.

Great advice Rob!

I bought a certified used 2017 Camry in March of 2021 for $19k, by October of the same year it was worth $25k. I never heard of a used regular commuter car appreciating in value. It held strong in the low $20k range for all of 2022 and early 2023. Now it's crashing but still nothing crazy. I just looked online and the same year and trim level with similar miles is selling for $16-17k.

@FrankySilverFace

6 ай бұрын

2015 2016 2017 Camrys are very excellent dependable cars. More so than other years of that model.

@harryschneider1760

6 ай бұрын

I have a 2002 n still runs great.. KBB is $3800 125,000 miles it an LE

Rob bought bad meatballs 😮

Im just collecting any combustible engine cars I can afford. I love vehicles.

Rob it’s time for a new intro

@mikesweet5848

6 ай бұрын

Are you the same goofball who comments this on every video?

@Grmangus7

6 ай бұрын

@@mikesweet5848 only ever said it one other time maybe 2 years ago

@superspeeders

6 ай бұрын

your not wrong, it's on the list

@Aerrie2

6 ай бұрын

@@superspeedersno need to change it, just remove it )

I sold my 2016 Rav4 to Toyota back in 21’ when the car shortage was bad. They offered me more for it than I owed on it. Went and bought a 2001 Honda Civic for $2,250. I’m still driving it today. Got myself out of a car loan and full coverage insurance (that keeps going up) by making that move, saved myself about 550/mo. Sell high and buy low.

Dude, I get a real kick out of you. Keep up the great content.

I bought a 2016 Camaro 2ss brand new in 2016 for 43k i think with financing. In 2022 i sold it with 53k miles had been crashed twice and had just had top end of motor rebuilt by Chevy got a check for 22k after they payed by remaining 7k i owed to pnc on my loan. Granted they didn’t report the crashed when they sold it idk how they did it if it was on carfax but it only cost 14k to have a car 6 years and put 53k miles on it. They turned around and sold it for 34k to someone. It has to be worth maybe 17k right now. And that’s without accidents on carfax Side note before i sold it, i got it washed bc it had been sitting at dealer for over a year. And it had a baby bottle milk stain on the black leather when i took it in. They were so anxious to sell it on their site pics the stain was still there lol

I wouldn't pay too much attention to valuations. Vroom are effectively a startup with an incredibly over-inflated value so they probably can come back with a lot of pivoting if they want to. Valuations are plummeting all round on startups because they were never worth what people let them think they were.

You know you're looking at an alcoholic when they calculate the value with bottles of liquor

Carvana is next.

@ImARealHumanPerson

6 ай бұрын

People have been saying that for years. I'm not sure how they're still around, but they are. 😅

Ya I'm looking for a used car right now. People in my area are trying to sell 15 year old cars with almost 200k miles for $6k-$10k. Lol

I like how he tries to pad the exotic car market as if that's not going down as well. LoL 😅

The market in the UK was in a bad place in November and December. I was seeing trade offers drop by 20% in the space of week. Its bounced back now and seasonally we are about right on the money again. Markets can swing very quickly.

Bought a brand new truck then had a used dealership try to buy it for more then I paid however there was nothing else on new lots to replace it.

Auto bubble sounds familiar... 2008

Very happy as a buyer

Great video ..

Carvana next. 🤞

I bought a 94 celica for 35k during Covid and I am happy !

If you bought a car with a loan or otherwise for private use in 2020 and hadn’t sold it in 2022 before prices started to dip, then you best look after it, servicing and maintaining it properly for at least another couple. I find myself in that situation, because my car’s value is low, and replacement prices are high, or at least the gap is higher than it has ever been. This has brought me to the decision to keep my car and look after it till 2030, where I’ll start from scratch again using my car’s value as an initial deposit on something. I’ll feel at least then I’ve mitigated it’s depreciation, and that I’ve had the best use out of it.

Vroom took six months to send me the title and even blocked my number. I had to file complaints with the Texas DMV and after their investigation Vroom finally decided to send the title.

Holding on to my 2019 ZR1 (manual) for sure.

@JetFire9

6 ай бұрын

Those will tank

uh ho - subaru ascent was on my short list - thanks for the heads up

Soo the exotic car rental is looking bright in the short term

I paid $900 for a 98 Subaru forester with 200k miles. 7 years later it’s getting its new set of tires @ 230k miles. It’s worth a couple grand probably, to me it’s the best deal I’ve ever gotten on a car;)

@obummeryourmumma

6 ай бұрын

great snag for sure and taken care of you well. not worth a couple grand with those miles though

Sold them 2 cars for insane amounts. Couldn’t believe it lol

Go Rob

Well done as always, and I agree with your main premise that rare/soon to be discontinued cars will keep strong values. What's your take on 2023 Audi R8?

Bought 2005 911 with 47k miles in 2017 for $33k. Put like 10k miles and sold to private buyer for $36k

I got a value from vroom 3 weeks ago. They wanted to give 2,200 for a car i just sold for 12,000

@mikesweet5848

6 ай бұрын

Cool story.

@PremierAutoMan86

6 ай бұрын

Yeah, I read quite a few posts about joke offers from Vroom the past couple of weeks. They were already in the death spiral.

Vroom🚘 Vroom🚘Boom💣💥

That Blanton’s though 🥃

Vroom stock was trading at over 50 a share during the pandemic. Now it's around 25 cents.

Rob is an expert on things going soft: his wife will testify to that!

The reaper walking towards real estates door?

Today Mr. Spaghetti shows us how to avoid losing our prized meatballs in the coming sauce flood.

They're trading at under a dollar? They're past the point of done. They're absolutely done.

I know someone who bought from vroom, it was a 2020 jetta and it was dropped off at a random nearby gas station with absolutely no fluids whatsoever, no gas no oil no water nothing, had to be towed to a shop and filled up. They thought it was just ironic that they were sold on buying a car through them based on the whole having it delivered to you and they couldnt even deliver it to them

@jire9831

6 ай бұрын

Honestly I'm not surprised with how superficial they were with the inspection when I sold my car to them. It's great or at least was great for sellers and terrible for buyers.

Bought an Audi a3 from Vroom. Took a little over a month to get my car. Other than that it wasn’t a terrible experience in my opinion.. but could’ve been better

Carvana owns adesa and has taken a massive hit

You hated that Subaru 😂

I bought a fully loaded ram TRx for 82k with 10k miles last January and I feel like I got a good deal considering it's 20k off sticker just 10k miles driven even with depreciation I don't think I'll get hit as hard

The Ascent has reliability issues, I definitely think in that particular case it's a contributing factor

@jakethreesixty

6 ай бұрын

Like the model itself, not Robs 😆

Happen to me with my 4Runner, made 10 grand after 2year & 20kmiles

A buddy of mine spent $75,000 on a Hyundai Palisades😳! I was checking the car out and it was nice because it was new but $75k? I just smiled and told him it is nice……….and good luck! That was mid 2022, today he is buried in the car. Upside down at least $30,000, I’m afraid to ask. Sore subject!!

We are in for a world of hurt this year. Well I mean most everyone is, Im still chillin.

Same thing happened to my 2019 civic owned it for 2 years and caravana bought it for more than I bought it for in 2019 lol I made 3k on the car lol bought for 23k sold for 26k to them

The market isn’t the main reason these companies are going under. They were sleezy already!!

Im a victim 41,000 for a 2018 civic mid 2022. Nephew 1st car... Can't make this shh up. 88k miles..

I bought my 2019 f250 with 21k miles in April 2020 for $36k. 6 months later I was offered $58k for it. Now it's got 80k miles and worth $30k

'You never gonna always win' Rob Coelho

I enjoyed the podcast with cooper. Where's my suitcase tho?

@superspeeders

6 ай бұрын

Did you order one? If so are you in the discord for it?

@Typersx1

6 ай бұрын

@@superspeeders yeah I ordered one. Got the discord thing but haven't followed up on it

I had a similar thing happen to me, in 2020 we bought a 2020 accord sport 1.5T for 24.7k MSRP 26.8k. Roughly two years later on sept 2022 we sold it for 27.3k w/39k miles. I checked a webpage and says it was sold for 31.5k to someone. Unbelievable,

I want to buy a Lotus Elise/Exige, is now the right time?

What did you get for your Z06?

There are no Subaru Ascents for $12K or $15K. There are crashed ones for that price at auctions. There are 1 or 2 with 150K miles in ROUGH shape and very high mileage for $16K. But a 2019 or 2020 in good condition, normal mileage (~50K), is hovering in the mid-20K range, at the moment.

@ImARealHumanPerson

6 ай бұрын

The Subaru Ascent expert is here!

@jire9831

6 ай бұрын

But what's the MMR on it though? Probably high teens if even that.

@lockingdiff

6 ай бұрын

Retail margins on an Ascent aren't that high. MMR is probably 20K. @@jire9831

Interest rates are still too high to buy a used car

This is exciting. I’ve been amazed at the spending spree of Americans. Maybe we get lucky and others will follow and close down. Unfortunately, the ones that survive will be more crooked than the ones that close. Either way the people loose.

I sold my fusion to them, and they overpaid by like 3-4k lol, it had 2 accidents, and was a little rough, they gave me atleast 2k more than I would get private party, and 3-4k more than carvana offered

Some dealers are having a really hard time accepting the reality that the craze is over and life is back to normal. I see cars that sell for 10k listed for 20k by a few dumb dealers atill stuck in the stale hype.

Is carvanna also out of business

Im no expert but I believe thats an isolated fail. Someone in the company kept saying this is the new norm (keep buying) and booom.

Purchased a car from vroom 3 years ago and it was an absolutely terrible experience.

Now they're worth $44M and are down 41% today (as of Jan 23, 11:34am)

Watch, caredge or cqa 😂

there was an forced bubble because of the chip shortage, now that's behind, prices are balancing out

🎉

I need to buy a car, but the interest rates are telling me to wait.

Vroom is at 19,1 M Market Cap today...

What about folks who paid the $20k markup on C8s. You see those cars flooded on the used car market. People trying to recoup their losses by asking way over MSRP with miles on a 3 to 4 year old car.

A few thoughts - I worked for one of the guys at the top of Vroom at a couple of different subprime lenders. Guys at that level will tank a company, or just get blown out, not lose a nickel of their own money, then find someone to give them a shxt-ton of cash to start something else. Vroom may have been VALUED at $2.5 billion, but it was never WORTH $2.5 billion. Having been a used car manager for a few years, anyone who buys a used car without laying hands on it is out of their mind. New? Maybe. Used? Not just no, but hell no. Certain cars skyrocketing is nothing new, and a lot of times it's cars that nobody wanted when they were new. Why did a '71 Hemi 'Cuda convertible sell for $5 million? Because it's badass, but also because there were 11 built. Why were the 11 built? Because pretty much nobody wanted a car that didn't like to putter around town due to an engine that added nearly 30% to the base price. Plymouth dealers got "stuck" with Superbirds that they couldn't give away, and had to take the wings and noses off, just to get rid of them. I remember when the '79 Trans Am came out and my response was "What the fvck were they thinking?" Then one with stupid low miles sells for over $200k. Shows what I know. I also loved the gen 2 Supra and thought the gen 4 was hideous. A friend of mine owns a dealership that started out selling high end stuff. I remember back in about '05 he had a BMW 3.0 CSL Batmoblie. Most people had no idea what the hell it was, I thought it was fantastic. A few years later I stopped in to see him and he had three Z8s, a black with red, a silver with black, and a silver with red. They were going for around MSRP, then a few years later went nuts. Same with a 993 Turbo S that I wanted. (Though being the last air cooled 911 is why the 993 went through the roof). The last time I saw him was at a concours and he had two Mercedes-Bens SLS gullwings. I gave him shit about the Z8s, and he said he's hold on to the Mercs for a while. They've gotten crazy now as well. Future values on cars is and has always been a crapshoot. Kind of like the "latest, greatest" internet phenom du jour.

12-24 months for the market stabilizing is conservative.

Good. Hopefully the housing market is next. Everything is overpriced.

sad. we need more companies like this taking business away from dealerships so we can gravitate further away from that archaic soul sucking cash draining model. it's a nice convenient model, and the built in transportation options make it pretty sweet when you're after a very specific car. you have to watch out for some cars too though like anywhere, the vroom QA wasn't typically very stellar. I used vroom for quotes on a few cars throughout the years - sometimes they were generous, sometimes they were offensive. only once did I transact with them. I did really well on it - a few months later I got a quote on the car I received from them and they offered me half what I paid them for it? ha. sold private party instead.. all good ..

Dang when I sold my 10 year old mini van it ended up in Africa. They didn’t even care if it ran. Got 25k it used to be they where worthless

The insiders made their money on the ipo.

@jukee67

Ай бұрын

All of these IPOs as of late are money grabs for the insiders. Everything is overvalued and ridiculous.

It hasn't hit the private seller on FB marketplace...yet lol

Eff the Ford GT, that thing wants to kill everyone 😂

Luxury SUV’s are crashing hard right now

,I only have four bottles…lol

Global pandemics disrupt industry and have these sorts of consequences. Throw supply and demand out of whack on so many things, from cars and shipping containers to N95 masks and cardboard boxes! This was hard on a lot of people. And a few made some money.

His income qualifys for Tax Rebate?

@colin8601

6 ай бұрын

Electric cars do.

@user-mf4gz3sp1q

6 ай бұрын

...just for the Tesla...

@superspeeders

6 ай бұрын

First car was a few years ago, they took it off at the time of purchase.

No vroom for error in the car market these days

Soft... More like invisible.

Try selling that tesla now😂😂😂

Vroom was never suppose to make money , it was a short from day 1 , hedge funds made 2.4 B so far 😮