[G-Mann]

This pretty much sums things up

After a blockbuster few years during the COVID-19 pandemic, Carvana has seen 98% of its market value evaporate and its stock plunge. The upstart used car retailer is fading fast, It's admitted to being too bullish on buying cars to sell cars that it had acquired at a premium but has since had to sell at lower prices. Now that auto production has largely recovered, used car prices are at their lowest level since August 2021.

The trade in value good times are done. Price increases coupled with back to normal trade in values = keeping M4 for a couple/few years.