Carvana CEO Ernie Garcia told CNBC's Jim Cramer in a Monday interview that it's hard to say when used car prices will come down, even though the company is doing what it can to cut costs and make vehicles affordable for customers.
"So we would love for car prices to come down, we expect them to over time — I think the timing is always hard to predict."
In 2019, the average car Carvana sold was three years old and cost $19,500, he said.
"If rates were to come down that would be great too, but obviously that's certainly not something that's in our control," he said.
After a tough couple of years, Carvana has managed to make a comeback, in part thanks to a billion dollar debt restructuring deal.
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