Carvana Is Down 30% in 2026 While CarMax Is Up 50%. Should Investors Sell One and Buy the Other?

Shares of Carvana (CVNA) are down 30% year-to-date in 2026, despite record Q2 operational performance, due to full-year EBITDA guidance falling below consensus expectations. In contrast, CarMax (KMX) stock is up 51% in 2026, benefiting from a perceived turnaround under new leadership and strong Q1 FY2027 results. This divergence creates a classic relative-value debate for investors, with Carvana trading at a lower P/E ratio but facing near-term headwinds, and CarMax enjoying analyst upgrades but potentially limited upside after its rally, suggesting a nuanced approach rather than a simple sell-one-buy-the-other strategy.