(NYSE: CVNA), the well-known online used-car dealer that was the darling of Wall Street during the COVID-19 pandemic's height, fell on incredibly rough times in the following years. Interest rates climbed, sales slowed, inventory piled up, and it burned through billions in cash.

Investors had to watch as Carvana sputtered from an all-time high of $370 per share to below $4. Now that Carvana has restructured some critical debt and turned in an improved second quarter, is it time to jump back on the bandwagon after the stock has soared over 800% year to date?

Let's start with the good news from Carvana, because it did make some improvements during the second quarter.

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Source Fool.com