Photo: 1911nineeleven / Bring a Trailer
The EV market is glowing hot, even though most people say they don’t want or trust an electric car. This is becoming obvious by looking at the crazy prices on the used-car market and the auction platforms. This GMC Hummer EV Edition 1 received a $172,000 offer right when it was listed on Bring a Trailer.
When asked, many people indicate the high prices of electric vehicles as a critical barrier to EV mass adoption. And yet, carmakers could double the prices of their electric vehicle with no impact on their sales. It’s not the price that prevents more people from buying an electric car, it’s the limited supply. The disconnection between supply and demand is so acute that people are willing to pay double the MSRP and then some to buy an EV.
It’s true, even mass-market EVs like Tesla Model Y sell on the used car market for more than MSRP. This prompted Tesla to jack up the prices several times this year. But the sky is the limit when it comes to exotic appearances like the GMC Hummer EV. Even the original price of more than $110,000 for the Edition 1 batch is far from affordable. Still, these mammoth trucks can be resold in a jiffy for at least double the MSRP.
The GMC Hummer EV is a prime example because so few of them were built. Edition 1 sold out in hours when it was launched, and GM already has more than 65,000 reservations for the regular trims of electric pickup. This means that many of these customers would not get their trucks earlier than 2024, according to GM estimates.
Watching the used car market for the GMC Hummer EV, we see the truck consistently sells for more than double the MSRP. The lowest price we’ve seen was $225,000, but one example reached $286,000 on a Mecum auction. And today, a GMC Hummer EV with 20 miles on the odometer got a $172,000 bid within minutes from the moment it was listed on Bring a Trailer.
We figure this could be a new high for the electric pickup truck, considering the auction ends in a week. Seven days mean a lot of bidding expected to bring the price to stratospheric levels. The listing already has more than 1,500 views at the time of writing. Around 200 people watch the auction, probably willing to place their bids.
As for the truck listed, there’s nothing special about it except being an Edition 1 example. The three-motor configuration pumps up 1,000 horsepower to the wheels, and the Watts to Freedom launch-control driving mode yields a factory-estimated 0-to-60-mph time of three seconds. The truck was ordered with the optional Enhanced Accessory Off-Road Package, which adds an off-road recovery kit, a spare tire tool kit, and a bed-mounted spare tire carrier with a matching spare.
It’s true, even mass-market EVs like Tesla Model Y sell on the used car market for more than MSRP. This prompted Tesla to jack up the prices several times this year. But the sky is the limit when it comes to exotic appearances like the GMC Hummer EV. Even the original price of more than $110,000 for the Edition 1 batch is far from affordable. Still, these mammoth trucks can be resold in a jiffy for at least double the MSRP.
The GMC Hummer EV is a prime example because so few of them were built. Edition 1 sold out in hours when it was launched, and GM already has more than 65,000 reservations for the regular trims of electric pickup. This means that many of these customers would not get their trucks earlier than 2024, according to GM estimates.
Watching the used car market for the GMC Hummer EV, we see the truck consistently sells for more than double the MSRP. The lowest price we’ve seen was $225,000, but one example reached $286,000 on a Mecum auction. And today, a GMC Hummer EV with 20 miles on the odometer got a $172,000 bid within minutes from the moment it was listed on Bring a Trailer.
We figure this could be a new high for the electric pickup truck, considering the auction ends in a week. Seven days mean a lot of bidding expected to bring the price to stratospheric levels. The listing already has more than 1,500 views at the time of writing. Around 200 people watch the auction, probably willing to place their bids.
As for the truck listed, there’s nothing special about it except being an Edition 1 example. The three-motor configuration pumps up 1,000 horsepower to the wheels, and the Watts to Freedom launch-control driving mode yields a factory-estimated 0-to-60-mph time of three seconds. The truck was ordered with the optional Enhanced Accessory Off-Road Package, which adds an off-road recovery kit, a spare tire tool kit, and a bed-mounted spare tire carrier with a matching spare.
Google News