Electric Hummers seem to be in massive demand. According to multiple reports, the resale value of these EVs is fetching as much as three times its list price. Not surprisingly, the demand for the rugged electric SUV is far outpacing supply.[1]
Depending on which model of electric Hummer you purchase, they can start at just over $86,000 for a bottom-of-the-line Ev2 model. But good luck getting one at that price. Just this past summer in July, an Edition 1 electric Hummer sold at auction for a whopping $324,500, mind you this was a top-of-the-line model which retails normally for just over $110,000. What seems to be more interesting is that even the damaged models seem to be attracting massive bids. According to a report from InsideEV, there was a bid on a damaged model which reached a sum of $69,000. The vehicle didn’t sell because it failed to get the minimum price of the seller. [2]
Has the Hummer EV Frenzy Peaked?
We should also mention that although there are buyers who are willing to pay a hefty sum for Hummers EVs, the peak season seems to have passed. Fox reported that none of the vehicles that have attracted any bids had a price tag of more than a markup of 61% on the retail price of $112,595 in the last few months on the Bring a Trailer website. This is in direct contrast to the trucks that sold for around 2.4 times more than their listing price back in the months of April and May. [3]
The months following this upsurge reported unusual lows in the sale of Electric Hummers. In July, Wall Street Journal reported that the Detroit factory of General Motors was producing just 12 vehicles per day. And according to The Verge, it might take the company over 17 years to deliver all of the reservations at the current production rate. But the company has promised that they will soon improve the capacity for manufacturing. A September announcement stated that the company would be investing a sum of $760 million into its Ohio EV production factory.[4]
Sources
- “Electric Hummers are selling for more than $100,000 over their list price as demand outstrips supply by almost 100 to one.” Business Insider. Pete Syme. October 25, 2022.
- “Shock: A used GMC Hummer EV just sold for $260,420.” Fox News. Gary Gastelu. May 4, 2022.
- “General Motors Slowly Ramps Up Electric Hummer Production.” The Wall Street Journal. Mike Colias. June 30, 2022.
- “GM’s reportedly only making about 12 Hummer EVs a day.” The Verge. Mitchell Clark. June 30, 2022.