There are long waiting times for the large electric pick-up GMC Hummer EV - the price for used vehicles keeps reaching new record highs.
GM has received 77,000 pre-orders for the GMC Hummer EV electric pick-up. The list price is just over $110,000 (currently the equivalent of around €107,900). Apparently GM could have set the price considerably higher - as the prices for young used vehicles prove. The auction house Barrett Jackson has now auctioned off a Hummer EV with only 48 miles (77 kilometers) at a new record price: a customer paid 324,500 dollars (currently the equivalent of around 317,969 euros) for the pick-up. That's almost triple the list price, and it's also $38,500 more than the previous record set in March 2022.
In May 2022, a customer already had $260,420 ($245,938 at the time) on an online auction platform for a lobster EV paid. And that wasn't the highest price fans paid for the electric pickup this year.
Up to 159 percent above list price
The Hummer EV sold in May went through the online auction house Cars & Bids . After 21 bids, the price was set at $260,420 – meaning the buyer paid a price that is 136 percent higher than the list price. In March, however, another Hummer EV was even more expensive: It sold for $286,000 at the Mecum Glendale auction in Arizona, an increase of more than 159 percent over the list price. Prices as high as $310,000 and $325,000 have even surfaced at times on social media — but it's unknown if anyone actually bought a Hummer EV for those buzzers.
Dealers also have surcharges
GM also sometimes has trouble with its dealers: Some of them add 50,000 dollars (47,220 euros) to the list price so as not to leave the business to later resellers. GM has warned its dealers against such behavior, but so far nothing is known about the consequences for these dealers.
GM expands production
GM builds the GMC Hummer EV at the Factory Zero plant in Michigan, USA. Due to the high demand, GM would like to expand the production capacity of the plant. In addition, production of the SUV variant of the Hummer EV will begin in the same plant in 2023.
Conclusion
Times of shortages are times of sellers: Since GM cannot keep up with the production of the GMC Hummer EV pick-up, the prices for used models sometimes skyrocket to over $300,000.
Some GM dealers are also trying to take advantage of the scarce supply: In some cases they are adding 50,000 dollars (47,220 euros) to the list price. GM condemns this pricing policy but does not appear to have the power to stop it.
As a countermeasure, GM is in the process of increasing production of the Hummer EV - but this is a process that will not be completed overnight. In the meantime, a few GMC Hummer EV pickups are likely to change hands for well over $200,000.
