We Knew It: New Electric Trucks Command a Premium at Auction Sites
Owners are now taking delivery of the first Rivian electric trucks, but they’re not keeping them. Several Rivian R1T electric trucks are showing up on auction websites like Cars & Bids, eBay, and Bring a Trailer for a huge premium. How much of a premium? Nearly double the purchase price in some cases. You can place a bid today for a 2022 Rivian R1T Launch Edition truck, but it’s already bid up beyond $100,000. With two days to go.
In April, a used R1T Launch Edition sold for $138,000 at Cars & Bids. It cost $76,075 new.
The Rivian R1T is a hot, hot, truck
Rivian electric trucks are today’s hot EV. It’s the first electric pickup truck to market, and though they’re in short supply, Rivian beat Ford and Chevrolet to the punch. Demand outstripping supply is one reason they’re expensive at auction sites.
The R1T is faster than a Corvette to 60 miles-per-hour. It has a quicker charging system than Teslas. It can be ordered as a four-motor, four-wheel-drive, truck with off-road chops. It also looks good. Unfortunately, while the company has been trying to ramp up production, there are thousands more orders in the queue than trucks available.
Rivians aren’t the only electric trucks commanding big money at auction
Rivians aren’t the only trucks that command a premium at auction. At Cars & Bids two 2022 GMC Hummer EV Pickups recently sold for $260,420 and $235,000, respectively. That’s Lamborghini money for a truck that sold new for $112,595. Of course, the 2022 Hummer EV has 1,000 horsepower from three motors, four-wheel-drive, four-wheel-steering in CrabWalk mode, and can hit 60 miles-per-hour as fast as most Lamborghinis, but can carry four friends and tow boat at the same time.
How much are Rivian electric trucks?
Rivian electric trucks start at $67,500 for the base two-motor truck, according to Rivian. But good luck finding one for that if you didn’t plunk down $1,000 to reserve yours two years ago. The Explore is the base model, and it starts at $67,500 with the standard battery pack and a dual-motor package. The Adventure is the next step up and it adds better audio and some trim goodies for $73,000. According to Rivian, Adventure and Explore trucks are available.
The one everyone wants, though, is the Launch Edition. The Launch has four motors, one for each wheel for true all-wheel-drive, and a host of special Launch Edition options. The Launches are easily identified by the Launch Green paint and 20-inch or 22-inch wheels. The R1T was named Truck of the Year by MotorTrend.
The company reported about 83,000 reservations at the end of 2021, and it has plans to make 600,000 vehicles at both of its plants. But, as of March the company only produced 2,425 trucks and said it delivered 920. That means that a lot of people are still waiting for delivery of the R1T or R1S, despite placing orders years ago.
Could the Ford F-150 Lightning be next?
Ford said that it’s shipping F-150 Lightning electric trucks to dealers now. We’re expecting the Lightning to become the next darling of the auction sites, too. So far, Ford said, the company has more than 200,000 F-150 Lightning trucks on order. A reservation was $100. But, it has produced only 2,000 trucks so far. That means there is huge pent-up demand for Ford’s EV.
The Lightning starts at $39,974 for the Pro, which is the work truck version. Ford is also playing in the luxury-truck sandbox with Rivian and for $90,874 it will sell you a fully-loaded Platinum version of the F-150 Lightning. In Ford speak, that means you get everything, including the Pro Power Onboard system that lets you power electric tools at the job site. Then, you can cruise home in Premium Nirvana Leather seats and use every technology package Ford can add, all while being serenaded by a B&O stereo.