Quick Flips? GMC Hummer and Rivian Spike at Auction Site
Used trucks aren’t supposed to double in value once they have some miles on them. But the Rivian R1T and GMC Hummer EV truck aren’t regular trucks.
On the heels of a Rivian R1T selling earlier this month for $138,000 with 103 miles on the clock last week at Cars & Bids, another Rivian R1T is on the auction website. Already this one is bid to $121,420 with six days left.
The GMC Hummer EV Truck on the site has been bid up to $163,786 with three days left. It’s base price was about $110,000. This is the first Hummer EV to hit the auction site.
Are owners of these too-hold-to-hold trucks simply flipping these mega trucks for a profit? Maybe. But with increases in value like this, can you blame them?
In comparison, used Teslas on the site are selling for as low as $19,750, though that’s a 2013 Model S 60. A 2021 Model S Plaid with 6,200 miles recently sold for $137,000.
The GMC Hummer EV Truck listed has been driven a lot. It has 4,300 miles on the clock. The Hummer ha seen a nearly 49% increase in value. It’s sticker price was $110,295. Of course that’s before any dealer markups.
Regardless, the Hummer has all the goodies, including CrabWalk, Super Cruise, power frunk, power-retractable tonneau, and several unopened boxes of Hummer goodies.
It’s the first GMC Hummer EV to hit Cars & Bids.
The last Rivian R1T sold on the site was green. This one is blue. Beyond the color, the two look very similar.
The window sticker for this particular truck is included in the auction, and it shows that truck cost $76,575. No other used truck can boast a 59% increase in value. Used.
This particular truck has only two options, the Launch Edition package and the Rivian Blue exterior paint color. It has the large battery pack, 22-inch rims, and looks brand new. Well, it should, it only has 200 miles on the odometer.
EVs are hot right now
While “regular” used car prices seem to be stabilizing, EVs are skyrocketing. Blame gas prices, blame the environment or blame sunspots. For a million reasons EVs are making more sense to lot more people.
Both of these trucks are also stupendously fast.
Ford is reporting record numbers of reservations for its F-150 Lightning EV truck. Chevy, too, is taking orders for its upcoming Silverado EV.
The shocking (pun intended) rise in prices for EVs isn’t unexpected, though. Legislation has made it harder and harder to make a powerful car that meets strict emissions and fuel economy standards. Some of the fastest, and quickest, cars and now trucks on the road right now are EVs. The Rivian R1T hits 60 miles per hour in about three seconds. So does the GMC Hummer EV. While the Hummer weights 9,000 pounds, it has 1,100 horsepower and can tow 8,000 pounds.
EVs are simply making more sense to a lot more people right now.