Short Supply Means a Rivian Truck now Costs Ferrari Money

Let the flipping begin? A 2022 Rivian R1T just sold for $138,000 on Cars & Bids, an enthusiast auction site. Normally, sales of one-year-old trucks, even on auction sites, don’ t get much attention. But this one sold for $76,075 new just 1 month ago. Since then, the owner put just 103 miles on the 2022 Rivian R1T truck, and the value of it increased by $62,000.

For that money, the bidder could have bought a 2013 Ferrari California on the site, and still had cash to spare.

Cars & Bids is an enthusiast site usually known for selling weird cars from the 1980s and 1990s. You can buy anything from a 2008 4Runner to a Shelby GT350. But this was the first Rivian R1T to go through the site.

How much does a Rivian R1T cost?

This Rivian R1T sold for $138,000 at the auction site Cars & Bids, which nearly double the MSRP.
This Rivian sold for $138,000 | Cars & Bids

Rivian R1Ts are selling for a lot at auction sites and on Craigslist.

How much do Rivian R1Ts sell for? Rivian says you can purchase an R1T for $79,000.

That’s only if you got on the preorder list early.

The best sales figures we can get for used Rivian prices are from classified and auction sites. Recently, an R1T went up for sale on Craigslist in Spokane, Washington. That owner said he won’t take less than $150,000.

Someone in Seattle put up a Craigslist ad saying they have one arriving in May or June of this year. The asking price? Try $195,000. And it’s not even delivered yet.

In Bend, Ore., you can find one on Craigslist for $140,000. The seller says it was delivered on April 8, and they’ve already put 128 miles on it.

At Ebay Motors, there are currently about a half dozen R1Ts for auction. The lowest-priced Rivian R1T is listed at $129,999, while the highest is $199,999.

Keep in mind these trucks are supposed to sell for about $80,000 from the manufacturer.

What’s the wait for a Rivian R1T?

A Rivian plant production in Normal, Illinois, before the announcement of a second plant location in Georgia
A Rivian plant | Brian Cassella/Chicago Tribune/Tribune News Service via Getty Images

The short answer is you’ll have to wait several months.

The company reported about 83,000 reservations at the end of 2021. According to the Rivian 2021 Shareholder Letter, it has plans to make 600,000 vehicles, both trucks and SUVs, at its two plants.

But, it only produced 2,425 trucks as of March 8, 2022, and It only delivered 920 vehicles in 2021. That leaves about 82,000 people waiting for their new Rivian.

But it looks like Rivian is ramping up production capability. The company said it delivered 920 vehicles in 2021, but 909 of those were booked in the fourth quarter of 2021.

In March Rivian “updated” its price for its R1T by 17%, from about $67,000 to  about $79,000. But that price increase, as well as long wait times, is causing several to abandon their Rivian orders.

Is a Rivian better than a Tesla or a Hummer?

Blue 2022 Rivian R1T electric pickup truck
2022 Rivian R1T | Rivian

Whether a Rivian R1T is better than a Tesla Cybertruck or a GMC Hummer EV truck is hard to say. It will depend on what you want to do with your truck.

But, we do know that the Rivian is fast. We do know it has 314 miles of range, and 835 horsepower. It has four motors and four-wheel drive. The R1T can also do a “tank turn.” The truck can turn its wheels in different directions allowing it to make incredibly sharp turns, especially off road.

While a lot of ink has been spilled on the new Cybertruck, about all we know is the truck is coming to market soon and that Tesla is setting the bar high.

Customers are getting GMC Hummer EVs now and that truck, too, is very quick. It has 1,100 horsepower and can tow 8,000 pounds. While it can’t turn like a tank, it can Crab Walk, or move sideways, by turning its wheels perpendicular to the frame. The GMC Hummer EV starts at about $109,000.

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