While new, larger and more powerful EVs are rolling into consumer driveways, their deliveries are still quite low compared to other types of EVs. That said, the request for electric trucks exploded with many manufacturer models booked in the next couple of years. As a result, some early customers of these electric trucks are taking advantage of this demand and reselling them for a profit, some for more than double what they paid.
When electric vehicles first started to become mainstream over a decade ago, there were two options: expensive sports cars like the Tesla Roadster Where Modelsor a less expensive small sedan like a Nissan Leaf.
Over the years, crossovers and full-size SUVs made their debut, offering both sufficient performance and range, as well as more cargo space. Until last year though, there was one segment that hadn’t been successfully penetrated – the all-electric truck.
Rivian was the first automaker to achieve the feat in delivering its R1T pickup last fall, but the public was already anticipating a slew of other competitors like the Ford F-150 Lightning, the GMC Electric Hummerand the long-promised Tesla Cybertruck.
Since the first deliveries of Launch R1T edition, some other trucks have also started deliveries to consumers. However, the demand still far exceeds the number of electric vehicles available. Consumers lucky enough (and wealthy enough) to get their hands on early versions of these electric trucks resell them for a profit… some exceeding $100,000.
Private owners cash in on demand by reselling electric trucks
If you followed Electrek Over the past year or so, you’ve probably read news from at least one EV automaker reporting huge reservations for EV trucks. Ford had received more than 200,000 bookings last December and closed its system in favor of opening its order books to serious buyers.
To meet demand, the American automaker has doubled its production capacity twice for the F-150 Lightning, aiming to produce 600,000 electric vehicles per year by 2024. Around the same time, GMC delivered its first “Edition 1” version of the Hummer EV pickup.
It would be the only Hummer EV delivered by GMC in 2021, but the GM subsidiary recently reported 99 more Hummer deliveries in the first quarter of 2022, assure the public many more are on the way. With only 100 Hummer EV pickups in the wild, it’s no wonder people are willing to pay well over MSRP to get behind the wheel of one.
Recently, a savvy owner was ready to part with his Hummer EV Edition 1, reselling it on the vehicle auction site Bring a trailer. With no reserve price set, the Hummer EV ended up reselling for $275,000. That’s about $165,000 more Starting MSRP.
If it was anyone other than the very first Hummer customer who paid $2.5 million, they made a huge profit by reselling their electric truck. Other Hummer owners might do the same after receiving their EV delivery, as GM is reporting over 65,000 bookings to date.
As you can see from the images above, the Launch Edition versions of the Rivian R1T are sell on ebay Motors for nearly double their original MSRP ($75,000). It’s not clear yet if anyone is paying that much, but at least two R1T owners are seeing the value in reselling their EV while still supply is still insufficient.
Now that Ford F-150 Lightning deliveries have started, it’s fair to assume we’ll see resellers popping up in the US – same for Cybertruck in the future. Legacy automakers with dealership models see these companies trying to sneak a slice of the profit pie, demanding excruciating fees despite their contracts with car manufacturers that prohibit such behavior.
The average consumer won’t pay more than $100,000 above the MSRP to get behind the wheel of a desired electric vehicle early, but the resale technique can prove lucrative in some cases. At the very least, this market behavior offers documented evidence that the demand for electric trucks is there and is strong, whether priced at MSRP or resale.
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