Are you looking to buy an electric GMC Hummer? I hope you are prepared with a quarter of a million dollars, or a lot of patience. or either.
Because the free market estimates that a particular vehicle is worth twice as much as its list price, which was only established by GMC at $112,595.
Perhaps it’s because this specific car was the fifth to leave the factory and the buyer viewed it as a collectible. (He probably has that right.) Perhaps the car’s low mileage of only 80 kilometers and nearly pristine condition contributed to the pricing. Perhaps there were additional elements at play that we are unaware of.
Whatever the cause, the 2022 car went for just over twice as much at auction on Saturday, selling for $225,500.
The GMC Hummer EV Edition 1 truck has been selling at prices that have nothing to do with its MSRP, as Fox News revealed in May, but that’s how the free market operates. Prices increase when there is a supply shortage. Sometimes they ascend sharply.
According to Fox, as of May, GMC had around 70 orders for each electric Hummer it intended to produce this year.
Anyone who has tried to buy a new or used car in the past 18 months or so will be aware that supply chain problems have made cars, whether electric or not, hard to come by. Only recently has the market started to behave more or less normally.
Insider hypothesized this past week that it might even be the case for electric Hummers.
But it will take some time to restore equilibrium in that market given the wait list of 77,000 prospective buyers and GMC’s reported production capability of 12 vehicles per day, according to The Wall Street Journal.
In the meantime, if you are among the fortunate few to own one of the most sought-after new cars in decades, you must be prepared to pay for maintenance expenditures, at least after the car has passed its warranty.
For instance, as The Western Journal recently reported, you would need to be ready to spend up to $8,000 only to replace a pair of taillights on the vehicle.
According to Car and Driver, that is what it might cost to change the taillights on the new GMC Hummer EV SUT, depending on local taxes and labor costs where you live.
And if you decide to buy a Ford F-150 Lighting EV instead of a Hummer because the wait list seems too long, I’d advise you to start praying right once that the battery will never need to be replaced.
More on this story via The Western Journal:
There are two possible batteries for the Lightning: the standard, designed to give the driver about 230 miles of range, and the extended range version, which increases that to about 300 miles, Tim Esterdahl of “Pickup Truck Plus SUV Talk” said in a video posted to YouTube on Sunday.
Esterdahl is clearly the kind of guy who wants to get the bad news out of the way first, as he showed a screen shot of the price for the extended range battery to start.
It was $35,960.
That’s not a typo; the decimal point is in the right place. If your first thought was, “That’s more than I paid for my whole car!” you’re not alone. CONTINUE READING…