The limited availability of electric vehicles and low interest rates pushed prices sky-high in 2022. That has all since changed this year.
Let’s begin with the GMC Hummer EV. Limited production and cheap interest rates pushed the price of the truck on the secondary market to as high as $275k. Those with reservations could purchase the EV for around $100,000 MSRP (and the smart ones sold on the secondary market).
Bring a Trailer auction results show a bunch of idiots paid a hefty premium for the Hummer EV, including $275k on April 1, 2022, $238k on May 23, 2022, and between Sept. 2022 and June 2023, more than a dozen sold over the $150k.
Now comes the fun part. Prices have been cratering this fall: On October 17, a Hummer EV sold for $122k, while several others failed to reach the reserve. The most recent one, on Wednesday, was unable to meet the reserve, with bidders only willing to pay up to $112k.