Some early adopters of electric vehicle trucks who bought on secondary markets during the EV mania in recent years have been hammered by price collapses.
Using Bring A Trailer data, we analyzed auctions of four EV trucks: a GMC Hummer EV, a Ford F-150 Lightning EV, a Rivian R1T, and a Tesla Cybertruck. All of these trucks have seen sizeable price declines on the auction website.
Let's start with the GMC Hummer EV, which was heavily hyped and initially sold for a staggering $275k on the auction website in April 2022. Fast forward to today, and used Hummer EVs are now selling on the same site for around $100k, aligning near GMC's listed MSRP.
Even though a Ford F-150 EV has not sold or been listed on Bing A Trailer in about a year, the price collapse from around the $120k mark in the summer of 2022 to about $60k in the summer of 2023 is breathtaking. It's just a devastating price collapse for early adopters who paid a hefty premium on secondary markets. MSRP for Lightnings ranges from $55k to $93k, depending on trim.
It is more of the same for the Rivian folks who purchased the R1Ts on the secondary market after the initial launch. Prices have plunged by about 50% from the spring of 2022 to the present day. MSRP for Rivian R1T is around $70k.
The big question is what happens with used Tesla Cybertruck prices. Since March, one auction has been completed at $160k, with one selling last month for about $100k. Tesla does have a penalty for owners selling their trucks in the first year. MSRP for the Foundation Series of the Cybertruck is around $100k.
The takeaway here is clear: don't buy into the hype.
