People are really flipping over the Hummer.
General Motors (GM) – Get General Motors Company Report started deliveries of its Hummer EV Edition 1 Pickup in December and already people are looking to resell the massive vehicle for massive amounts of money.
‘Why are You Selling…?’
A posting on Cars&Bids revealed that a 2022 Hummer EV Pickup Edition 1 was auctioned off late last month for $260,420, more than double the price tag of $112,595.
“The seller states that this Hummer EV has not required service due to its low mileage,” the website said. “The seller purchased this Hummer EV new in April 2022.”
“Why are you selling this after only driving it 85 miles?” ask one person, who did not receive an answer.
In March, a “Brand New Hummer Edition 1” that came “with every option available” sold for a stunning $325,000.
“3 of these models have now sold on Cars&Bids for a combined $728,000 lol,” one person said on Twitter.
Another CarsandBids auction for a Hummer EV Pickup Edition 1 is scheduled to end on May 13. The current bid was $170,420 at last check.
Another Hummer was sold for $235,000 on the website on April 19.
“People have been overpaying to have new cars before anyone else since the dawn of time,” one person commented on the website. “I’m old enough to remember people pay over sticker for PT Cruisers. Then they sold them and still made money! YES, that happened, for over a year.”
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‘Madness is Fascinating to Watch’
One person tweeted, “thisssss… Madness is fascinating to watch play out from the sidelines.”
“Might become a collector vehicle after GM goes bankrupt,” another person commented.
“Some people have more money than sense!” another said.
And then one commenter simply tweeted a GIF of the Looney Tunes character Foghorn Leghorn laughing uproariously.
GM said it sold 99 new Hummer trucks in the first quarter of 2022 and has taken more than 66,000 reservations for its electric Hummer pickup and SUV.
Reservations accelerated during March and the demand for electric versions of the Hummer is exceeding the automaker’s most optimistic projections.
“Orders already placed are being delivered to customers now, have been for the last three months, and will continue to be delivered going forward until we meet the reservations that have been placed,” Chad Lyons, a spokesperson for GM, told TheStreet on April 1.
“But, if you order today, you go to the back of the line and it would mean a delivery about in 2024,” Lyons added.
The Hummer, a civilian version of the M998 Humvee, was first marketed in 1992 and quickly became an environmentalist’s nightmare due its gas-guzzling ways. The brand was discontinued in 2010.
GM is looking to muscle its way into the increasingly crowded electric vehicle space that includes the likes of Tesla (TSLA) – Get Tesla Inc Report, Ford (F) – Get Ford Motor Company Report, Rivian (RIVN) – Get Rivian Automotive, Inc. Class A Report and Volkswagen (VWAGY) – Get Volkswagen AG Report, which announced on Wednesday that it is introducing an all-electric version of the Scout, a forerunner of the SUV, that ceased production in 1980.
Production will start in 2026, Volkswagen said.