Market Shift: Brand New GMC Hummer EV Auction Signals A Deeper Issue

People are talking about a brand new 2024 GMC Hummer EV Omega Edition SUV that recently auctioned for cheap on Bring A Trailer. With an MSRP of $124,050, the giant electric vehicle sold for just $95,500. That discount of $29,000 not only is enough to buy another car, it’s a sign of the times.

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Some will argue this is just another example of how nobody wants these new Hummer EV monstrosities. But it wasn’t too long ago when these were hot property and dealers had no problem selling them for top dollar.

If you look at the auction trends for GMC Hummer EVs on BAT, there’s a troubling downward trajectory from April 2022 to now. From that data, it seems sometime last year the market for them started to dip below $100,000 but likely for lightly used examples.

This is a brand new truck sitting in a dealer’s showroom with 404 miles. It’s been optioned up with the Extreme Off-Road Package, plus it has all the bells and whistles, including CrabWalk four-wheel steering.

You could argue this shows EVs are just dogs in the market these days and not be wrong. After all, if you look at a comparable vehicle, the Tesla Cybertuck, its sales on BAT also have a troubling downward trend, although there are fewer data points. Obviously, both all-electric trucks don’t have as much pull in the market as they once did.

We’re seeing this sort of thing all over the place, not just with EVs. Brand new cars are sitting on dealer lots, manufacturers are idling assembly lines, car auctions are seeing markedly worse results than just three years ago – we could go on.

Overall, the trend seems to be down as people aren’t willing to blow big money on cars these days. We can see why, considering how much everything costs. Then you add on news of layoffs at big companies and one can see why anyone would be pulling back, unwilling to drop $124,000 on a big Hummer EV.

If you want to look at the Hummer’s lot listing, you can find it here.

Images via Bring A Trailer