After a Year of Owning A GMC Hummer EV and One of The Worst Financial Decisions I’ve Ever Made Other Than My Ex-Wife, I Was Able to Get Almost All My Money Back

Because of its divisive, gas-guzzling predecessors, the GMC Hummer EV has been controversial from its launch in late 2020. Some owners report that they absolutely love their Hummer EVs because of their unconventional vibe, “presence”, good range, and cool features like CrabWalk. However, others have reported growing to hate their Hummer EVs because of persistent technical/reliability issues (software glitches, high voltage system errors, frequent dealer visits), and a challenging charging environment. Beyond that, one of the biggest gripes is the above average depreciation that the GMC Hummer EV has faced. This is summed up by Johathan Ellis on the GMC Hummer EV Facebook group:

“After a year of ownership of a GMC Hummer EV 3x truck and one of the worst financial decisions I have ever made other then my ex-wife, I was able to get almost all my money back. I know many have a love hate with the Hummer. I did also, but never again will I get a Hummer.”

Johathan went on to explain how he got almost all his money back, “The rear suspension tie rod bent and it hit a wall causing a can of black spray paint that I had in the back seat to fly and break open. It exploded in the truck and on me.”

Over on Hummer Chat, ejholt posted:

“I got my quarterly update from CarFax and it shows that my Hummer EV PickUp which I purchased in May 2024 for $120K MSRP, is now worth $83K, which is less than the Residual Value ($85K), GM estimated for May 2027.”

Over on the HummerEV subreddit, DickBanks67 recommends leasing to avoid the Hummer EV depreciation:

“I learned the hard way on my last vehicle about how bad depreciation could be. Paid nearly $200,000 for a loaded 2019 BMW 750 Li and 4.5 years later with only 35,000 miles I was offered $38,000 on trade. That’s close to $40,000 per year in depreciation. I just leased the GMC Hummer 3X Omega truck and I look forward to dropping off the keys in 2 years and grabbing a new one with not a worry in the world. These high priced “luxury” vehicles should be leased. Just my 2 cents.”

Why Do Hummer EVs Suffer from Extreme Depreciation

The Hummer EV entered the market with huge anticipation, which pushed prices far beyond the already premium stickers. Edition 1 reservations sold out within minutes, dealers added surprising markups, and early flippers treated the truck like a commodity rather than a vehicle. Some buyers faced tens of thousands of dollars in unexpected dealer add ons, while resellers moved early Edition 1 models for eye watering numbers that more than doubled the original price. This created a market shaped by excitement rather than long term value, which set the stage for what happened next.

Rapid Depreciation and Falling Resale Values

The early frenzy did not last. Once the initial excitement cooled, values dropped sharply, faster than nearly any other electric vehicle on the market. Edition 1 models that once commanded massive premiums now show up for prices like mid-tier gas trucks. Auction results revealed nearly new Hummer EVs selling for tens of thousands less than their original MSRP, even when they had only a few hundred miles and were still untitled. Examples of thirty percent value losses happened before a buyer ever took delivery, which made the decline feel unusually steep and sudden.

Battery Concerns Driving Resale Hesitation

A recurring theme is the anxiety around EV batteries. The battery makes up a significant part of the value of the vehicle, yet consumers remain unsure how to evaluate its health. Each automaker uses its own diagnostic system, which adds confusion for shoppers and dealers who want a clear assessment of condition. Many social media commenters view the battery as a consumable item that begins to age immediately, which fuels fear around long term ownership. This uncertainty plays a major role in why shoppers hesitate to pay strong used prices, even when a vehicle is nearly new.

High Priced Options Fail to Protect Value 

Optional packages can often do little to shield it from a steep value drop. Even for Hummer EVs that carried expensive paint, wheel upgrades, roof panels, and a comprehensive off-road package that pushed its MSRP into luxury territory, their auction prices fell far short of the original total. This shows how depreciation can overwhelm even the most desirable configurations. Buyers who once believed rare options would help preserve value have discovered that the market treats electric vehicles differently.

Bottom Line

The Hummer EV market shifted from hype to hesitation. Early buyers paid premium prices driven by excitement, yet resale values collapsed once real-world demand settled. Concerns about battery longevity, limited diagnostic transparency, and the overall learning curve around used EVs shaped this dramatic drop. The Hummer EV remains an impressive piece of engineering, although its resale performance is now a cautionary tale for shoppers considering expensive, newly introduced models.

The GMC Hummer EV

The GMC Hummer EV arrived in late 2020 as one of the most attention grabbing electric trucks on the market. It delivers huge power, quick acceleration, impressive off-road capability, and a bold design that feels more like a statement than a vehicle. Its most famous tricks include CrabWalk steering, an available Extract Mode suspension lift, and a massive battery that offers strong range for its size. The Hummer EV is sold in two body styles, Pickup and SUV, with both offering different trim levels, primarily the dual-motor 2X and the more powerful triple-motor 3X. Pricing typically lands from the high $80,000 range to well over $100,000 depending on trim. It comes in two body styles, a pickup called the Hummer EV Truck and an SUV called the Hummer EV SUV, which gives shoppers a choice between open bed utility or a more enclosed, family friendly layout.

The Hummer story began in the military world when AM General adapted its rugged Humvee for civilian use in the early 1990s. Interest grew quickly after Arnold Schwarzenegger championed the idea of a consumer version and became the first buyer. The result was the Hummer H1, a vehicle that looked and drove very much like its military counterpart.

The lineup expanded as the brand matured. The H2 arrived in 2002 with a more mainstream feel, followed by the smaller H3 in 2005. Each model offered both SUV and pickup versions, which helped broaden the appeal. AM General continued to build the vehicles even after selling the Hummer name to GM in 1999.

Hummer vehicles inspired a variety of specialty creations that included concept models, race trucks and even stretch limousines. They also found success in major off-road competitions such as the Baja 1000 and the Dakar Rally, which reinforced their tough reputation.

The gas-powered Hummer disappeared in 2010 after GM’s financial troubles halted further development. The name returned years later once GM regained stability and saw new momentum in off road capable electric vehicles. The Hummer legacy shows a brand that moved from military roots to pop culture fame and eventually to an electric future.

What Do You Think?

What has been your experience with EV depreciation or resale value, and has it changed how you look at EV ownership?

Do you think leasing is the smarter approach for high priced EVs like the Hummer EV, or does buying still make sense for some drivers?

Chris Johnston is the author of SAE’s comprehensive book on electric vehicles, "The Arrival of The Electric Car." His coverage on Torque News focuses on electric vehicles. Chris has decades of product management experience in telematics, mobile computing, and wireless communications. Chris has a B.S. in electrical engineering from Purdue University and an MBA. He lives in Seattle. When not working, Chris enjoys restoring classic wooden boats, open water swimming, cycling and flying (as a private pilot). You can connect with Chris on LinkedIn and follow his work on X at ChrisJohnstonEV.

Photo credit: GMC media kit