Only a few years ago, buying a slightly
used carwas thought to be a smart way to save money. In today’s market, that doesn’t seem to ring true anymore. This year’s spike in demand and production stalls have sent the prices of models from the last two years through the roof.
Few vehicles offer a clearer picture of this than the
Rivian R1S. As the EV startup continues to battle against supply chain issues and limited access to battery components, its new electric SUV is garnering ridiculously high prices on the secondary market.
A lot of people want a Rivian R1S
At the end of 2021, Rivian was riding high. Its first electric, the R1T, started reaching buyers in September, it had just had a very impressive first day on the
stock marketin November, and the waitlist for the truck and its sibling, the R1S, was reaching the 80,000 mark.
But 2022 has not proved to be kind to the new automaker. Struggles to acquire battery components, coupled with industry-wide supply chain problems, forced Rivian to
delay deliveriesand slash its production targets to just 25,000 units for the year.
Now, as reservations for the two vehicles near 100,000, some lucky R1S owners are choosing to cash in.
InsideEVscaught sight of the first one being sold privately, and it ended up costing its new owner about $120,000—about 50% higher than the original price of $80,950.
High demand for a cool EV
Rivan hasn’t delivered very many SUVs. In fact, the first ones to reach non-employees only arrived in the last half of August. But that isn’t the only reason why the new electric vehicle is managing six-figure auction sales.
$78,000 might seem like a high starting price for a new vehicle, but Rivian has given the EV everything it needs to justify the MSRP.
Rather than compare it to similar vehicles in its price range, critics are namedropping ultra-luxury brands like Land Rover and Lamborghini in their reviews of the SUV.
The R1S’ 316-mile range will silence any EV naysayers, but its 835-hp quad-motor powertrain, independent air suspension, and luxurious interior might just convince them to give EVs a shot.
What will car insurance look like for the Rivian R1S?
With so few Rivian SUVs on the road, it’s too early to get an accurate average car insurance rate for the vehicle. Its label as a luxury vehicle won’t do your policy any favors, but that doesn’t mean you can’t save on coverage once you get your hands on your R1S.
Jerry is the easiest and most effective way to find a car insurance policy that is customized for you. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes, helps you switch plans, and can even help you cancel your old policy.
And to ensure you always have the lowest rate, Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price.
This level of service is why Jerry earned a 4.7/5 rating on the App Store and made it the top insurance app in the country.