DeLorean’s New Reservation Process Is More Complex Than The Car You’re Buying

The DeLorean Alpha5 EV shocked the world when it was unveiled nearly three years ago. The legendary name is back as an EV, with a totally different twist to the iconic gullwing doors. Sure, it also came with controversies, particularly with John DeLorean’s kin, but if impact is what we’re talking about, the Cadillac Celestiq rival sure made one – most especially with the way the company wants to take reservations.

Limited to just 4,000 units, DeLorean has a different reservation system for its new EV. Instead of prospective customers handing down their $2,500 cash, the company launched an exclusive online platform where they can buy a digital reservation token (called a Build Slot NFT), which will be assigned a build slot number. However, the build slot number is random, which means getting one soon doesn’t guarantee customers that they’ll be first in line.

You Should Be Adept At Cryptocurrencies

The process isn’t easy – interested customers will need to register at the so-called DeLorean Marketplace and connect a Slush Wallet, a secure digital wallet for storing the Build Slot NFT. The NFT is only available for purchase using DMC or USDC, two types of digital currency on the Sui blockchain. The problem is, not everyone is adept at cryptocurrencies, making this a convoluted process.

It isn’t all negative, though. Putting your build slots under NFTs means that the transaction is secure and traceable. Plus, since the randomized build slot gives buyers the chance to sell or trade their NFTs to a more eager customer at a higher price, translating to profits. Of course, transactions should be made within the DeLorean Marketplace for legitimacy and security.

Non-Refundable Reservation Poses A Huge Risk

Of note, the automotive NFT purchase is non-refundable, which means if buyers suddenly change their mind about the Alpha5 EV, they will need to sell the slots. That would have been easy if interest in the new EV became substantial, so there’s a huge risk. If customers also miss the window to pay the deposits for their cars, they will forfeit the slot along with the money. At least the $2,500 deposit will be deducted from the purchase, so that’s a good thing.

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As of this writing, DeLorean hasn’t disclosed the exact pricing of the Alpha5, as well as the start of its production, since the company said that development is still ongoing. Some reports show that it could be priced around $125,000, less than half of the Celestiq’s, but still a substantial price for an untested vehicle from a revived automaker.