- Tesla is now accepting Cybertruck trade-ins.
- Previously, Cybetruck owners who wanted to sell their EVs had to go to other companies or go down the private sale route.
- For Cybertruck Foundation Series models, a third of the original value has vanished.
Tesla has finally started accepting Cybertruck trade-ins, a year and a half after deliveries of the controversial electric pickup began in late 2023. However, as some owners who are looking to part ways with their stainless steel EVs discovered, depreciation hit the Cybertruck hard.
One member of the Cybertruck Owners Club forum got a trade-in estimate from Tesla of $65,400 for his 2024 Cybertruck All-Wheel Drive Foundation Series with just 6,211 miles on the odometer.
Meanwhile, another 2024 Cybertruck AWD Foundation Series owner who had traveled a little over 32,000 miles in his EV was offered $60,500 for his electric truck. When new, the Cybertruck All-Wheel Drive Foundation Series–that’s the limited edition version with all the options ticked–retailed for $99,990. So in just a year, the value of these two used Cybertrucks plummeted by 34% and 39% respectively.
That’s a third of the original price out the window for a car that was supposed to be an “appreciating asset,” as Tesla CEO Elon Musk claimed back in 2019. For what it’s worth, Tesla’s initial trade-in estimates for these two particular vehicles are roughly $8,000 higher compared to what Carvana, an online car-selling platform, is offering. That being said, Tesla’s initial offers have been known to go down once the paperwork is ready to be signed.
Since deliveries of the Cybertruck began in late November 2023, the market has cooled significantly for the angular-shaped pickup. Last year, a fully loaded Cybertruck Tri-Motor Foundation Series was listed on Tesla’s website for $119,990, and there have been plenty of people who bought Tesla’s first pickup just to turn a quick profit.
And that worked, but not for long. Just six months after customer-spec Cybertrucks were rolling off the assembly line, the reservation list that allegedly had millions of people on it had vanished, and anyone could have ordered a brand-new Cybertruck and have it delivered in just a week.
Tesla’s first and only light-duty truck had its fair share of success last year, being crowned the best-selling electric pickup in the United States last year. But after three consecutive quarters of growth, reality started settling in. In the first quarter of this year, the Ford F-150 Lightning overtook the angular Tesla to become America’s best-selling electric pickup. What’s more, thousands of unsold Cybertrucks are reportedly sitting in inventory, with the automaker planning a production pause once again.
Gallery: 2024 Tesla Cybertruck Review
