Tesla Cybertruck Trade-Ins: What the Numbers Reveal

Cybertruck Trade-Ins Now Permitted, But Come with Significant Depreciation

As reported by Inside EVs, Tesla is now permitting Cybertruck owners to trade in their vehicles. This marks the first time such transactions have been allowed since the vehicle’s initial release.

Significant Depreciation Rates Observed

Recent data from CarGurus indicates depreciation rates reaching as high as 45%. This substantial loss in value is being experienced by early adopters.

Business Insider recently interviewed two Cybertruck owners to gather real-world trade-in valuations. One owner, having purchased an AWD 2024 model for $100,000 and driven it for 19,623 miles, was offered $63,100 – representing a 37% decrease in value.

The second owner, who invested $127,000 in a top-tier Cyberbeast model last September, received a trade-in quote of $78,200. This equates to a 38% loss in value after only eight months of ownership.

Initial Resale Restrictions and Potential Motivations

Initially, Tesla implemented a policy prohibiting owners from reselling their Cybertrucks. This practice is commonly employed by manufacturers to curb vehicle scalping and maintain control over brand perception.

However, this restriction may also have been intended to postpone a potential influx of trade-ins or resales. Factors contributing to this potential wave include owner dissatisfaction stemming from Elon Musk’s public profile and concerns regarding ongoing quality control issues.

Reported quality concerns have included instances of unintended acceleration due to runaway gas pedals and issues with exterior trim pieces detaching from the vehicle.

Contextualizing EV Depreciation

It’s important to recognize that trade-in values are generally lower than those achieved through private sales. Furthermore, electric vehicles, as a category, tend to depreciate rapidly.

According to Wired, certain EV brands can experience a depreciation of up to 50% within the first year of ownership. This highlights the broader trend of faster depreciation within the electric vehicle market.