Tesla now permits trade-ins of Cybertrucks in the United States.
In an unexpected turn of events, owners of the futuristic Tesla Cybertruck are facing substantial depreciation in the United States. Comments on forums range from disbelief at the rapid depreciation to jokes about keeping the truck for life.
The electric vehicle manufacturer, Tesla, has started accepting Cybertruck trade-ins in the U.S., marking a change in their policy. A recent case involves Vineet, a Cybertruck owner from Princeton, New Jersey, who received an offer of $65,400 for his truck, which had just over 6,200 miles on the odometer. However, it seems that this trade-in offer is only available for the Foundation Series Cybertrucks, and only in the U.S.
The steep depreciation on the Tesla Cybertruck is significant, with early reports indicating a drop from about $110,000 at purchase to around $60,000 within roughly 20 months of ownership, equating to nearly a 45% loss in value. This depreciation is higher than typical vehicle depreciation rates and is driven by factors such as quality issues and Tesla’s dynamic pricing strategy that frequently reduces new vehicle prices, impacting used values.
The used EV tax credit of up to $4,000, which affects demand for used Teslas, is ending soon, potentially further suppressing used prices. Additionally, Tesla's frequent price cuts and new feature rollouts in newer models make older ones less desirable, accelerating depreciation.
Despite the trade-in option, some Cybertruck owners on the forum suggest they would need to be reincarnated to recoup their investment due to the high rate of depreciation. Many have voiced frustration about the situation, with Cybertrucks with fewer than 10,000 miles receiving offers as low as $49,000 from third-party platforms, representing a 50% drop in value within a year.
It's worth noting that prior to this, Tesla did not accept Cybertrucks for trade-ins if owners wanted to purchase a different Tesla. Moreover, the trade-in offer for the Cybertruck does not seem to be available for Cybertrucks outside the United States.
The least expensive Rear-Wheel Drive (RWD) Cybertruck is priced at US$69,990, while the original cost of Vineet's Cybertruck was US$100,000. The trade-in offer for the Cybertruck on the forum mentions the option to transfer Full Self-Driving to the new vehicle. There is also an opportunity to get three months of Full Self-Driving (FSD) by using a referral link when buying a Tesla.
However, Carvana offered just $54,000 for a similar Cybertruck, which is lower than Tesla's trade-in offer for some owners. This highlights the importance of researching and comparing offers before deciding on a trade-in.
The Cybertruck deliveries began in November 2024, with the Foundation Series trim being the first to be delivered. Tesla introduced the non-Foundation Series Cybertruck nearly a year later. Despite the challenges with depreciation, the Cybertruck continues to represent a unique and innovative offering in the electric vehicle market.
- The trade-in offer for the Cybertruck is only available for the Foundation Series Cybertrucks in the United States.
- The depreciation on the Tesla Cybertruck is higher than typical vehicle depreciation rates and is driven by factors such as quality issues and Tesla’s dynamic pricing strategy.
- The used EV tax credit of up to $4,000, which affects demand for used Teslas, is ending soon, potentially further suppressing used prices.
- Tesla's frequent price cuts and new feature rollouts in newer models make older Cybertrucks less desirable, accelerating depreciation.
