Tesla has started accepting trade-ins for its Cybertruck models for the first time since they launched. However, owners looking to trade in their vehicles face significant depreciation.
Steep Depreciation Rates for Cybertruck Owners
According to CarGurus, Cybertruck depreciation can reach as high as 45%. Business Insider recently spoke with two Cybertruck owners who shared trade-in quotes reflecting substantial value loss. One owner, who bought a $100,000 AWD 2024 model and drove nearly 20,000 miles, was offered $63,100—a 37% drop in value. Another owner of a top-tier $127,000 “Cyberbeast” model received a quote of $78,200 after just eight months, amounting to a 38% depreciation.
Tesla’s Initial Resale Ban and Possible Reasons
Tesla originally prohibited owners from reselling their Cybertrucks, a move commonly aimed at curbing scalping and protecting brand integrity. For Tesla, this policy might also have delayed mass trade-ins or resales, especially given the controversies surrounding Elon Musk’s political ties and ongoing quality concerns, such as issues with gas pedals and trim parts falling off.
It’s important to remember that trade-in offers typically come in lower than private sales. Electric vehicles in general depreciate rapidly, with some brands losing up to 50% of their value in the first year, according to Wired.
Author’s Opinion
While Tesla’s Cybertruck has drawn attention for its futuristic design and robust capabilities, these steep trade-in losses highlight the tough reality for many EV owners. The rapid depreciation underscores the challenges in the electric vehicle market, where resale values remain volatile. For buyers, this suggests weighing the benefits of cutting-edge tech against potential financial downsides.
Featured image credit: Phillip Pessar via Flickr
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