According to Inside EVs, Tesla now allows Cybertruck owners to trade in their vehicles for other models in its inventory—but the process comes with a significant loss in value.
Data from CarGurus reveals that some Cybertrucks have depreciated by as much as 45%. Meanwhile, Business Insider spoke with two owners last week who shared the trade-in offers they received from Tesla:
- One buyer who purchased a 2024 all-wheel-drive model for $100,000, with 19,623 miles on it, was quoted $63,100, marking a 37% drop in value.
- Another owner of a $127,000 Cyberbeast, bought in September 2023, received an offer of $78,200, losing 38% in just eight months.
Initially, Tesla banned resales of the Cybertruck—a common tactic to prevent flipping of high-demand vehicles and protect brand image. However, this policy may have also delayed a wave of trade-ins or resales from owners frustrated by Elon Musk’s polarizing ties to the Trump administration or ongoing quality control issues, such as malfunctioning accelerators and loose trim pieces.
It’s worth noting that trade-in values are typically lower than private sales, and electric vehicles as a whole depreciate rapidly. According to Wired, some models can lose up to 50% of their value in the first year.
Is this a temporary setback or a sign of bigger challenges ahead for the Cybertruck?
By: Nestor Castillo, ForAllTechNews Director