Tesla Cybertruck owners have been facing some challenges when trying to trade in their vehicles for other Tesla products. Initially, those who reserved a Foundation Series Cybertruck had to agree not to sell their trucks for a year. However, even after this period ended, Tesla was hesitant to accept trade-ins until recently. Two owners shared their trade-in offers for their Foundation Series trucks on the Cybertruck Owners Club forum, shedding light on why Tesla was avoiding this situation.
One owner received a trade-in estimate of $65,400 for their Cybertruck with only 6,211 miles, while another owner, who put over 32,000 miles on their 2024 Cybertruck, was offered $60,500. These figures indicate a significant depreciation of around 35% to 40%, considering the trucks originally cost about $100,000. However, there are some factors to consider. The owner of the lower-mileage vehicle mentioned receiving a $7,500 commercial EV federal tax credit with their purchase, which wouldn’t typically apply to a Cybertruck Foundation Series due to its higher MSRP. Additionally, both owners could transfer their Full Self-Driving subscriptions to their new Tesla vehicles, potentially factoring into Tesla’s trade-in estimates.
Despite any incentives offered, the stark reality remains that these $100,000 vehicles experienced a substantial drop in value in a relatively short time. This depreciation challenges Elon Musk’s previous assertion that Tesla vehicles would appreciate over time due to their autonomous features. The current struggle to sell Cybertrucks, with over 4,000 unsold units in the US, likely contributed to Tesla’s reluctance to accept trade-ins. Electric pickups, in general, have shown a trend of depreciating quickly, with examples from Ford and Chevrolet also experiencing significant value losses within a year.
For Cybertruck owners facing this depreciation but still loyal to Tesla, there is now a way out. While the investment may not have turned out as expected, the Cybertruck ownership experience has proven to be different from the initial hype. The challenges faced by these owners shed light on the broader issue of electric vehicle depreciation and the impact it has on the market.
