Tesla Cybertruck Trade-In Values Plummet, Owners Face Steep Depreciation
Tesla has begun allowing Cybertruck owners to trade in their vehicles, revealing a significant depreciation hit for those who do so. According to Inside EVs, this marks the first time Cybertruck owners have had this option since the vehicle’s release.
Recent data from CarGurus indicates depreciation rates as high as 45% for the Cybertruck. Business Insider spoke with two Cybertruck owners who experienced substantial depreciation firsthand. One owner, who purchased a 2024 AWD model for $100,000 and drove it for 19,623 miles, was offered $63,100 in trade-in value, representing a 37% depreciation. Another owner, who bought a top-tier Cyberbeast for $127,000 last September, received a trade-in quote of $78,200, reflecting a 38% loss in just eight months.
Tesla initially restricted owners from reselling their Cybertrucks, a measure often used to prevent scalping and maintain brand control. This policy may have also delayed a surge of trade-ins or resales from owners dissatisfied with Elon Musk’s public image or experiencing issues with the vehicle’s quality control, including problems like runaway gas pedals and detached trim pieces.
It’s important to note that trade-in values are typically lower than private sales, and electric vehicles, in general, tend to depreciate rapidly. Wired reports that some EV brands can lose up to 50% of their value within the first year.
