Tesla Cybertruck Owners Can Now Trade In Their Vehicles
According to a report by Inside EVs, Tesla has now allowed Cybertruck owners to trade in their vehicles for the first time since they were introduced to the market. However, this move comes with a significant cost, as owners will experience a heavy hit in terms of depreciation.
Recent data from CarGurus has shown depreciation rates of up to 45% for the Cybertruck. In a recent article by Business Insider, two owners shared their firsthand experiences with Tesla’s trade-in process. One owner, who purchased a $100,000 AWD 2024 model and drove 19,623 miles, received a quote of $63,100 (a 37% depreciation). Another owner who bought a $127,000 top-of-the-line Cyberbeast last September was quoted $78,200, marking a 38% loss after only eight months.
Initially, Tesla had banned owners from reselling their vehicles, a policy commonly used to prevent scalping of high-demand vehicles and to maintain brand control. This policy may have also delayed a wave of trade-ins or resales from owners who were unhappy with Elon Musk’s involvement in the Trump administration or frustrated with ongoing quality control issues such as runaway gas pedals and falling trim pieces.
It is important to note that trade-in values are typically lower than private-party sales, and electric vehicles as a category tend to depreciate quickly. According to Wired, some EV brands can lose up to 50% of their value in the first year alone.
