Tesla Cybertruck Owners Now Able to Trade In Their Vehicles with Heavy Depreciation
According to a report by Inside EVs, Tesla has recently allowed Cybertruck owners to trade in their vehicles for the first time since the vehicles were introduced to the market. However, owners should be prepared to face a significant loss in value in the process.
CarGurus has reported depreciation rates of up to 45% for the Cybertruck. In a recent article by Business Insider, two Cybertruck owners shared their experiences with Tesla’s trade-in process. One owner, who purchased a $100,000 AWD 2024 model and put 19,623 miles on it, received a trade-in quote of $63,100, reflecting a 37% depreciation. The other owner, who bought a $127,000 top-of-the-line Cyberbeast in September, was offered $78,200 for a trade-in value, indicating a 38% loss after just eight months.
Initially, Tesla prohibited owners from reselling their vehicles. This policy, commonly used to prevent scalping of high-demand vehicles and to maintain brand control, may have also delayed a surge in trade-ins or resales from owners who were unhappy with Elon Musk’s association with the Trump administration or frustrated with quality control issues such as malfunctioning gas pedals and loose trim pieces.
It is important to note that trade-in values are typically lower than what can be obtained through private-party sales, and electric vehicles (EVs) as a category tend to depreciate rapidly. According to Wired, some EV brands can lose up to 50% of their value in the first year alone.