Cybertruck owners can now finally trade in their vehicles with Tesla for the first time, as reported by Inside EVs. However, there’s a catch – they’ll be taking a pretty big hit in the process. CarGurus has shown that depreciation rates can go up to a staggering 45%. Business Insider recently spoke to two owners who shared their experiences with Tesla’s trade-in values for their Cybertrucks. One owner, who purchased a $100,000 AWD 2024 model and drove 19,623 miles, was offered $63,100, marking a 37% depreciation. The other owner, who bought a $127,000 top-of-the-line Cyberbeast last September, was given a quote of $78,200, resulting in a 38% loss after just eight months.
Tesla had previously prohibited owners from reselling their vehicles, a policy commonly used to prevent scalping of highly sought-after cars and to maintain control over the brand. This decision may have also delayed a surge in trade-ins or resales from owners who were unhappy with Elon Musk’s involvement in the Trump administration or frustrated with quality control issues, such as runaway gas pedals and loose trim pieces. It’s worth noting that trade-in values are typically lower than what owners could fetch in private-party sales, and electric vehicles (EVs) tend to depreciate rapidly. Wired reports that some brands can lose up to 50% of their value in the first year alone.
Not really sure why this matters, but it seems like Tesla owners are facing some tough choices when it comes to trading in their Cybertrucks. The depreciation rates are no joke, with some owners losing almost half of the vehicle’s value in a relatively short amount of time. Maybe it’s just me, but it seems like Tesla’s decision to ban reselling initially may have had some unintended consequences. Owners who were hoping to cash in on their Cybertrucks may now be stuck with a much lower trade-in value than they anticipated. It’s a tough break for those who were looking to upgrade or get rid of their vehicles for other reasons.
