Tesla has quietly begun accepting Cybertruck trade-ins, allowing current owners to receive credit toward the purchase of a new Tesla vehicle. After the initial Cybertrucks were delivered in early 2020, Tesla’s policy to restrict owners from selling the trucks for the first year ended, opening the way for this latest move.
With owners now able to trade in their Cybertrucks, some have encountered a hard lesson — these trucks often lose their value especially rapidly and sometimes at a sharper rate than other electric vehicles (EVs) or trucks do.
Owners Report Up to 38% Depreciation in Under a Year
Two individuals who traded in their Cybertruck recently told Business Insider about the big drop in what their vehicles are now worth. The same owner who paid $100,000 for their AWD station wagon was given a trade-in estimate of $63,100 after traveling 20,000 miles in the car. About 37% of brand value was lost within the year.
The same buyer who spent over $127,000 on a high-end Cyberbeast edition was given a trade-in value of only $78,200, only eight short months after purchasing it — a loss of 38% of the car’s value. Despite the miles being more than 10,000, the results displayed the same rate of value lost for every Cybertruck configuration.
How Cybertruck’s Depreciation Stacks Up
The estimates Tesla gives for your trade-in aren’t guaranteed figures. In the company’s fine print, it says the final value could be different depending on the car’s state and what is happening in the market. However, what these numbers show is that Tesla believes its vehicles won’t gain much value over time — except in rare circumstances.
It looks like the depreciation percentage for these Cybertrucks is quicker than that of most vehicles and that of other competing electric pickups. Kelley Blue Book reports that the average new car loses 30% within two years and begins to drop an additional 8% to 12% each year after. During its first year, the Cybertruck declined by over 37%, which is much more significant than the average these industries see.
Meanwhile, the 2023 Rivian R1T’s price has fallen about 29% over its first two years on the market. Recent research from iSeeCars has shown that all types of electric cars depreciate by an average of 58.8% in five years. Trucks sold faster, keeping almost 60% of their value, so it appears the Cybertruck’s early resale is not as good as that of EVs or trucks.
Brand Pressures and Public Perception Add to Decline
There may be several reasons that the Cybertruck is losing value so quickly. The Tesla brand has been facing more challenges these days, due in part to problems with quality and a recall showing that only a fraction of its promised Cybertruck orders were filled, while Elon Musk promised total preorders of more than a million.
Social and political controversies have also played a role. Tesla CEO Elon Musk’s involvement in the White House’s DOGE office has generated backlash, with some Cybertruck owners reportedly experiencing harassment and even vandalism. According to Business Insider, one customer sent back his newly purchased car because he was worried his children would be bullied.
Conclusion
Although every car loses value as time goes on, the quick sales of Cybertrucks have cast doubt on what its value will be in the future. Unsure of when Tesla will produce the Cybertruck and amid confusion about demand for EVs, it is not yet clear how the Cybertruck will do in the future — regarding both performance and the price at which it is offered.
