Tesla starts taking Cybertruck as trade-in, and things don’t look good
Do you ever get the feeling that you’re watching something historic unfold? An invasion? Some ground-breaking social movement? Well, for the automotive historians out there, the Tesla Cybertruck might be adding to its already remarkable, almost history-book-worthy run: depreciation. EVs depreciate much more than regular vehicles, but if the latest trade-in estimates are accurate, the Cybertruck is a value-shedding champ.
After refusing to accept any trade-in Cybertruck, Tesla is back to taking the trucks– at a crippling trade-in value
A little over one month ago, Tesla told Cybertruck owners that it wouldn’t take the pickup truck as a trade-in. Now, Tesla is accepting requests for trade-in estimates. Well, at least for the Foundation Series. While that might sound like good news for fed-up Cybertruck owners, it confirmed something: the Cybertruck is, as suspected, a depreciation superstar.
So, why would Tesla refuse its wildchild sci-fi EV pickup truck as a trade-in? At the root of things, the Cybertruck was a gamble. And like any hand at the tables, it was risky. This time, it seems that Musk’s electric automaker didn’t beat the house. Instead, Tesla may have been sitting on 10,000 or more unsold Cybertrucks at its worst. As a result, the brand resorted to steep discounts to shift the trucks.
The Cybertruck Owners Club says Foundation Series owners can get trade-in estimates directly from Tesla, per Electrek. But that’s where the good news ends, I’m afraid. One such quote identified a 2024 model with just 6,211 miles on the clock. Not so much a clock as a big ol’ screen. I digress. Originally, that Cybertruck Foundation Series truck sold for around $100,000.
However, the trade-in estimate for that near-new EV pickup truck was a paltry $65,400. That’s a whopping 34.6% in depreciation in one year. That’s rough. Even for a marque (and segment) with a knack for losing resale value as quickly as a Model S Plaid will hit 60 mph. Granted, 34.6% isn’t unheard of. But the majority of cars ditch most of their resale value in the first five years of ownership. 34.6% in one year is seriously quick.
While the Cybertruck’s depreciation rate is remarkable based on the trade-in estimates, it’s not unheard of for EVs, including Teslas. According to iSeeCars, the average depreciation for a mass-market EV is nearly 59%. But that’s over five years, not one. Only time will tell how the Cybertruck stacks up with the depreciation rates of other EVs. But it doesn’t look good.
