Tesla Cybertruck owners who were hoping to trade in their vehicles for other Tesla products have faced challenges in recent months. Initially, Foundation Series reservation holders had to agree to a clause preventing them from selling their vehicles for a year. However, Tesla’s reluctance to accept Cybertruck trade-ins continued beyond this period until recently.
Recently, two owners shared the offers they received from Tesla for their Foundation Series trucks, which originally cost $99,990. These offers shed light on why Tesla was hesitant to accept trade-ins until now. One owner received a trade-in estimate of $65,400 for their Cybertruck with only 6,211 miles, while another owner, who had driven their vehicle over 32,000 miles, was offered $60,500.
At first glance, the depreciation of these vehicles is alarming, with a loss of around 35% to 40% of their original value. However, there are additional factors to consider. One owner received a $7,500 commercial EV federal tax credit with their purchase, and both owners were able to transfer their Full Self-Driving (Supervised) subscriptions to their new Tesla vehicles, which may have influenced Tesla’s estimates.
Despite any incentives offered upon sale, the fact remains that these vehicles were originally priced at $100,000 with no tax rebate available to personal buyers. The depreciation of these vehicles, with one losing $34,590 and the other losing $39,490 in value, raises questions about Tesla CEO Elon Musk’s previous prediction that Tesla vehicles would become “appreciating assets” due to their autonomous future-proofing.
The current challenges faced by Tesla in selling Cybertrucks, with over 4,000 unsold vehicles in the US, may have contributed to the steep depreciation of these vehicles. Additionally, electric pickups, in general, do not hold their value well. For example, Kelley Blue Book predicts a 36% drop in value for a 2024 Ford F-150 Lightning Platinum with 5,000 miles.
Despite the depreciation, Cybertruck owners who wish to stick with Tesla now have the option to trade in their vehicles. While it may not be the investment they had hoped for, the reality of the Cybertruck ownership experience has proven to be different from the initial hype surrounding the vehicle.
In conclusion, the challenges faced by Tesla Cybertruck owners in trading in their vehicles highlight the complexities of the electric vehicle market and the factors that influence vehicle depreciation. Despite these challenges, owners still have options available to them as they navigate the changing landscape of the automotive industry.