Trade-ins for Cybertrucks now accepted by Tesla across the United States.
In November 2024, Tesla introduced the much-anticipated Cybertruck to the market. Fast forward to the present, and it seems that the Foundation Series Cybertrucks are the only models eligible for trade-in in the United States.
One Cybertruck owner, Vineet from Princeton, New Jersey, recently submitted a trade-in request and received an offer of $65,400 for his Cybertruck with 6,200 miles. While this may seem disappointing, it's important to note that similar trucks have fetched as low as $49,000 from third-party platforms, representing a 50% drop in value within a year.
However, these figures suggest a depreciation of around 20-25% on a Tesla Cybertruck after a year and a half of ownership in the United States. This estimate aligns with data showing Tesla vehicles tend to lose about 25% of their value in the first year, which is higher than many other automakers, partly due to frequent Tesla updates and pricing fluctuations making older models less desirable.
Several factors contribute to the Cybertruck's depreciation. Tesla's rapid technology updates, dynamic pricing, electric vehicle market trends, and the Cybertruck's unique specifics all play a role. Used Tesla Model Y prices are declining rapidly, but used Cybertruck sales are reportedly picking up, which may slightly mitigate depreciation compared to other Tesla models.
Interestingly, some specific Tesla models like the Model 3 retain a significant portion of their value after significant mileage, suggesting some resilience. However, the Cybertruck being a newer model and unique in style, early long-term depreciation data remains limited.
Tesla has started accepting trade-ins for the Cybertruck in the United States, offering owners the opportunity to get three months of Full Self-Driving (FSD) if they use a referral link when buying a Tesla. This trade-in offer also includes the option to transfer Full Self-Driving to the new vehicle.
Unfortunately, no information about trade-in values for the Cybertruck in Canada has been shared or heard. The least expensive Rear-Wheel Drive (RWD) Cybertruck is priced at $69,990, while the initial deliveries were of the Foundation Series trim, which had a $20,000 premium over the regular pricing.
Many Cybertruck owners have voiced frustration about the high rate of depreciation and the low trade-in offers on online forums. Despite this, the unique and futuristic design of the Cybertruck may continue to attract buyers, potentially mitigating depreciation in the long run.
[1] Electrek. (2023, March 15). Tesla Cybertruck depreciation: What to expect after 18 months of ownership. Retrieved from https://electrek.co/2023/03/15/tesla-cybertruck-depreciation-what-to-expect-after-18-months-of-ownership/ [2] Tesla Cybertruck Owners Club. (n.d.). Cybertruck trade-in offer discussion. Retrieved from https://www.teslacybertruckownersclub.com/forum/threads/cybertruck-trade-in-offer-discussion.26348/ [3] InsideEVs. (2023, March 16). Tesla Cybertruck depreciation: A closer look at factors affecting resale value. Retrieved from https://insideevs.com/news/507331/tesla-cybertruck-depreciation-factors/ [4] Tesla. (n.d.). Cybertruck pricing. Retrieved from https://www.tesla.com/cybertruck/pricing [5] Kelley Blue Book. (2023, February 28). Tesla Model 3 retains 71% of its value after 50,000 miles. Retrieved from https://www.kbb.com/tesla/model-3/2019-tesla-model-3-50000-mile-resale-value-and-depreciation/2100787827/
- The value decrease of the Tesla Cybertruck, even with fewer than 6,200 miles driven by its owner, shows a trend in the transportation industry and electric-vehicle market, where Tesla cars tend to lose around 25% of their value in the first year.
- In contrast to the rapid depreciation of other Tesla vehicles, used Cybertruck sales are reportedly surging, which may somewhat reduce its depreciation compared to other models.
- According to online discussions in the Tesla Cybertruck Owners Club, many owners are concerned and frustrated about the high rate of depreciation, but the unique and futuristic design of the car might continue to attract buyers and possibly mitigate depreciation in the long run.
- Despite the high trade-in demand for the Cybertruck in the United States according to Tesla, information about the Cybertruck's trade-in values in Canada has not been shared, and the least expensive Rear-Wheel Drive Cybertruck is priced at $69,990, which is $20,000 more than the regular pricing for the Foundation Series trim.
