You can now trade in your Tesla Cybertruck, but be warned – the figures may surprise you. Since launching the long-awaited electric truck, Tesla has allowed owners to trade their vehicles back to the company for the first time. However, if you decide to go that route, you could see a significant drop in value.
Many owners are already discovering just how much their Cybertruck has depreciated in a short time. Some are seeing losses of more than a third of what they originally paid.
Some owners lose up to 38% in value
If you bought a Cybertruck expecting to hold on to its value, the latest figures might be hard to accept. Two owners recently shared their experiences with Business Insider, and the numbers are quite striking.
One purchased an all-wheel-drive (AWD) Cybertruck for around US$100,000. After putting 19,623 miles on it, Tesla offered a trade-in value of US$63,100 – a 37% drop in less than a year.
Another owner spent US$127,000 on the top-tier Cyberbeast model in September 2023. Their quote from Tesla was just US$78,200. That’s a loss of 38% in only eight months.
Figures from CarGurus support these examples, showing depreciation rates as high as 45% for Cybertrucks currently on the road. That’s a steep decline for a relatively new vehicle.
Tesla’s early resale ban has now been lifted
When the Cybertruck was released, Tesla clarified that owners could not resell their vehicles. This policy is common when companies want to limit resellers from flipping high-demand products for profit. However, in Tesla’s case, there may have been more at play.
With the company facing public criticism over CEO Elon Musk’s connection to the Trump administration and a series of quality control complaints – including reports of runaway accelerators and loose trim pieces – Tesla may have wanted to keep the Cybertruck out of the resale market to avoid bad press.
Tesla brings back no resale clause as Cybertruck orders begin
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Now that the trade-in ban has been lifted, truck owners finally have a chance to move on from their trucks—but many are realising it may come at a high cost.
Fast EV depreciation is not unique to Tesla
If you think this is a Cybertruck-only problem, it’s worth noting that electric vehicles, in general, are known for steep early depreciation. A report from Wired notes that some EVs can lose up to 50% of their value within the first year.
There are a few reasons for this. EV technology is advancing rapidly, and newer models often have better range, faster charging, and more features. Government incentives and frequent software updates can also affect how buyers see the value of older EVs.
It’s also important to remember that trade-in offers are usually lower than what you’d get from a private sale. So, if you’re not in a rush to part ways with your Cybertruck, you may want to explore selling it directly to another buyer rather than handing it back to Tesla.
Still, for some owners, even a disappointing trade-in value might be worth it if it means moving on from a truck that hasn’t lived up to the hype.
