Tesla has allowed Cybertruck owners to trade-in their electric vehicles for the first time since its launch, but in the process, the pickup truck loses a lot of its value. In some cases, the value drops by 45%, TechCrunch writes.
Two Cybertruck owners said they lost more than a third of their value when they traded in theirs. One owner had a 2024 AWD version worth $100,000 and 20,000 miles, and received a $63,100 trade-in — 37% less than the original price.
The second owner, who bought the most powerful version of the Cyberbeast pickup truck for $127,000 in September 2024, received a quota of $72,200. In just eight months after purchase, the value of his Cybertruck fell by 38%.
As a reminder, sales and first deliveries of the Cybertruck began in late 2023, and Tesla offered a base model priced at $60,990 with rear-wheel drive, a range of 400 km, and acceleration to 100 km/h in 6.5 seconds. For the most powerful version, which can accelerate to 100 km/h in 2.6 seconds and travel 515 km, Elon Musk's company is asking from $100,000.
Despite its hefty price tag, Tesla banned reselling the electric pickup truck even before the first Cybertrucks hit the road. The company threatened $50,000 fines if owners resold the pickup within the first year of ownership, as well as possible legal action.
And there were plenty of reasons for buyers to resell the Cybertruck. Over the past few years, there have been many reports of problems with the electric pickup truck, such as a metal panel falling off, problems with the rearview camera, body elements and windshield wipers. There have also been reports of even more serious problems, such as an accelerator pedal that could get stuck.