Tesla Discreetly Begins Accepting Trade-Ins for the Cybertruck and Confirms What Is Common Knowledge

      Chris Jung/NurPhoto, The Drive

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      Tesla Cybertruck owners looking to trade in their vehicles for other products from the automaker have recently encountered resistance from the company. For early adopters of the stainless steel EV, this was expected; those who held Foundation Series reservations agreed to a clause preventing them from selling their vehicles for a year. However, Tesla's hesitation to accept Cybertruck trade-ins has extended far beyond that timeframe and seemed to change last week. Two owners have disclosed the offers they received from Tesla for their Foundation Series trucks, originally priced at $99,990, which shed light on why Tesla had been cautious until now.

      One owner shared a screenshot of their trade-in offer on the Cybertruck Owners Club forum, revealing a quoted estimate of $65,400 for their vehicle with just 6,211 miles. Another owner, who had driven their 2024 Cybertruck over 32,000 miles, received an offer of $60,500.

      At first glance, this depreciation appears concerning; having initially cost around $100,000, these Cybertrucks have already dropped approximately 35% to 40% in value. However, there are some additional factors to consider. The owner of the lower-mileage truck mentioned that they benefited from a $7,500 federal tax credit for commercial EVs upon purchase. Typically, this rebate wouldn't apply to a Cybertruck Foundation Series as its MSRP exceeded $80,000, but vehicles bought for business use are exempt from that limit. Furthermore, both orders' screenshots indicate that the owners can transfer their Full Self-Driving (Supervised) subscriptions, included with the trucks, to their new Tesla vehicles. FSD is priced at $8,000 as of now, but since these owners would be both selling to and buying from Tesla, the company might have factored that into its estimates.

      Despite any incentives Tesla may provide during the sale, it doesn’t alter the fact that these vehicles were essentially $100,000 ones without available tax rebates for personal buyers. The barely-driven truck has depreciated by $34,590 over about 18 months, while the other, which has seen considerably more use, has lost $39,490. It's worth recalling that Tesla's CEO Elon Musk once famously claimed that his company’s vehicles would turn into “appreciating assets” due to their autonomous future.

      It’s reasonable to speculate that part of this sharp decline is related to Tesla's current difficulties in selling Cybertrucks. According to the inventory tracking site Tesla-info, there are 4,322 unsold Cybertrucks already produced and awaiting buyers in the United States. Tesla likely prefers to sell these existing units rather than accept more trade-ins. Furthermore, Tesla may have been declining trade-ins to avoid incurring significant losses in value. Selling new Cybertrucks to the public becomes even more challenging when potential buyers recognize the potential depreciation they could face within a year.

      Setting that aside (we haven’t even discussed the significant effect of Tesla’s diminishing popularity), electric pickups generally struggle to retain their value. Kelley Blue Book forecasts that a 2024 F-150 Lightning Platinum—the priciest trim from Ford—will depreciate by $30,707 within a year against its starting price of $87,090, a 36% drop. A 2024 Lariat in Pennsylvania, originally costing at least $79,000, now lists for $62,500 with 7,608 miles. While a 20% drop is certainly better, it's important to note that this is what a dealer is asking, not the actual market value. A nearly new 2024 Chevrolet Silverado RST is priced at $76,995, despite a new cost of around $96,500.

      As for Cybertruck owners, those facing difficulties but wanting to remain with Tesla now have a potential exit route. While it may not be the investment many envisioned, the reality of the Cybertruck ownership experience has significantly diverged from the initial excitement.

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