Sunita Somvanshi
Tesla has finally started accepting its own Cybertrucks as trade-ins, and the numbers aren’t pretty. Owners are watching their expensive electric trucks lose value at an unusually rapid pace.
A New Jersey owner of a top-tier Foundation Series Cybertruck got quite a surprise recently. After driving just 6,200 miles, Tesla offered him $65,400 for his $100,000 truck. That’s a $35,000 loss in under a year – about $5.60 vanishing with every mile driven.
“Tesla is offering more than Carvana,” the owner posted online, despite losing over a third of his investment.
Normal pickup trucks don’t lose value this fast. Most trucks drop about 20% in the first year. The Cybertruck is losing 35% or more. Some buyers are getting even worse deals elsewhere – used car dealer Carvana has offered as little as $49,000 for similar trucks, meaning a 51% value drop.
Not everyone plans to sell. “Good thing I plan on driving mine until I die,” wrote an Idaho owner. “There’s no point in trading in with that low of an offer.”
Around 10,000 unsold Cybertrucks are sitting in lots across America. That’s $800 million worth of trucks gathering dust, potentially taking months to sell.
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Why is this happening? For starters, Tesla priced the truck much higher than first promised. When deliveries began in late 2023, buyers faced sticker shock and less impressive performance than expected.
The truck’s unusual metal design turns heads, but limits who wants to buy one used. Fewer potential buyers means lower resale prices.
Quality problems haven’t helped either. Several recalls and technical issues have made some buyers nervous about long-term reliability.
Tesla also made too many of the expensive Foundation Series models. Without any real scarcity, these limited edition trucks didn’t hold value like rare vehicles typically do.
All this comes as Tesla faces dropping sales worldwide – down 75% in the Netherlands and 62% in the UK compared to last year.
For Cybertruck owners now facing this harsh reality, Tesla’s trade-in program offers a slightly better deal than outside dealers – but still means swallowing a massive financial hit on what many thought would be a solid investment.
