More Tesla Cybertruck owners confirm massive loss of trade-in value
Tesla Cybertrucks are known for their massive size. They’re now also known for their massive depreciation.
Business Insider found two more Cybertruck owners willing to show how much Tesla is offering them to trade in their 1-year-old trucks, and the depreciation is even more substantial than a previous report.
After just a year of use, the value of their vehicles declined 37% to 38%. Typical pickups usually take three or four years to lose that much of their value. Depreciation is even more significant on third-party marketplaces.
A number of signs point to lower-than-expected demand for the giant vehicles. Earlier this month, Electrek reported that Tesla was sitting on record Cybertruck inventory. Tesla also told workers on the Cybertruck lines at its factory in Texas to take the week of Memorial Day off later this month — not something you do when Cybertrucks are racing off the lots. Cybertrucks make up a disproportionate number of the vehicles sitting outside that factory.
Only recently has Tesla started allowing Cybertruck owners to trade in their vehicles for credit at all. Perhaps the huge depreciation had something to do with the no-trade-in policy to begin with.
After just a year of use, the value of their vehicles declined 37% to 38%. Typical pickups usually take three or four years to lose that much of their value. Depreciation is even more significant on third-party marketplaces.
A number of signs point to lower-than-expected demand for the giant vehicles. Earlier this month, Electrek reported that Tesla was sitting on record Cybertruck inventory. Tesla also told workers on the Cybertruck lines at its factory in Texas to take the week of Memorial Day off later this month — not something you do when Cybertrucks are racing off the lots. Cybertrucks make up a disproportionate number of the vehicles sitting outside that factory.
Only recently has Tesla started allowing Cybertruck owners to trade in their vehicles for credit at all. Perhaps the huge depreciation had something to do with the no-trade-in policy to begin with.
