Used Cybertruck Prices Plunge to ‘Insane’ Levels, Report Says

Tesla’s futuristic Cybertruck may have launched with massive hype, but less than two years after its release, its value is plummeting in the used car market. According to a report from the electric vehicle news outlet Electrek, the resale market for Cybertrucks is collapsing, with prices falling by more than a third from their original sticker price.

"Tesla's much-hyped Cybertruck is turning into a financial disaster for its owners," the report stated, citing multiple examples of significant depreciation.

The automaker, which initially refused to accept trade-ins on the Cybertruck, has recently begun making buyback offers. However, owners are reportedly shocked at how little Tesla is willing to pay.

One owner, who shared details on the Cybertruck Owners Club forum, said Tesla offered just $65,000 for a truck purchased in 2024 for $100,000. The vehicle had only 10,000 kilometers (approximately 6,000 miles) on the odometer at the time of the offer.

Another Cybertruck owner reported receiving an offer of $60,500 after driving 51,499 kilometers (around 32,000 miles). This reflected a staggering 39.5 percent drop in value compared to the original purchase price.

Electrek described the rapid decline as "insane" and declared the Cybertruck "a commercial flop."

The resale crisis is not the only concern facing Tesla’s polarizing electric pickup. The Cybertruck has been criticized for its stainless steel-clad body, which has proven difficult to maintain.

Some owners have reported issues with rust spots forming on the surface. Tesla has also issued several recalls for minor technical issues and, in a surprising move, scrapped plans for a range extender that many buyers had expected.

Tesla owners are growing increasingly concerned about vandalism after a series of vehicles in multiple countries were damaged or set on fire. The incidents appear to be acts of protest against CEO Elon Musk, fueled by criticism of his political affiliations, vast personal wealth, and the spread of misinformation on his platforms.

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Adding to owners' frustrations, there have been scattered reports of Tesla vehicles being targeted in acts of vandalism. In some cases, Cybertrucks and other Tesla models have been damaged or set on fire. These incidents have been linked to political protests against Tesla CEO Elon Musk, whose public support for far-right figures, immense personal wealth, and controversial social media activity have made him a lightning rod for criticism.

The drastic drop in used vehicle values may be linked to an oversupply. Tesla's Cybertruck inventory reportedly reached a record 10,000 units in May, with the company allegedly forced to offer steep discounts to move the trucks off the lots.

Although Tesla initially claimed to have over one million reservations for the Cybertruck, only about 40,000 of those have translated into actual orders, according to Electrek.

Supporting this, data from Tesla-info.com indicates that Tesla currently holds approximately $800 million worth of unsold Cybertrucks in the U.S. market.

Market Dynamics at Play

Financial expert Clark Howard highlights that the drastic depreciation of the Cybertruck reflects broader market dynamics typical of new vehicle releases. Initial demand often inflates prices, but as supply stabilizes, a natural correction occurs.

He suggests that prospective buyers should consider waiting for a few years post-launch when prices usually stabilize, allowing them to avoid steep initial depreciation. This insight not only helps consumers make informed purchasing decisions but also encourages manufacturers to better gauge market demand before setting prices.

Not even two years since its launch, the value of Cybertrucks has dropped by more than a third for owners compared to the original purchase price, adding to evidence that the car has been a commercial flop.

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The Cybertruck was first unveiled in 2021, generating buzz for its bold, angular design and claims of high performance. However, actual production did not begin until November 2023, with deliveries to customers starting shortly after.

Once viewed as a revolutionary product poised to redefine the pickup segment, the Cybertruck now faces the harsh reality of sluggish sales, poor resale value, and increasing skepticism from both buyers and industry analysts.

The volatility of used electric vehicle prices, particularly for the Cybertruck, raises questions about consumer expectations. Dr. Farnoosh Torabi, a personal finance expert, indicates that buyers should conduct thorough research before purchasing high-ticket items.

Understanding projected resale values and the factors affecting them, such as production numbers and consumer sentiment, can mitigate the financial impact of depreciation. She recommends buyers leverage online tools and resources for assessing long-term value, allowing them to make smarter financial decisions in the evolving automotive market.

Healing Approaches & Techniques

The rapid decline in Cybertruck resale values illuminates the complexities of consumer behavior in the automotive market. As noted by business strategist Sheryl Sandberg, understanding consumer perceptions and market forces is crucial for manufacturers.

To navigate these challenges, Tesla and similar companies could enhance transparency about production and sales forecasts, empowering consumers to make informed decisions. By fostering trust and clarity, automakers can stabilize future pricing and mitigate the financial risks faced by early adopters.