Used Cybertruck prices plunging to ‘insane’ levels, report says

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Used Cybertruck prices plunging to ‘insane’ levels, report says

Not even two years since its launch, the value of Cybertrucks has dropped more than a third for owners over the original purchase price, adding to evidence that the car has been a commercial flop. Scott Brauer/ZUMA Press Wire/dpa

Tesla’s much-hyped Cybertruck is turning into a financial disaster for owners as prices drop sharply for second-hand examples on the US used car market, US electric transport website Electrek reports.

After a year of refusing trade-ins, the EV giant has begun offering deals on used Cybertrucks, but owners are aghast then they hear how little money is on the table.

Tesla is offering just $65,000 for a $100,000 electric truck bought in 2024 with 10,000 kilometres (6,000 miles) on the odometer. This was according to an owner who shared the information with the Cybertruck Owners Club, the website said.

Another buyer has covered 51,499 kilometres (32,000 miles) in his Cybertruck and received an offer of $60,500. This equates to a loss of 39.5% over the purchase price.

The pick-up already faced criticism for its futuristic stainless-steel-clad body, which some owners say is prone to rust spots. The trucks have also been recalled for minor problems several times and Tesla has dropped plans to offer a useful range extender.

Meanwhile Tesla owners have become worried about attracting vandalism after a string of cars in several countries were damaged and set on fire in protest against Tesla boss Elon Musk’s support for far-right politics, massive accumulated wealth and sharing of misinformation.

Electrek, which first reported the trade-in offers, described the devaluation as “insane” and said the Cybertruck has been “a commercial flop”.

The low trade-in value appeared to reflect a glut in supply of the vehicle, with Tesla’s Cybertruck inventory reportedly reaching a record high of 10,000 units this month. Tesla was reportedly having to offer heavy discounts to shift them.

At one point, Tesla boasted having over one million reservations for the electric pick-up truck, but only about 40,000 people ended up converting their reservations into orders, said the report.

Data from Tesla-info.com, which tracks listings in the US, suggests Tesla has unsold Cybertrucks worth around 800 million dollars.

The Cybertruck was first revealed in 2021 but production only began in November 2023, with customer deliveries following later that month.

Tesla owners have become worried about attracting vandalism after a string of cars in several countries were damaged and set on fire in protest against Tesla boss Elon Musk’s support for far-right politics, massive accumulated wealth and sharing of misinformation. Andrej Sokolow/dpa

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