Until quite recently, Tesla did not accept the Tesla Cybertruck as part of a trade‑in to buy another model from the brand. It seems it does so now. But we have also uncovered why it was hesitant to do so.
The owner of a Cybertruck requested a quote to trade in his unit: it was a Foundation Series that he bought for almost $100,000. Tesla offered him €57,660 at the current exchange rate.
35% less than its value after 9,995 km
The Foundation Series Cybertrucks were produced in limited numbers, although apparently the run was extended because they returned to availability eight months after launch. In the two‑motor version the price was $99,990 and in the three‑motor Cyberbeast version, $119,990.
The owner’s unit was a Dual Motor, as shown in the budget he published on the Cybertruck Owners Club forum. In other words, he paid $99,990 for it (about €88,160 at the current exchange). The estimated figure offered by Tesla is $65,400. That’s $34,590 less, which at the current rate amounts to roughly €30,500 today. Even Carvana offered him less: between $57,000 and $56,000, he notes.
Thus, Tesla assigns a value that is almost 35% lower. This on a unit that has covered 6,211 miles: about 9,995 km. And since it was a year and a half old, given that Cybertrucks began deliveries in November 2023.
Tesla cars are not “assets that appreciate.” It is true that electric cars depreciate much faster than internal combustion ones: even 50% in just one year after around 20,000 km. This has been observed in luxury models, which already depreciate quite a bit. But being electric adds that the battery, the most expensive component, loses usable life. Moreover this technology has advanced rapidly, so EVs now offer considerably more range than two or three years ago.
The good news is that Tesla indicates that the Autopilot FSD subscription can be transferred to the new owner (it is understood to be treated as a subscription, an option available in the US). And one would also need to consider whether the owner benefited from any tax incentive at purchase, which would not be indicated in that quote. In any case, we are talking about a 35% drop from the original value for a car with just under 10,000 km.
This clashes head-on with one of Elon Musk’s promises about Teslas: “If you buy a Tesla, you are buying an asset that appreciates, not one that depreciates,” he said in 2019 during Autonomy Day. Specifically, he referred to models equipped with the Autopilot FSD, a driving-assistance technology that, he claimed, was the most advanced available. Today, systems like Mercedes’ Drive Pilot or Ford’s BlueCruise have overtaken the Californian brand’s.
Thousands of Cybertrucks waiting for a buyer. Tesla is having trouble moving the Cybertruck. In fact, they produced more than needed: for months thousands of units accumulate on Teslas’ lots and facilities. Even SpaceX has started buying the electric pickup.
Nor is it surprising: in a year and a half the Cybertruck has eight recalls, the latest for losing its stainless steel panels while in motion. The body will be bulletproof, but it is also very sensitive to bird droppings. It also does not stand out for towing capacity, nor is it as submersible as Musk promised. Added to this are numerous cases of dissatisfied customers due to various faults and glitches.
If you add the depreciation of nearly-new units with very little mileage, it will become even harder to move this huge stock.
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