Can I trade-in my Cybertruck? Tesla owners say trucks quickly depreciated in value

Yahoo

6 days ago

It's been a rough go for Tesla since the release of their Cybertruck in 2023.
The electric pickup truck has had a string of recalls, and the company has had its share of political pushback due to Tesla CEO Elon Musk's association with the current White House administration.
The Cybertruck is also collecting dust at dealerships. According to Tesla-Info, Tesla currently has an unprecedented surplus of its flagship Cybertruck, with inventory levels soaring to 10,000 units, as reported by Electrek.
The Cybertruck has seen steep depreciation, with some models losing the majority of their value in just over a year. Trade-in values have been particularly harsh. According to Business Insider, owners who purchased a $100,000 Cybertruck have received offers as low as $63,100, reflecting a 37% depreciation.
If you're an owner of a Cybertruck, you can now trade in your truck for credit toward a new Tesla. Here's how:
Tesla initially restricted trade-ins, but that policy has now been lifted.
Here is how you can trade in your Cybertruck, as per information from Tesla's website:
Submit your vehicle details: Log into your Tesla account and provide information such as mileage, condition, and VIN.
Receive a trade-in estimate: Tesla will generate an offer based on your Cybertruck's current market value.
Accept the offer: If you agree to Tesla's valuation, the trade-in amount will be applied toward your next Tesla purchase.
Complete the trade-in: Tesla will collect your Cybertruck during the delivery of your new vehicle.
According to reports, the Tesla Cybertruck has experienced steep depreciation, with some models losing up to 50% of their value in just over a year. Several factors contribute to this trend:
Quality control issues: Reports of mechanical problems, including runaway gas pedals and falling trim pieces, have further impacted consumer confidence.
Tesla's resale restriction: Initially, Tesla banned Cybertruck resales for a year, limiting market flexibility and potentially delaying depreciation trends.
Oversupply and limited demand: According to a study by iSeeCars, electric vehicles typically lose 58.8% of their value over a five-year period. However, the Cybertruck has already suffered nearly 50% depreciation in just over a year. This sharp decline raises concerns for prospective buyers and investors, indicating that the Cybertruck may not retain its value as well as other electric vehicles.
In a 2019 interview, Musk did say that Tesla vehicles are an appreciating asset.
"If you buy a Tesla today, I believe you are buying an appreciating asset, not a depreciating asset." he said. "You can think of every car we sell or produce that has full autonomy capability as something that in the future may be worth five times what it is today."
This article originally appeared on Austin American-Statesman: Tesla accepting trade-ins for Cybertrucks, but value has depreciated