Tesla has initiated its first-ever trade-in program for the Cybertruck, but the initial figures suggest a steep depreciation for owners. According to Inside EVs, Cybertruck owners are now allowed by Tesla to trade in their vehicles, but they’ll incur a heavy hit in the process.
CarGurus recently showed depreciation rates of up to 45%. Business Insider reported that one owner, who bought a $100,000 AWD 2024 model and accumulated 19,623 miles, received a quote for $63,100—a 37% depreciation. Another owner, who purchased a top-of-the-line $127,000 Cyberbeast last September, was shown a quote for $78,200, amounting to a 38% loss after eight months.
Tesla initially banned owners from reselling the vehicle—a policy typically used to prevent scalping of high-demand vehicles and to maintain brand control. In Tesla’s case, it may also have delayed a wave of trade-ins or resales from owners facing a backlash owing to Elon Musk’s high profile in the Trump administration or frustrated with ongoing quality control issues, which have included runaway gas pedals and falling trim pieces.
It’s worth noting that trade-in figures are typically lower than private-party sales, and EVs as a category depreciate fast. According to Wired, some brands can lose up to 50% in the first year.
