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Tesla has begun accepting Cybertruck trade-ins for the first time, revealing a stark depreciation in value for the electric truck.
After a year of refusing trade-ins, the EV giant began providing estimates to Cybertruck owners for used vehicles, offering just $65,000 for a $100,000 truck bought in 2024 with 10,000 kilometres (6,000 miles) on the odometer.
This 35 per cent markdown on a year-old truck, which was shared by an owner on the Cybertruck Owners Club, is how much value the average pickup truck would typically lose after five years.
The drop in value comes despite Tesla boss Elon Musk claiming in 2019 that his vehicles would only grow in value.
“Buying a car today is an investment into the future,” he said on the Lex Fridman Podcast. “I think the most profound thing is that if you buy a Tesla today, I believe you are buying an appreciating asset – not a depreciating asset.”
Electric vehicle news site Electrek, who first reported the trade-in offers, described the devaluation as “insane”, and confirmation that the Cybertruck has been “a commercial flop”.
The low trade-in value appears to reflect a glut in supply of the pentagonal vehicle, with Tesla’s Cybertruck inventory reportedly reaching a record high of 10,000 units this month.
Data from Tesla-info.com, which tracks listings in the US, suggests Tesla has around $800 million worth of unsold Cybertrucks.
The drop in demand for Cybertrucks mirrors a broader decline for Tesla, with sales plummeting by more than 50 per cent in the UK in April.
In Europe, sales were down 45 percent in the first quarter of the year, according to the European Automobile Manufacturer’s Association. This is despite sales for all-electric cars rising by 23.9 per cent in the EU during that same period.
Tesla’s decline has been attributed to increased competition – from rivals like Ford, GM and BYD – as well as the public perception of its CEO.
Musk’s support for US President Donald Trump, as well as far right parties in Europe, has seen Tesla cars be dubbed ‘Swasticars’ on social media.
The Cybertruck has also earned the nickname ‘MAGAmobile’ and ‘W*nkpanzer’, in reference to Nazi-built tanks.
