Used Cybertruck prices are crashing as dealers try to come to grips with the electric pickup’s declining popularity.
Prices for the Cybertruck had been staying stubbornly high since the novel wedge-shaped stainless steel pickup went on sale in late November of 2023. But that appears to be changing quickly now. This comes against a backdrop of swelling inventory on Tesla’s Cybertruck page. Some inventory discounts are as high as $8,000, bringing the price down for the All-Wheel Drive Cybertruck to as low as $64,490 with the federal tax credit.
Used marketplaces selling Cybetrucks face declining demand
In one case, a dealer in northern California was selling a used 2024 All-Wheel Drive Cybertruck for $85,000 in mid-April. But then, within two days, that fell to $82,000. Then within a week it fell to $80,000. As of Thursday May 22 it was $77,000. Then on Friday May 23 it fell yet again to $74,000, according to conversations with salespeople there. Used cars on average lose about 20% of their original value during the first year, according to Kelly Blue Book. But a 12% decline in a matter of weeks is unusual. “We’re having trouble keeping up,” commented one salesperson about the price declines in the past weeks.
Another dealer in southern California was selling a 2024 AWD Foundation Series Cybertruck for $80,000 – an impossibly low price a year ago. The Foundation series Cybertruck includes Full Self Driving (an $8,000 value) and a trailer hitch. While that dealer’s price is more in line with typical used car depreciation, the Foundation Series version of the Cybertruck was at one time selling at wildly inflated prices on the used market due to high demand. In May of last year, a $100,000 Foundation Series purchased directly from Tesla was being resold with an average asking price of around $150,000, according to CarGurus, But that was before CEO Elon Musk joined the Trump administration in January, triggering a backlash from a small but vocal – and sometimes violent – faction of protestors. The Cybertruck became the symbol of disaffection with Musk and Tesla.
Used Cybertrucks not available on Tesla’s used inventory page
Another interesting development is the absence of used Cybertrucks on Tesla’s inventory page. In fact, the Cybertruck is the only Tesla product not listed on the company’s used inventory page, which does list Model 3, Model S, Model X, and Model Y, including a few of the new Juniper Model Y. Tesla had not been accepting trade-ins for Cybertrucks until recently, according to Cybertruck forums. While trade-ins prices are typically lower than those for private sales, the prices cited by some forum members have come as a shock considering the astronomical resale values seen last year at this time.