Tesla has now opened up trade-ins on Elon Musk's Cybertrucks, and owners are reporting massive losses in value after just one year.
A pair of owners spoke with Business Insider, reporting their trade in values saw over a 37% depreciation after just one trip around the sun. The first purchasing their 2024 all-wheel drive model at about $100,000 (including add-ons), and after driving just shy of 20,000 miles his trade in estimate came in at $63,100. The second electing for the 2024 Cyberbeast with a price tag of $127,000, driving it just over 8,500 miles, and receiving a quote of $78,200.
Checking in with the Cybertruck Owners Club forums, one owner published their estimated trade-in back to Tesla on a 2024 all-wheel drive at $65,400. Mentioning that Carvana was offering them even less, between $56,000 and $57,000.
Compared to the average new car from Kelly Blue Book, the average depreciation sits at just 16% after the first year, and doesn't hit near 30% until 2 years after driving off the lot.
So what could be contributing to these decreased values for Cybertrucks? Some speculate that CEO Elon Musk's political activities are driving a wave of trade-ins and resales. Other factors include recalls from the National Highway Traffic Safety Administration, the latest of which due to a faulty exterior panel that could detach while driving.
All this amid massive decrease in demand across Tesla models, with the latest report from the European Automobile Manufacturers' Association showing a 49% decrease from April 2024 to April 2025.
When speaking at the Qatar Economic Forum earlier this month, Musk brushed off demand concerns, "We’ve lost some sales perhaps on the left, but we’ve gained them on the right. The sales numbers at this point are strong and we see no problem with demand," adding, "The stock wouldn’t be trading near all-time highs if things weren’t in good shape, they’re fine, don’t worry about it.”