Some dealers and private sellers seem to be trying to unload their used Cybertruck for a profit. The idea is that the Tesla used trucks can be sold for more than brand new ones because the new ones are rare. However, that’s no longer true, and in fact, the Cybertruck is outselling most other electric pickups.
Capitalizing On Novelty
The Cybertruck has existed only on the Coming Soon market for years, so it seems that some dealers and private sellers believe that finally capturing one means that they’re sitting on a novelty art piece that can be sold for a profit on the used market. According to publications in November, there were almost 300 used Tesla Cybertrucks being advertised on Autotrader. Most of the used trucks were being sold for as much or more than a new Cybertruck.
Despite completely cutting out the base model, the Tesla Cybertruck is available brand new for a lot less than it was earlier in the year. The base price is $79,990, but $99,990 will get you the Tri-Motor Cyberbeast. However, those who wanted to be the first ones with the truck in their garage shelled out a lot more money to become Cybertruck owners.
Tesla’s Selling Model
Tesla employs a unique automotive selling model in that it sets its prices and customers can simply hop online and buy one whenever they want. There’s no dealer markup, and there is no need to check around at multiple dealers. This model has its downsides too. If you decided to be one of the first Cybertruck owners, you probably shelled out at least $120,000 to be an early adopter. For others, the used market presented an opportunity to get a used Cybertruck at an even higher cost.
However, then Tesla cut prices and new models became a lot more plentiful. In other words, there was a very small window where you might have been able to make money on selling your expensive new Cybertruck. For those who planned to keep their new Cybertruck, it might not matter much. In either case, buyers still paid more for something that’s now worth a whole lot less.
Private Sellers Appear More Clueless Than Dealers
While dealerships are also marking up used Cybertrucks, private sellers appear to be even more out of the loop. For example, a Dallas dealer was selling a base Cybertruck with just under 6,000 miles for current Cyberbeast money at $101,994. However, private seller ads are even more egregious. Take the example of an owner in LA who listed their Cybertruck for $152,000. The truck was advertised as having only 38 miles, which means the owner never intended to keep it.
Initially, it seemed like the Cybertruck would have limited production. Elon Musk himself actually said in late 2023 that it might be a while before full production happened. However, a year later everyone who wanted a Cybertruck has one and there’s no money to be made on the used market by flipping them.
It’s hard to say what the used market has planned for Cybertruck values, but it seems fairly obvious that prices aren’t likely to make much sense for quite a while.
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