Tesla Cybertruck values drop sharply after big spike

2 minutes, 42 seconds Read
https://s.aolcdn.com/images/dims3/GLOB/legacy_thumbnail/1062x597/format/jpg/quality/100/https://s.aolcdn.com/os/ab/_cms/2024/03/05104749/0x0-Cybertruck_13.jpg

Delayed numerous times and still relatively difficult to find, the Tesla Cybertruck shot up in value as motorists were willing to pay a massive premium to skip the line. The spike was short-lived: two Cybertruck models traded hands for less than $200,000 at a dealer-only auction.

John Clay Wolfe, the president and founder of a wholesaler called Give Me The VIN, bought an early Cybertruck for $210,000 and sold it for $244,000 in February 2024 — that’s about $135,000 over the MSRP. “I’m sure Elon is going to be upset, but at least we set the bar high for the value of his products,” Wolfe commented after the sale. He likely hoped to repeat this success by selling two more trucks in March 2024.

One sold for $195,500 while the other brought $189,000. Clay added that a separate seller sold a Cybertruck for $191,000 during the same auction, according to industry trade journal Automotive News (subscription-only). While these numbers represent a significant increase over the truck’s base price, which hovers around $100,000 until cheaper variants begin rolling off the assembly line, they also represent a big drop in a short amount of time. It’s difficult to predict where values will go from here: they could rise again, or they could keep dropping.

“We experienced a single week correction because people raced to be the first. Not sure where it’s going to settle, but we’ve adjusted all of Give Me The VIN’s offers on Tesla Cybertucks based on today’s market,” Wolfe said. “We deal in an open market and it is what it is.”

Demand for the Cybertruck will likely continue to outpace supply in the foreseeable future, but the market isn’t as open as Clay claims. In the sales agreement that buyers sign, Tesla stipulates that owners who sell their truck within 12 months of taking delivery (or who buy it simply to flip it) can face a penalty of $50,000 or more, depending on how much they get for it. There are some exceptions to this clause, like what Automotive News describes as “unforeseen circumstances,” but it nonetheless limits the number of used Cybertruck models available and promises a potentially big reward for owners brave enough to break the agreement. The clause only applies to the original owner, however.

Finding a used Cybertruck isn’t impossible, but you’ll either have to pay an out-of-this-world price or haggle. There are 11 used examples listed on CarGurus, including at least four sold by private sellers. Pricing ranges from $199,450 for one with 398 miles to $279,000 for one with 333 miles (there’s also one listed without a price by a dealership in Florida). Cars.com lists six examples (compared to 4,634 examples of the Model 3 and 4,014 examples of the Model Y), priced between $198,880 and $249,998. Of course, it’s the selling price rather than the asking price that indicates a car’s true value; listing a 209,000-mile 1994 Nissan Sentra for $75,000 doesn’t make it worth $75,000.

The first Cybertruck sold by Clay went to a Porsche dealership in Florida, who turned around and listed it for $289,999 shortly after the auction. The EV is no longer listed as being part of the store’s pre-owned inventory; there’s no word on whether it sold, or for how much.

Related video:

.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }

This post was originally published on this site

Similar Posts

0
    0
    Your Cart
    Your cart is emptyReturn to Shop
    ×