Tesla hasn’t always accepted trade-ins or allowed leaseholders to buy the vehicle at the end of the lease term, which impacted the Cybertruck. It was unable to be traded in for a new Tesla purchase, but the automaker recently opened the door for owners to trade their controversial EVs for a less polarizing model.
Part of the reason for holding back on trade-ins is likely that depreciation is nuts. Owners took to forums to post their trade-in results, with one person posting an offer for his Foundation Series truck. While it carried a $100,000-plus price tag to start, Tesla offered just $65,400 after one year and 6,000 miles, showing almost 35 percent depreciation.
Additionally, many owners have found that Tesla’s trade-in offer is more generous than the check they receive. The automaker’s offer email stated that, “Your trade-in value estimate is based on current market conditions and vehicle details. This estimate is not guaranteed and may differ from your final offer.”
Early on, Tesla bragged that it had received more than a million reservations for the truck, but when push came to shove, only around 40,000 of those people actually bought one. The situation hasn’t improved much. As CEO Elon Musk became a cultural and political lightning rod, the automaker’s sales have slowed, leading it to accumulate unsold Cybertruck inventory. Unfortunately for outside dealers, those that took Cybertrucks in trade may be left holding the bag after paying high prices in the early days.
[Images: Tesla]
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