Photo: Tesla, Whole Mars Catalog via Youtube, @SawyerMerritt via X
Tesla delivered the first Cybertrucks to employees and celebrities on November 30 and soon opened the order books for regular customers. However, it appears that many changed their mind after placing an order. To prevent this in the future, Tesla introduced a non-refundable $1,000 "early access deposit."
The Tesla Cybertruck may be the most controversial car model of the past decades, but everyone agrees it will undoubtedly put a strong mark on the automotive industry. Even though the Cybertruck's price and features might have been underwhelming, a record number of people are eagerly awaiting the moment they can finally place an order.
Elon Musk announced during the third-quarter earnings call that Tesla amassed more than one million reservations for the Cybertruck, which means Tesla could be busy building the trucks for many years. However, the reservation fee is only $100, and it's also refundable, making it more likely that many will not follow through with the ordering process. This became clear when Tesla opened the Foundation Series Cybertruck orders to more customers after the delivery event.
The Foundation Series is a limited edition of the Cybertruck that comes with a laser-etched logo and a comprehensive accessory package. Tesla also threw in all the Cybertruck features, including FSD Capability and lifetime Premium connectivity. Considering that FSD alone is priced at $12,000 these days, the $20,000 premium doesn't seem too much. However, considering that the Cybertruck turned out significantly more expensive than initially announced, it means that many people would not afford one.
Still, humans are human, and they don't always recognize or admit to their financial shortcomings. Since Tesla is now probing many reservation holders in California and Texas to see who wants a Foundation Series Cybertruck, this could become a problem. Many rejoiced when they got the invite to configure a Cybertruck and initiated the process. It appears that a significant percentage of them gave up after placing the order.
At least that's the impression after Tesla decided to introduce a $1,000 early access deposit for Cybertruck reservation holders who want to convert their reservations into orders. The early access deposit is only paid when Tesla invites you to configure the Cybertruck and is credited to the purchase price upon final payment. However, the deposit is non-refundable, so you lose the money if you cancel the order.
Previously, the non-refundable part of the order amounted to $250, which was simply named "order fee." This is identical for every Tesla model, and it made sense to apply to the Cybertruck as well. The fact that Tesla felt the need to change it indicates that the situation turned into a nuisance, affecting Tesla's ability to reach the right reservation holders in a timely manner.
The decision will undoubtedly make people ponder whether the Foundation Series Cybertruck is for them before placing the order. It will also accelerate things for those who truly want to buy the limited-edition Cybertruck. With the undecided out of the way, the queue is now shorter and advances faster, so it's a win-win situation.
Elon Musk announced during the third-quarter earnings call that Tesla amassed more than one million reservations for the Cybertruck, which means Tesla could be busy building the trucks for many years. However, the reservation fee is only $100, and it's also refundable, making it more likely that many will not follow through with the ordering process. This became clear when Tesla opened the Foundation Series Cybertruck orders to more customers after the delivery event.
The Foundation Series is a limited edition of the Cybertruck that comes with a laser-etched logo and a comprehensive accessory package. Tesla also threw in all the Cybertruck features, including FSD Capability and lifetime Premium connectivity. Considering that FSD alone is priced at $12,000 these days, the $20,000 premium doesn't seem too much. However, considering that the Cybertruck turned out significantly more expensive than initially announced, it means that many people would not afford one.
Still, humans are human, and they don't always recognize or admit to their financial shortcomings. Since Tesla is now probing many reservation holders in California and Texas to see who wants a Foundation Series Cybertruck, this could become a problem. Many rejoiced when they got the invite to configure a Cybertruck and initiated the process. It appears that a significant percentage of them gave up after placing the order.
At least that's the impression after Tesla decided to introduce a $1,000 early access deposit for Cybertruck reservation holders who want to convert their reservations into orders. The early access deposit is only paid when Tesla invites you to configure the Cybertruck and is credited to the purchase price upon final payment. However, the deposit is non-refundable, so you lose the money if you cancel the order.
Previously, the non-refundable part of the order amounted to $250, which was simply named "order fee." This is identical for every Tesla model, and it made sense to apply to the Cybertruck as well. The fact that Tesla felt the need to change it indicates that the situation turned into a nuisance, affecting Tesla's ability to reach the right reservation holders in a timely manner.
The decision will undoubtedly make people ponder whether the Foundation Series Cybertruck is for them before placing the order. It will also accelerate things for those who truly want to buy the limited-edition Cybertruck. With the undecided out of the way, the queue is now shorter and advances faster, so it's a win-win situation.
— Sawyer Merritt (@SawyerMerritt) December 13, 2023
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