Photo: Tesla
Resale value is one of the most important criteria when choosing a vehicle. Following Tesla's aggressive price cuts in 2023, EV owners have seen one-third of their vehicle's value wiped out. This means the resale value is much less than anticipated, making financing a new car purchase more difficult. However, the Tesla Cybertruck seems to be the outlier, with Tesla offering a fair amount when trading in the electric pickup.
The resale value is an important thing to keep in mind when you choose your next vehicle. After all, it dictates how much of the original price you can get back when you sell it. This can help you finance a new car, as it counts as a downpayment. Historically, electric vehicles have held their value well. However, their resale value has plummeted after Tesla's price cuts in 2023. This makes financing a new vehicle much more difficult, especially when you trade in your car.
This spares you some headaches as you don't have to find a buyer yourself and go through all the bureaucracy. Instead, the seller of your new vehicle will take care of everything. While this sounds compelling, it also means you'll get a lot less for your old car than you would by selling it on the used market. After all, the dealership has to cover expenses and still make money when it sells your vehicle to a new customer.
Tesla has been notorious for offering very little for a trade-in vehicle, sometimes even half of the car's market value. To add insult to injury, Tesla offered nothing for extras like FSD Capability despite promoting it as a feature that raises the resale value of your car. However, Tesla doesn't treat all its vehicles equally. One Cybertruck owner discovered that the EV maker offers almost full price if you trade in your electric pickup.
Ben (@VoyageATXBen) was quoted $98,000 for a 2024 Tesla Cybertruck AWD. This is very close to the full price of a Foundation Series AWD model, which is $99,990. Of course, taxes and other charges would be lost in this case, but people were still surprised that Tesla would pay more than they expected for a Cybertruck. However, this is not unexpected, considering the no-resale clause in the sales contract.
According to this, people who bought a Foundation Series Cybertruck cannot sell their truck within one year from delivery. In case they do, Tesla is entitled to a "fine," equal to whatever profit the seller makes from the sale, but not less than $50,000. If people absolutely must sell their truck, Tesla offers to purchase the Cybertruck at the purchase listed price minus $0.25/mile driven, reasonable wear and tear, and the cost of repairs if this is the case.
In the case of Ben's Cybertruck, which had 7,910 miles on the odometer, this resulted in a $1,978 "penalty" from mileage alone. The trade-in estimate shows that Tesla considered almost no wear and tear for the Cybertruck. However, some owners warned that Tesla often offers higher trade-in estimates at first but pays less after the owner pays the $250 reservation for the new vehicle.
This spares you some headaches as you don't have to find a buyer yourself and go through all the bureaucracy. Instead, the seller of your new vehicle will take care of everything. While this sounds compelling, it also means you'll get a lot less for your old car than you would by selling it on the used market. After all, the dealership has to cover expenses and still make money when it sells your vehicle to a new customer.
Tesla has been notorious for offering very little for a trade-in vehicle, sometimes even half of the car's market value. To add insult to injury, Tesla offered nothing for extras like FSD Capability despite promoting it as a feature that raises the resale value of your car. However, Tesla doesn't treat all its vehicles equally. One Cybertruck owner discovered that the EV maker offers almost full price if you trade in your electric pickup.
Ben (@VoyageATXBen) was quoted $98,000 for a 2024 Tesla Cybertruck AWD. This is very close to the full price of a Foundation Series AWD model, which is $99,990. Of course, taxes and other charges would be lost in this case, but people were still surprised that Tesla would pay more than they expected for a Cybertruck. However, this is not unexpected, considering the no-resale clause in the sales contract.
According to this, people who bought a Foundation Series Cybertruck cannot sell their truck within one year from delivery. In case they do, Tesla is entitled to a "fine," equal to whatever profit the seller makes from the sale, but not less than $50,000. If people absolutely must sell their truck, Tesla offers to purchase the Cybertruck at the purchase listed price minus $0.25/mile driven, reasonable wear and tear, and the cost of repairs if this is the case.
In the case of Ben's Cybertruck, which had 7,910 miles on the odometer, this resulted in a $1,978 "penalty" from mileage alone. The trade-in estimate shows that Tesla considered almost no wear and tear for the Cybertruck. However, some owners warned that Tesla often offers higher trade-in estimates at first but pays less after the owner pays the $250 reservation for the new vehicle.
If anyone is curious how much Teslas trade in value for Cybertruck is, it’s $98,000 pic.twitter.com/CTBX5UQWQ5
— Ben (@VoyageATXBen) April 24, 2024
Google News