Tesla has begun accepting trade-ins for the Cybertruck, more than a year after launching deliveries of the electric pickup, according to Electrek. The EV giant is offering a Foundation Series Cybertruck for $65,400, initially sold for $100,000, a 34.6% drop in value after only 6,000 miles. Industry norms suggest a 20% first-year depreciation for pickups, while some Cybertruck listings show closer to 45%. Tesla’s strategy to build as many Foundation Series models as customers wanted backfired, flooding the market and undercutting demand. The company still holds unsold inventory, prompting heavy discounts and a slowdown in production. Used car dealers reduced Cybertruck purchases after Tesla refused trade-ins, fearing the vehicles would sit unsold on their lots.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Tesla has begun accepting trade-ins for the Cybertruck more than a year after launching
00:06deliveries of the electric pickup, according to Electrek.
00:10The EV giant is offering a Foundation Series Cybertruck for $65,400,
00:14initially sold for $100,000, a 34.6% drop in value after only 6,000 miles.
00:19Industry norms suggest a 20% first-rate depreciation for pickups,
00:23while some Cybertruck listings show closer to 45%.
00:25Tesla's strategy to build as many Foundation Series models as customers want
00:29backfired, flooring the market and undercutting demand.
00:33The company still holds unsold inventory,
00:35prompting heavy discounts and a slowdown in production.
00:37Used car dealers reduce Cybertruck purchases after Tesla refused trade-ins,
00:41fearing the vehicles would sit unsold on their lots.
00:44For all things money, visit Benzinga.com slash GSTV.