Over 140 ‘used’ Tesla Cybertrucks are up for grabs, showcasing a chaotic range of prices. Despite Tesla’s efforts to deter early Cybertruck resales with a no-resale clause, some owners managed to profit significantly, even selling the trucks for double their MSRP. However, the era of six-figure profits seems to be waning as Tesla has scaled up deliveries, flooding the used market. Recent reports revealed nearly 4,000 Cybertrucks produced since November 2023, with a surge of 1,000 made in a single week in April, signifying a production increase.
What?
The surge in the availability of used Cybertrucks has caused prices to fluctuate, with CarGurus currently listing 148 for sale in the U.S. Most have low mileage, hinting at owners looking to offload them, while some with over 1,000 miles might belong to previous drivers having a change of heart. Prices have dropped, with several Cybertrucks listed around $120,000, still $20,000 above MSRP. Some owners, however, are aiming for $200,000, though recent auctions have seen them go for closer to $150,000, indicating a softening market.
Why does it matter?
The Cybertruck’s initial allure, compensating for its higher than announced price and lower specifications, is diminishing as more units hit the streets. With a limited market for trucks priced above $100,000, Tesla might need more affordable trims to drive up sales. While the Cybertruck program is capitalizing on its early hype, sustaining momentum could require broadening its product range to appeal to a wider audience.
How is it going to shape the future?
The fluctuating prices and increasing inventory of used Cybertrucks suggest a normalization in the market as production ramps up. As the uniqueness factor diminishes with more deliveries, it hints at a need for Tesla to pivot toward more affordable options to maintain interest. The future of the Cybertruck program might hinge on adapting to evolving consumer demands and market trends to ensure sustained success amid a competitive landscape.
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Source: https://electrek.co/2024/05/13/many-used-tesla-cybertrucks-for-sale/