When Cybertruck deliveries began rolling out in late 2023, Tesla said it would not accept trade-ins.
Now, things have changed, reports EV news site Electrek, following what it calls “a commercial flop” for the electric truck’s sales.
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In the lead up to vehicle sales and deliveries, Tesla said it had over one million reservations, but per Electrek, only about 40,000 of those reservations became actual orders.
The newly announced trade-in program offers a bleak picture for Cybertruck owners when it comes to trade-in value.
Cybertruck Owners Club reports that a 2024 Cybertruck AWD Foundation Series, which sold for $100,000, with 6,000 miles on the odometer, could be traded in for just $65,400. That’s a 34.6% depreciation in just a year. According to Kelly Blue Book, most new vehicles lose about 20% of their initial value in the first year.
Elecktrek blames the steep dropoff in value on overproduction (what they call a lack of “scarcity”) and the underwhelming performance of those trucks that did find buyers. Inside EVs notes that 46,096 Cybertrucks manufactured between November 2023 and February 2025 were recalled due to an “adhesive issue” that led to pieces of the metal trim coming off the vehicle while it was driving.
Related: ‘Not a Money Thing’: Elon Musk Says He Is Committing to 5 More Years as Tesla’s CEO. Here’s Why.
During an interview at the Qatar Economic Forum this week, Tesla CEO Elon Musk seemed undeterred by the company’s struggles.
“You can just look at the stock price if you want the best inside information,” he said. “The stock market analysts have that, and a stock wouldn’t be trading near all-time highs if it was not, if things weren’t in good shape. They’re fine, don’t worry about it.”
Tesla’s chief executive also said he’d be staying with the company for at least another five years.
