Increased production capacity and reduced exclusivity are the chief reasons to drive the prices down.
The prices of a used Tesla Cybertruck were around $200,000 in the second-hand car market only a few months ago. In recent years, it has become quite common to charge a markup on the original value of a famous or trendy vehicle and sell it in the used car market. Basically, the asking prices are directly proportional to the traction a new vehicle commands. When it comes to the buzz, I reckon there has hardly been an EV as widely anticipated as the Tesla Cybertruck in the last 4 years. No wonder, flippers were charging a premium of over 100%.
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Prices of Used Tesla Cybertruck
The internet has been full of outrageous quotes from Tesla Cybertruck owners for the electric pickup truck as a used car. For instance, one owner in Beverly Hills, CA is asking for $209,000 for his/her 2024 Tesla Cybertuck with just 105 miles on the odometer. Most listings on this portal indicate a price of above $170,000. That is quite a markup for the MY2024 model. Note that there are some people whose full-time job is to book an anticipated car early, and then flip it for insane gains quickly as its demand surges.
After the Cybertruck was launched back in December 2023, there were reports of the futuristic electric pickup truck having bagged 2 million reservations. I understand that the conversion rate would be dramatically low. Still, that amount would’ve taken a lot of time to fulfil as per the production capacity. As a result, it became incredibly popular in the used car market. At the time, there was also a sense of exclusivity associated with it. Hence, wealthy elites among us happily paid the premiums.
However, as months passed and the owners started reporting some problems, the demand for the electric pickup truck was reduced. Don’t get me wrong, the issues are much less in comparison to the success. Still, due to the tall claims of Elon Musk, every little problem was amplified by the public and media alike. In any case, after around 6 months of the launch, Tesla has increased the production capacity and the exclusivity quotient is almost non-existent. Therefore, you can find a used Tesla Cybertruck for prices ranging around $130,000 in the market at the moment.
One could argue that these are acceptable premiums, especially after considering the registration and taxes on the brand-new model. There are still huge waiting periods for the Tesla Cybertruck. Hence, if you happen to have a bunch of cash lying around and want to experience the distinct electric truck, going for these options with a couple of hundred miles on them might not be such an insane idea.
What Did Tesla Do?
Knowing what was going on in the used car market, the American EV giant responded by allegedly making the buyers sign an agreement which said that the Cybertruck couldn’t be sold within the first year of ownership unless the owner followed a strict set of procedures and Tesla approved the VIN for resale. Any owner who refused to follow this agreement would supposedly be compelled to pay “$50,000 or the value received as consideration for the sale or transfer, whichever is greater.” Furthermore, Tesla could also refuse to sell a vehicle to such people in the future. Unfortunately, it remains unknown whether Tesla ever implemented this process on anyone.
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Learn Electric Cars Says
Flipping new in-demand cars in the used car market is an established practice. This is prevalent all across the world. People who constantly follow the electric car industry know which vehicles are creating a buzz among potential buyers. They often book a car on the first day. When the launch takes place and the waiting times surge, they offer the new car at a premium. Depending on your negotiating skills, you can beat the long queues for delivery by paying a markup. I believe this is not a bad idea since no one is forcing anyone to buy. If you have the funds, are enthusiastic enough about a car and are willing to pay the premium, you can own it.