Cybertruck Craze Over? Used Truck Prices Return to Earth

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Rezvani Vengeance vs. Cybertruck
Rezvani Vengeance vs. Cybertruck

The Tesla Cybertruck was the hottest new ride in town, and some people were willing to pay a hefty price to be among the first owners. These weren’t necessarily Tesla enthusiasts but rather folks chasing the hype and trendy status symbol. They weren’t likely to have pre-ordered the truck, so they turned to the used car market, ready to overpay for the privilege.

This created a gold rush for early Tesla Cybertruck adopters. They could buy the truck, enjoy the novelty for a short while, and then flip it for double or even triple the original price. It was like buying concert tickets at face value and reselling them for a massive profit.

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Tesla Cybertruck Interior

Tesla tried to curb this practice by making buyers sign an agreement restricting resales within the first year. They even threatened a $50,000 fine or refusing future sales to anyone who broke the rules.

But it seems those threats weren’t very effective. People were still willing to take a chance, and for a while, they were making a killing. Used Cybertrucks were listed for outrageous prices, well over double the original cost. And for a brief period, there were even buyers willing to pay those inflated prices.

However, the party seems to be over. With more new trucks being produced and a growing number of used ones hitting the market, the crazy markups are disappearing. Used Cybertrucks that were once listed for nearly $200,000 are now dropping in price by as much as $30,000 as sellers scramble to get rid of their inventory. The Cybertruck flipping frenzy may have been short-lived, but it was certainly a wild ride.

The dream of flipping a Cybertruck for a huge profit seems to be fading. As of May 2024, used Cybertrucks with low mileage are listed between $130,000 and $140,000. That’s still more than the original price, but not nearly the windfall some flippers were hoping for, especially after considering taxes and fees.

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Tesla Cybertruck with its open boot

This isn’t a new phenomenon. The electric truck market has seen it before. When the Rivian R1T, Ford F-150 Lightning, and Hummer EV first came out, used prices went crazy high for a while. Just like with the Cybertruck, people bought these trucks and then immediately tried to resell them for a massive profit. In some cases, dealerships were even marking up prices on both new and used electric trucks.

Thankfully, these crazy markups don’t usually last. Just like with the other electric trucks, the Cybertruck hype seems to be dying down. With more trucks being produced and hitting the road, used prices are expected to continue dropping. It might not be long before you can find a used Cybertruck for less than the original price.

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