Tesla Cybertrucks were getting more than twice their value on the resale market just a few weeks ago, but the electric pickup truck has now lost all its momentum in terms of resale value.
The automaker has taken actions to try to limit the Cybertruck resale market.
Tesla added a “no resell” clause for early VIN Cybertrucks, threatening to sue for $50,000 (or more) and added that it may not sell the sellers any future vehicles.
As far as we know, the company hasn’t sued anyone yet, but we recently learned that Tesla did blacklist some people who sold or tried to sell their early Cybertrucks.
We thought that these actions would limit the availability of Cybertrucks for sale and boost pricing.
Sure enough, we noted that an early Cybertruck sold for $244,000 last month, but prices are now dropping like a rock.
Resellers are having issues turning them for a profit now.
John Clay Wolfe, president of GIVE ME THE VIN, a large car wholesaler and one of the main people behind Cybertruck resales, says that the market is dropping for the Cybertruck.
Wolfe says that his companies sold two Cybertrucks for $195,500 and $189,000 two weeks ago.
Last week, he sold one for $175,000 and earlier this week, he sold one for $171,000.
Wolfe commented:
“So for anyone paying attention, the market continues to go down on the Cybertruck.”
Hilariously, a reseller recently posted a video of Ji’Ayir Brown, safety for the San Francisco 49ers, coming to buy one for sale for $230,000.
The reseller came down to $220,000, but Brown’s business insider shut that idea down real quick:
A Cybertruck currently offered at an auction on Cars and Bids is also stuck at $155,000 for a while now:
With still just over 20 hours to bid, it might still go up, but it’s going to be harder with recent prices.
Electrek’s Take
It sounds like a few people managed to make a decent payday flipping the Cybertruck, but it didn’t last long.
At those prices, it is becoming harder after taxes and middlemen, which are often required at those prices.
It’s not too surprising, considering Cybertruck will not be a collector’s item. Currently, Tesla plans to produce 250,000 Cybertrucks per year, so it will eventually become a somewhat common vehicle.
There are still a lot of reservation holders, although for lower-priced trims, and it is very novel at the moment, so it makes sense that some people would be willing to pay a premium to get it sooner, but it looks like that pool of people is already getting exhausted.