Tesla’s Cybertruck, once hailed as a revolutionary step in automotive design and electric vehicle (EV) innovation, is facing significant scrutiny as its resale value plummets far below expectations. The electric vehicle giant has begun offering buyback estimates for its 2024 Cybertruck, with offers as low as $65,000 for a vehicle that originally retailed at $100,000. This 35% markdown on a one-year-old truck is raising eyebrows across the automotive and investment communities.
The depreciation rate is particularly alarming, as the Cybertruck has lost as much value in one year as the average pickup truck, such as a Ford F-150 or Chevrolet Silverado, would typically lose in five years. This decline directly contrasts with statements made by Tesla CEO Elon Musk in 2019, where he suggested that Tesla vehicles, including the Cybertruck, would serve as “appreciating assets.” Musk’s claim positioned Tesla vehicles as not just products but as investments, a notion that is now under heavy criticism.
Critics point out that this dramatic depreciation undermines consumer confidence, particularly as Musk’s earlier remarks suggested that Tesla vehicles would defy standard market trends. “Buying a Tesla today is an investment in the future,” Musk had claimed. “You are buying an appreciating asset.” Such assertions now appear wildly optimistic, with many customers and analysts calling them misleading.
Adding to consumer frustration is the perceived usability issues with the Cybertruck. Reports suggest that owners have struggled to accumulate mileage due to prolonged maintenance periods, with some vehicles spending significant time in repair shops. For a vehicle marketed as rugged and versatile, this track record has led to dissatisfaction among buyers.
Tesla’s woes extend beyond the Cybertruck. Resale values for Tesla vehicles in general are reportedly declining at a faster rate than other electric or internal combustion vehicles. While EVs have experienced some depreciation due to lingering concerns about battery life and longevity, Tesla vehicles are reportedly losing value at three times the rate of their competitors.
This situation has sparked discussions about potential legal repercussions. Some industry analysts suggest that Musk’s claims about Tesla vehicles appreciating in value could form the basis of a class-action lawsuit. “When a CEO makes bold, verifiable claims about a product’s value trajectory, consumers who act on those claims expect a certain level of accountability,” said one legal expert.
For now, Tesla faces mounting criticism from both loyalists and skeptics, as the Cybertruck’s depreciation raises questions about the company’s long-term strategy and consumer trust. With the electric vehicle market becoming increasingly competitive, Tesla’s ability to address these concerns may determine its future standing in the industry.