Tesla Cybertruck’s Soaring Used Market: What’s Driving the High Prices?
The Tesla Cybertruck has become a sensation that’s electrified the automotive world, especially due to its unconventional design and advanced technology. However, the wait for its official release has contributed to astonishingly high prices in the used market. Recently, a Porsche dealer in Florida acquired a Cybertruck at the Mannheim auction for an eye-watering $244,000. It’s now listed for nearly $300,000 in his showroom.
Exorbitant Markups on Used Cybertrucks
Porsche South Orlando is selling the 2024 Tesla Cybertruck Foundation Series for a hefty $289,999—approximately $46,000 above the auction winning price and nearly three times the truck’s original MSRP. It’s crucial to note that this particular model isn’t even the high-end Cyberbeast, which commands a larger upfront investment.
Tesla’s Resale Policy and Production Challenges
Tesla enforces a strict policy against reselling its vehicles, which could lead to significant penalties of up to $50,000 for sellers. In addition, the company has other stipulations requiring buyers to resell the vehicle back to Tesla. Current listings on Tesla’s website show the $76,390 AWD and the $96,390 Cyberbeast scheduled for delivery in 2024. However, the number of preorders that Tesla must fulfill remains uncertain. Although production has been slow initially, Tesla plans to increase the production rate as 2024 progresses.
Speculative Market Driven by Limited Availability
While it is easy to critique dealers inflating prices, they aren’t the only ones capitalizing on the Cybertruck’s scarcity. CarGurus, a popular car listing site, shows several “used” Cybertrucks priced above $200,000, with some even touching the $300,000 mark. This pattern mirrors what happened to the GMC Hummer EV when it first launched.
Resale Insights from Industry Experts
John Clay Wolf, CEO of givemethevin.com, explained on his YouTube show that his company sold the truck at Manheim. He initially acquired it from a private seller for $210,000. Wolf shared that he aimed to buy more but faced difficulty due to Tesla’s stringent $50,000 penalty clause.
Conclusion
The Tesla Cybertruck’s unique allure and the delays in its official delivery have generated an astonishing secondary market. This surge in resale prices serves as a testament to both the vehicle’s potential worth and the pent-up consumer demand. As 2024 unfolds, it will be fascinating to see whether Tesla can meet this demand and how the used market will adjust accordingly.
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Lawrence Jacobs, Editor of Automotive.fyi
