A man received a rude awakening after attempting to sell his Cybertruck with only 800 miles on it — practically brand new. The auction highlights Tesla's struggles during a year filled with twists, turns, and more than a few bumps in the road.
What's happening?
Autoevolution and SupercarBlondie spotlighted the seller's disappointing auction results. After paying roughly $102,000 for a Cybertruck Foundation Series Model in March 2024, the man decided he'd had enough of the controversial electric vehicle.
He listed the Cybertruck on Cars & Bids. The vehicle features dual electric motors, providing a range of 340 miles, a 15-speaker sound system, heated and ventilated front seats, and adaptive air suspension. "Plus … it comes with a clean, accident-free Carfax report, for added bidder confidence," auto expert Doug DeMuro wrote for the auction site.
However, the Cybertruck didn't recoup even 70% of its initial asking price. The highest bid was just $69,420 — yet another example of a Cybertruck experiencing a steep depreciation.
Why is this important?
A sales slump over the first two quarters, fluctuating stocks, and a talent exodus dampened a year in which Tesla announced plans to position itself as a leader in robotics and AI.
CEO Elon Musk's leadership style and political activities played a role, with many viewing support for Tesla as an endorsement of Musk. As for the Cybertruck, Tesla issuing eight recalls for the vehicle within a year and a half surely impacted its perceived value.
Tesla rebounded with a record-setting number of deliveries in Q3 before U.S. tax credits for EVs expired. However, reports of lackluster returns for used Teslas — even one as polarizing as the angular, futuristic Cybertruck — could make buyers wary of adopting the more eco-friendly vehicles, which don't spew pollution linked to debilitating illnesses and premature deaths.
What can be done about this?
It isn't easy to imagine the EV market being what it is today without the Musk-led brand. Tesla made selling EVs profitable, and it inspired other major automakers to follow suit.
Fortunately, that means drivers interested in making their next car an EV have plenty of options. While this has decreased Tesla's market share, it has benefited consumers, as increased competition can incentivize manufacturers to lower costs to attract buyers.
Already, EVs are cheaper to operate in the long run than gas-powered vehicles, as they don't rely on expensive fuels or require routine oil changes. According to the U.S. Department of Energy, a fully electric vehicle can net drivers more than $2,000 in savings annually.
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