Los Angeles, CA – November 23: Auto enthusiasts test drive a Tesla Cybertruck outside the Los … [+]
I’m still trying to wrap my head around the used Cybertruck market. Dealers aren’t helping.
I asked four dealers in Los Angeles—a red-hot market for Cybertrucks—about pricing and only one gave me a semi-rational answer. (This is an update to a similar story I wrote in October.)
Used Cybertruck prices are way down from February but asking price is still above new prices from … [+]
Backdrop: Tesla delivered the first Cybertrucks at the end of last year, albeit at a lavish price of $100,000 for the Foundation Series. The lucky few who got the initial deliveries — and were willing to pay a premium for the Foundation Series — were able to flip low-mileage CTs at inflated prices. Asking prices went as high as $200,000 in the February-March timeframe, according to CarGurus’ Used Tesla Cybertruck pricing trends page.
That was then. The Cybertruck market is a very different animal now. Today, Tesla is selling new AWD CTs for $79,990 with December availability so logic would dictate that used AWD Cybertrucks would begin to fall below new CT prices. But that doesn’t seem to be happening. The average price for a used Cybertruck as of the last week of December is around $103,000, according to CarGurus.
Dealer #1: not completely crazy
The most rational (not rational to me, however) used pricing argument was made by a dealer selling a Foundation Series Cybertruck for just under $92,000 with almost 8,000 miles. Yes, that is below the original AWD Foundation Series CT, which sold for $100K with Full Self Driving standard. So, that might begin to make some sense to the uninitiated. But step back and take a longer look and something’s off.
A brand new AWD CT from Tesla is $79,990. Throw in FSD ($8,000) and you get to around $88,000. (Or just lop off $8,000 and subscribe to FSD for $99/month and that gets you back down to $79,990.) So, why pay $92,000 for a used CT Foundation Series with 8,000 miles over a new AWD CT with FSD direct from Tesla? I’m still waiting for an answer.
(Note that the Foundation Series does come with some other extras like a Foundation Series badge and the Powershare Home Backup capability. And you get bragging rights for owning a Foundation CT.)
Dealer #2: not holding my breath
This dealer was selling a used AWD CT (non-Foundation Series) for over $114,000. The best part of the deal was the mileage: under 600 miles. So, it’s virtually new. But that doesn’t mean it makes sense. I still don’t understand what you’re getting from a $114,000 CT that you can’t get from a $79,990 AWD CT from Tesla. I made that exact argument to the salesperson and his response was that the value is set by the market. (I am waiting for a call-back for more clarification but not holding my breath.)
Dealer #3: maybe I’m missing something
This was another AWD Cybertruck (non-Foundation Series) with low mileage (400 miles). But the price is a deal breaker: almost $100,000. Wait, am I missing something?
Dealer #4: “You can get it today”
This dealer’s argument is that “you can get it today.” So, why wait a few weeks to get one delivered from Tesla for $79,990 when you can get this dealer’s CT for $104,000 right now? Oh, I forgot to mention it has low mileage (below 5oo miles) so it is virtually new. You sold now?
Upshot:
I got the impression that dealers who are still selling used CTs at a premium will stick to the price as long as they have willing buyers and as long the used market keeps dictating those values, however crazy.
