Tesla's £94k Cybertruck Plummets to £58k in 8 Months as Trade-In Option Reveals Brutal 38% Value Drop

The futuristic sheen of Tesla's Cybertruck may be wearing off faster than expected.

Once hailed as a game-changing electric vehicle with a steep price tag and a sci-fi aesthetic, the Cybertruck is now under scrutiny for its plummeting value. New trade-in estimates reveal that the electric pickup is depreciating at a surprising rate—raising serious questions about its long-term worth as an investment.

Initially, Tesla restricted Cybertruck owners from reselling the vehicle within the first year of ownership, warning that violations could result in legal action and a ban from buying future Tesla models. At the time, there were also no trade-in options available.

Trade-In Shock: Tesla's Cybertruck Loses Up to 38% of Value

More than 18 months since deliveries began, Tesla has finally started accepting Cybertrucks as trade-ins for new vehicles—giving the public a clearer view of its depreciation curve.

Two owners—one with an all-wheel-drive model and another with the top-tier Cyberbeast—shared their trade-in quotes with Business Insider. Despite a mileage difference of over 10,000 miles, both vehicles suffered similar losses in value, with depreciation rates between 37% and 38%.

The owner of the all-wheel-drive version said they paid roughly $100,000 (£74,374.33) including add-ons. After driving 19,623 miles, Tesla offered a trade-in estimate of $63,100 (£46,930.20)—a 37% drop.

The Cyberbeast owner, who bought the vehicle in September for about $118,000 (£87,761.70) before taxes, bringing the total to $127,000 (£94,455.39), was offered $78,200 (£58,160.72)—a 38% depreciation in just eight months.

What the Numbers Really Mean

It's important to note these are estimates. Tesla makes it clear in the fine print that trade-in values depend on 'current market conditions and vehicle details', meaning final offers could be lower. The EV site Electrek previously reported on Tesla's move to start accepting Cybertruck trade-ins.

While vehicle depreciation is nothing new—cars typically lose value the moment they're driven off the lot—Tesla's figures shed light on how the company currently values pre-owned Cybertrucks. Some dealers have also struggled to resell used units, hinting at tepid second-hand demand.

According to Kelley Blue Book, most new vehicles drop around 30% in value over their first two years, then lose another 8% to 12% annually. The Cybertruck's drop, however, outpaces that average.

EV Depreciation and Truck Market Trends

Electric vehicles tend to depreciate more quickly than traditional cars, especially as used EVs flood the market during a period of slowed demand. A study by iSeeCars, which analysed over 800,000 five-year-old cars sold between March 2024 and February 2025, found EVs suffered the worst depreciation—58.8% over five years.

In contrast, trucks and hybrids retained value better, with trucks losing only 40.4% over five years. Yet the Cybertruck's early depreciation already exceeds comparable models. For instance, Rivian's 2023 R1T has only depreciated by about 29% in two years, according to Kelley Blue Book.

A Brand Under Pressure

Different Tesla models depreciate at different rates. The same iSeeCars study found that the Tesla Model S ranked among the most heavily depreciated, losing 65.2% over five years, while the more affordable Model 3 fared better at 55.9%.

Several factors influence depreciation, including mileage and market shifts—but Tesla's broader challenges may also be at play. The Cybertruck's decline comes amid growing political controversy surrounding CEO Elon Musk, as well as consumer backlash and public relations hiccups.

Some owners have even reported harassment and vandalism. One told Business Insider he returned his Cybertruck soon after buying it, concerned that his children might be bullied because of it.