New Jersey Cybertruck owner flips his at a $207K loss 3 months after buying

Story by Kristen Brown. November 20, 2024.

  • Massive Depreciation: A man from New Jersey bought a Tesla Cybertruck for $289,999, but its value dropped to $83,000 in just three months, a 113% depreciation.
  • Price Drop Impact: The depreciation was accelerated by Tesla’s price cuts in August, which significantly reduced the truck’s value.
  • High Initial Cost: The Cybertruck was initially sold at a high price due to its dual-motor setup, 340-mile range, and 600 horsepower.
  • Market Comparison: The Cybertruck’s depreciation rate is higher than other vehicles like the Maserati Quattroporte and the first-generation Nissan Leaf.

Cybertruck With Trump/Vance Cyberballs

The Tesla Cybertruck is one of the most provocative cars on the road. You either love them or hate them. A man from New Jersey must have really loved them since he agreed to pay $289,999 for one. A Garden State Porsche dealership bought one for $244,000, added $45,000, and put it on the lot.

The Parsippany Troy Hills man bought it in March, representing the most anyone has ever paid for a Tesla. It was a dual-motor setup with a maximum range of 340 miles, 20-inch wheels, and 600 horsepower.

To the man’s dismay, the depreciation of the Cybertruck caught up with him by the time he decided his joyride with the Tesla was over. After just three months, the same Cybertruck was found online at a humble price of $83,000, Autoevolution shared.

That would mean a price cut of $206,999 from what he originally paid. The EV only had 6,600 miles on it, which usually helps with the reselling of EVs. Especially after Musk decided to slash the prices of the truck in August, decreasing its value.

Despite a clean CARFAX report, the accelerated depreciation caught up with the buyer quickly.

That means the Cybertruck depreciated the quickest

Before Cybertrucks were delivered to buyers, Tesla included a clause in the contract to prevent people from buying one and selling it for more money after the first year. Tesla eventually did away with the rule, but it didn’t stop people from trying.

With a depreciation rate of over 100% in three months, the Cybertruck’s loss in value tops the rate for the Maserati Quattroporte, which had a rate of 64.5% over five years. The first-generation Nissan Leaf’s rate was also higher with a 72% loss after five years. That doesn’t look too good for Tesla.

The Cybertruck was revealed in 2019 but was delayed several times. Deliveries didn’t take place until late 2023. Before deliveries took place, the MSRP was suggested to be $39,900. When the truck was set to be delivered, the cost of the base model rose to over $61,000.

Not long after, Tesla silently removed the ability to buy the cheapest open, the single-motor variant. Therefore, buyers have two options: the all-wheel drive base for $99,990, or the Cyberbeast at $119,990.