Tesla, the electric vehicle manufacturer, has accepted the buyback of used Cybertrucks for the first time, but the price of only $65,000 for a pickup originally valued at $100,000 after one year of use has left many people astonished.

The Cybertruck line features an impressive design but is also struggling with poor sales in the market – Photo: AFP

According to the Independent on May 19, electric vehicle manufacturer Tesla, owned by billionaire Elon Musk, has begun accepting buybacks of used Cybertruck electric pickups for the first time since the model was launched.

However, the price offered by the company is shocking many owners: only $65,000 for a Cybertruck that was sold for $100,000 in 2024 and has only driven about 10,000 km.

The depreciation of up to 35% for a vehicle that is only one year old—shared by a member of the Cybertruck Owners Club forum—is a level of depreciation that an average pickup truck typically experiences after five years of use.

The electric vehicle news site Electrek has described this buyback offer as “crazy,” clearly indicating that the Cybertruck line is failing commercially.

This reality is in stark contrast to the claims made by the company’s owner, Elon Musk, who previously asserted that Tesla models would increase in value over time.

“If you buy a car now, it will become an investment for the future. I believe the most notable thing is that if you buy a Tesla today, you are purchasing an appreciating asset – not a depreciating one,” he stated on the Lex Fridman podcast in 2019.

The shocking price drop for the Cybertruck also reflects the vehicle’s oversupply, with inventory reportedly hitting a record 10,000 this month.

According to data from Tesla-info.com, there are a large number of Cybertrucks still sitting in Tesla’s warehouses without buyers, with an estimated total value of up to $800 million.

The decline in demand for the Cybertruck also reflects Tesla’s dismal performance globally. In the UK, Tesla’s vehicle sales fell more than 50% in April.

In Europe, Tesla’s sales also fell 45% in the first quarter, according to the European Automobile Manufacturers Association, although EU-wide electric vehicle sales rose 23.9% in the same period.

Tesla’s decline is said to stem from increasingly fierce competitive pressure from rivals such as Ford, GM and BYD, along with the controversial personal image of CEO Elon Musk – who played an important role in the Trump administration and frequently appeared next to the president.

Not long ago, Mr. Musk announced that he would significantly cut back on political activities to focus on his business.