Like most newly released hot ticket vehicles, the Cybertruck went through a period of sky high used vehicle pricing. Now those prices are coming back down.
There is always a group of influencers, celebrities, and upper-class attention chasers who will do whatever it takes to become one of the first owners of a trendy new ride. For the past several months, that vehicle has been the Tesla Cybertruck. They’re usually not super fans of the brand or model, so they’re unlikely to have a reservation for the vehicle ahead of time. Instead, they determine their next vehicle based on the current level of hype and excitement it garnered.
An increase in new vehicle production last quarter and a growing influx of used examples have put a damper on pricing. Used vehicles that were originally listed for nearly $200,000 have been recently dropping in price by $10,000, $13,000, and even as much as $30,000 in an attempt to unload the vehicle. As of May 2024, the average used list price for recent listings seems to be between $130,000 and $140,000 for vehicles with only about 100 miles on the odometer.
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