Tesla Is Accepting Trade-Ins For 2024 Cybertruck Amid Plummeting Sales: Report
Tesla is now accepting trade-ins for the Cybertruck, offering $65,400 for the All-wheel-drive 2024 model, reflecting a 34% decline in value within a year. This depreciation is significantly higher than the typical 20% for pickup trucks. The company faces challenges in selling over 10,000 unsold Cybertruck units, despite introducing a cheaper trim. Tesla is adjusting its marketing strategy to appeal to traditional pickup buyers. TSLA stock shows strong momentum and quality but lacks value metrics.
Tesla Inc. TSLA is reportedly accepting trade-ins for the Cybertruck, a year after Elon Musk’s company launched the pickup truck.
What Happened: Tesla is offering owners of the Cybertruck Foundation Series a chance to trade in their vehicle for an upgrade, Electrek reported on Sunday.
The report outlines that Tesla was offering $65,400 for an All-wheel-drive 2024 Cybertruck with 6,211 miles on the odometer. The AWD trim of the Cybertruck retailed for over $100,000 at launch.
The trade-in value offered by Tesla represents more than 34% decline in value in a year, much higher than the 20% depreciation generally expected for pickup trucks during the same period, the report suggests.
Why It Matters: The news comes in as the EV giant is experiencing difficulties in getting Cybertruck units off the dealership lots, with the brand reportedly sitting on over 10,000 unsold units of the pickup truck.
This is despite offering a cheaper trim level of the Cybertruck with increased range, but at the cost of some hauling and towing capacity as well as feature omissions.
Musk's company has also tried to make the Cybertruck more appealing to the conventional pickup truck buyer by pivoting the product's marketing strategy to position it as a lifestyle vehicle for the "working man."
TSLA stock offers excellent Momentum and Quality and has a satisfactory Growth rating, but scores poorly on the Value metric. For more such insights, sign up for Benzinga Edge today!
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