Tesla’s Cybertruck, a true American-made marvel, boasts 90% of its components sourced from the US, Canada, or Mexico and is meticulously assembled at Tesla’s expansive Gigafactory in Texas. While the vehicle has always qualified for the federal made-in-US EV tax credit, its lofty price initially placed it out of reach for many who sought to benefit from these incentives. Early adopters, eager to own the futuristic machine, had no choice but to shell out over $100,000 without any government support.
Recently, Tesla shifted gears and stopped producing its exclusive Foundation Series units. Instead, they began distributing the more wallet-friendly dual- and tri-motor Cybertruck models. This strategic move effectively chopped $20,000 from the price tag, knocking the dual-motor version below the $80,000 benchmark. Now, at this new price point, the Cybertruck joins the list of Tesla vehicles eligible for the substantial $7,500 EV tax credit.
The inclusion of the Cybertruck in the IRS’s list of tax credit-eligible vehicles spells good news for new buyers but leaves early adopters in a bind. Those who rushed to purchase their dream trucks now face financial woes, as resale values have plummeted. Just a year ago, the Cybertruck was in such high demand that prices in the second-hand market soared above MSRP. At that time, Tesla even temporarily prohibited owners from reselling the vehicle to manage demand, easing restrictions only when production could keep up.
With a long waiting list of 2.5 million hopefuls and limited initial availability, those early buyers who paid a premium now see the starting price drop to as low as $70,500, including tax and referral credits. One example highlights an owner who invested $115,000 after taxes and additional customization, now unable to attract buyers even at $89,000.
The harsh reality is that despite adding Full Self-Driving (FSD) and other premium options, a brand-new all-wheel-drive Cybertruck costs only around $86,000 today. This further underscores the depreciation woes faced by those who nabbed the exclusive Foundation Series trim. With a mere 2,800 miles on its odometer, one owner’s vehicle has dramatically decreased in value, by over $20,000. The situation might grow more challenging if Tesla introduces an even more economical RWD model later this year.
Early Cybertruck aficionados might have to consider a significant financial loss if they wish to sell promptly—potentially writing off about $40,000—significantly devaluing the trucks people once clamored for. In a twist of political intrigue, the only potential lifeline could come if the EV tax credit is rescinded in the future, which may realign the Cybertruck’s pricing landscape.
For those still captivated by the Cybertruck’s allure, even as a collectible, diecast replicas might serve as a small consolation and a nod to Tesla’s unique automotive innovation.
