Tyler Hoover of Hoovies Garage has decided to dump his Tesla Cybertruck and is not looking back. A single month of ownership was enough time for all of the little things that bugged him to win out over what he liked about the truck.
During that time, Tyler has been disappointed with the many unkept promises on range, features, accessories and pricing. Not to mention, he wants out before he’s underwater in the trade. “I feel like if I still have this thing by the end of the year, I’ll lose $30,000 to $40,000 or more.”
Tesla Cybertruck Resale Value
While opinions of the Tesla Cybertruck are mixed, most owners seem generally happy with their $100,000 purchase. According to Cox Automotive, there were enough fans of the electric pickup to move about 3,000 units in May of this year. This contributed significantly to the 3.1% EV transaction price increase in May. Now that more supply is available, used prices on the Cybertruck have come down significantly. Earlier in the year, used Cybertrucks were often selling for 100% markups or more. But by mid-May, prices had dropped down to just above MSRP.
Tyler’s biggest frustrations are probably with Tesla’s failure to meet the originally announced price and specs. At $100,000+ and only 340 miles of range, the production model doesn’t come close to the initial reveal. He acknowledges the $15,000 range extender option which was announced last year. But outside of the extra cost, the range extender takes up a significant amount of the truck’s bed. It also doesn’t currently exist and based on Tesla’s track record with Cybertruck accessories, it might never be released.
The off-road light bar above the windshield? Doesn’t seem to be available as of yet. The hardware to power your home during an outage? A very long wait time and a $6000+ installation cost by an approved Tesla installer. Replacement wheel covers? Still not delivered, and his wheels are beginning to rust. Autopilot with Full Self Driving? Elon Musk recently told owners that this was a lower priority and that delivery of these driver-assist features could be “months” away.
But hey, the Foundation Series does come with a branded etching and an extra $20,000 in debt.
Regarding build quality, Tyler says that panel gaps are good and the panels themselves are sturdy as promised. Unfortunately, many edges of the panels are razor-sharp. “I hurt my arm the first few days owning this walking by and clipping right here at this sharp edge.” He also criticizes the truck’s off-road readiness with “dinky” control arms and rigid lower body mud flaps that should have been flexible.
If he actually loved the Cybertruck, he might have been willing to stomach many of these issues. Unfortunately for him, that has not been the case.
So, that’s a lot of negativity. But is there anything he does love about owning the truck? He says Tesla absolutely delivered on the promised exterior styling. “I really do love the looks. People are divided on it but I personally love it.”
Tyler also appreciates the truck’s power and instant acceleration. When it comes to these EV qualities, the Cybertruck is among the best. The ride quality is nice and road noise is minimal. Seat comfort and interior design are fine but not exceptional. Although he finds the center touch screen incredibly frustrating to use.
So it’s good that Tyler was able to find some things to like, but based on his comments, it’s no surprise he is choosing to sell. This is clearly not the right vehicle for him.
Initially, most dealers and wholesalers were not interested in taking on the vehicle. Used Cybertruck prices have been volatile lately, and with the pending release of the non-Foundation Series, this is likely to get worse. There is very little to separate this model from the upcoming cheaper trim, and dealers do not want to commit thanks to the looming price drop.
Carmax similarly refused to make an offer and he was told “We are unable to put an offer on your Cybertruck until it has been at least a year since you’ve purchased it.” Which may mean they were worried about Tesla’s legal threats to flippers. After quite a bit of searching, he was able to find a dealer willing to shell out $111,000, slightly over the original purchase price.
In place of the Cybertruck is a lightly used 2023 Cadillac Lyriq for only $42,000. As a 2023 launch edition, this is the 2-wheel drive model with 314 miles of EPA range and SuperCruise standard. So far he is loving the Lyriq and considers it a return to form for the Cadillac brand. “The ride is so darn nice, it looks really good. Even though it is a crossover, it’s lower so it’s almost wagon-esque to me.”
He says the seat comfort and interior layout are leagues ahead of the Cybertruck. Plus, the Cadillac has actual functional driving assist software.
Still, as a first-year example, the 2023 Lyriq is known for having quite a few technical issues as well. So we will have to wait and see if this example causes him any trouble long term.
If you’re a Cybertruck owner, is Tyler’s analysis of the truck completely off base? Or are you similarly frustrated and considering a switch? Let us know your experiences in the comment section below.
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