The Cybertruck Commands a Premium, but It’s Less than You’d Think

Cameron Neveu

The Tesla Cybertruck is a unique vehicle, to say the least, both on the road and in the marketplace. The EV, packed with high-tech features and adorned with sharp angles, gets attention everywhere it appears. And despite teething troubles, the secondary market for the Cybertruck reflects this nothing-else-like-it appeal. New examples selling at a big premium relative to their sticker price.

It looks like a different kind of truck, but just how differently does the market treat it?

The Cybertruck joins the new vehicle marketplace in 2024, amidst slowing sales growth for EVs in general. Gone are the days of supply shortages and, for the most part, the annoyingly large added dealer markups (MSRP + dealer fees) common among popular new vehicles in 2022. In those days, new EV trucks such as the Ford F-150 Lightning, Rivian R1T, and GMC Hummer EV were popular, and they regularly had transacted well over sticker. That the Cybertruck is now enjoying similar markups even in a cooler market speaks to its popularity.

Cybertruck front three quarter with Ford lightning front three quarter
Cameron Neveu

Measuring the premium of those early EV trucks isn’t hard, but does require a little more time than many of these behemoths take to get from 0-60. With the growth of online auction sites, a couple of hundred examples of those three have been auctioned as nearly new vehicles. Often, the auctions contain the window sticker price of the truck when it was new. The secondary market premium is the final price (hammer price plus fees) over the window sticker price. That premium shows how much more someone will pay to jump the line and get one of the hot new EV trucks in their driveway ASAP.

When the GMC Hummer EVs started hitting the auction market in the spring of 2022, they began selling for between two and two-and-a-half times the $112,595 sticker price (a premium of +100% to +150%). One even sold as a charity lot for $500K. That premium drifted down to about 50 percent by late 2022. By 2023, the median premium was still 39%, but by 2024, some examples are selling for sticker price.

2022 GMC Hummer EV rear three quarter

The 2022+ Ford F-150 Lightning reached the secondary market a couple of months later in 2022, but the premium was still around 33 percent for the fall of 2022. By the fourth quarter of 2022, the premium had dropped to 15 percent. In 2023, the premium continued to drop, and in 2024, the now slightly used trucks are selling at a discount.

2022 F-150 Lightning Platinum

As an EV startup, Rivian is the most similar to Tesla, but its innovative R1T truck isn’t nearly as in-your-face different as the Cybertruck. It did beat it to market, however, and the first examples sold on the market in the spring of 2022. In that first month, the average premium was 73 percent over the sticker price. Much like the other two launched in 2022, the R1T has continued to depreciate, with the first model year trucks now selling at an average discount of 16% to their original sticker price.


Notably, the supply of nearly new examples of these three EV trucks in the secondary market is still comprised of first model year vehicles, presumably because supply has caught up with demand for the 2023 and 2024 model years.

The Cybertruck has also been enjoying a premium in the secondary market, with an average premium of 35 percent over sticker. That the truck has only been available for less than three months means it is still early days. For the big splash it has made, however, its early secondary market premiums are only stronger than the Lightning’s: Comparing it to premiums enjoyed by the other three, the Cybertruck’s 35 percent puts it slightly above the market performance of the Ford, and well below that of the Rivian R1T.

Cybertruck front three quarter
Cameron Neveu

What’s different? The market in 2024 isn’t the same as it was in 2022, though, so that may account for the slightly lower premium for Tesla’s truck. That said, it’s not the only vehicle commanding a significant premium in a cooler market. The other newly available 2024 model that also currently enjoys a premium isn’t an EV, but it is from an automaker with a similarly fervent fan base. The 2024 Porsche 911 Dakar is also an innovative vehicle, and is off-road capable, but based on a limited amount of public secondary sales, it too is selling at an average of 40 percent above sticker price in the early months of 2024. Given its limited production and the trajectories of past special 911s, though, it’s likely that the valuation path of these two vehicles won’t stay the same for long.

Context really is everything: The Tesla Cybertruck is commanding a premium, and its popularity is reflected in secondary market sales. This wedge-shaped Tesla might be, well, different, but its market behavior so far tracks the paths of EV trucks before it. Regardless of the Cybertruck’s novel approach, the premiums it currently commands are unlikely to persist.


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    My entire “let’s buy a new vehicle” life was spent trying to pay as much UNDER window sticker price. I can really not relate to most of what I read in this story!

    All of these EV “trucks” are largely useless as trucks due to their range falling apart with a load. They’re lifestyle vehicles at best. And remember: 300 miles of range is really 200 miles on the highway if you’re lucky and half that with a genuine load. And when you’re not charging to 100% and draining to 0%, which is neither recommended nor practical. No one cares about 0-60, literally no one. It’s an EV’s only party trick. This constant misrepresentation of the capabilities of an EV are depressing.

    I would prefer a different name for these and all four door “trucks” that really just have a large trunk. Trucks to me have always been about the useful bed. The best trucks can have a lumber rack, access from the side, a removable bed for other utility uses, great long distance towing abilities etc. Lifestyle Trucks like you said is more like it.

    The question remains, once you purchase your Cybertruck, do they make a “paper bag” big enough to fit over it?

    The cyber truck is “ART” one either likes it or not. I for one think it’s unique and features far exceed the other EV’s.
    Other than groceries I don’t plan on hauling much. Bike rack on the hitch for sure!
    I did not buy it to resell it. I have been a Tesla model S owner since early 2014. Love the technology and the style.

    You forgot to put an F before the word “art”. This thing is to get people to look you and that works for now. It’s schtick at the moment is in the shock value department. I know no one who things it’s either a smart decision or that it looks good. But yet in my part of suburbia there are a handful of these things roaming around, usually driven by ladies. So it’s just an accessory to get eyes looking their way.

    I was attracted to the Tesla when it was first announced. But was turned off when Telsa refused to even provide basic information on the “truck’s” physical size. The last month I saw one on the road in real life and realized just how ugly they are. Some things are so ugly they are beautiful, but not the Tesla. The Telsa is just ugly to the extreme. I thought Tesla made a big mistake when they put gullwing doors on their attempt at an SUV. The doors targeted the car in totally the wrong market. But that miss was nothing compared this escapee from a sci-fi movie. As noted by others, the useful range of an EV truck is atrocious to almost useless with any kind of load or when pulling a trailer. And ignored by the market, the cost – and likely unavailability – in 5-10 years of replacement batteries. Yes it has a market now as a novelty. But, it will be interesting to see just how prices collapse as the novelty market is saturated!

    Not all art is good art and although some may like it, some may call it art as an excuse for being not good. But let’s be honest … art or not … this thing is just ugly to the bone.

    I was driving with my wife and she saw one and said it was the ugliest vehicle she had ever seen. I have to agree. And, it fulfills none of the requirements of a truck owner, including carrying capacity, range, and, I cannot imagine any working man using it for actual work or on his off day lugging a boat.

    It is I think, perfect for someone who desires to show off their worth…and lack of good taste.

    Your Limited-Edition Foundation Series Cybertruck is Ready to Order
    My son and I each made a small down payment to reserve one of these some years ago.
    Now the duel motor is $94000 and the tri motor is $114000.
    The single motor which I reserved wasn’t even produced.
    The price for range extender from 340 to. 470 miles is an extra $16000.
    If I had this kind of money to spend I’d rather have Nomad GTO or a Willys gaser.
    At the time I thought maybe I could sell my place in line knowing I would never by the “truck”

    I never thought I would see a vehicle any uglier than a Pontiac Aztek. I was wrong. Thanks Elon…

    God bless those folks who want to pay that much for what looks like a commercial ice maker on wheels. I’ll stick with electric appliances that keep my beer cold.

    No question about Elon Musk, he is a genius, his desire to style the cybertruck in competition with his competitor @ toyota is good business, this certainly isnt as ugly as the tundra, lets see how lexus counters with its next vehic;e

    Saw one in person this week.
    Absolutely hideous. Just another “LOOK AT ME”.
    Hagerty is fading. Cover true classics.

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