Overpriced or Overrated? First 2024 Cybertruck Auction Falls Flat

If you think Tesla’s (Nasdaq: TSLA) much-delayed Cybertruck is overrated, you are not alone. The auction of the first 2024 Tesla Cybertruck on the popular Cars & Bids platform ended in disappointment, with the dual-motor AWD Foundation Series truck failing to meet the reserve price set by the owner. 

The Cybertruck, purchased in March 2024 with less than 100 miles on the odometer, faced a significant hurdle due to Tesla’s resale penalty clause. This clause imposes a $50,000 fine and a lifetime ban on new Tesla purchases for owners who resell the vehicle within the first year of ownership.

The electric carmaker first removed this no-resale clause after facing backlash, but then quietly brought it back shortly after.

The auction attracted widespread attention, with thousands of views and over 500 comments — but ultimately, all the buzz only resulted in 19 actual bids. The highest bid received was $158,000. 

While $158,000 is substantially higher than the vehicle’s MSRP of approximately $99,990, with the $50,000 fine and other costs, it meant that the owner would just break even. While the reserve price, or the minimum amount the owner will accept at an auction, was not disclosed, $158,000 clearly was not enough for the owner to let the truck go.

If you somehow think this doesn’t sound too bad and maybe the Cybertruck is simply put, just expensive, compare it to the first 2022 GMC Hummer EV pickup truck listed on Cars & Bids. This truck sold for $235,000, more than twice its original $110,000 purchase price, and had a total of 64 bids, more than three times the Cybertruck. 

Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.