It’s anyone’s guess how well the Tesla Cybertruck will do long-term. Even CEO Elon Musk has sent mixed signals about the stainless steel-bodied electric pickup. But, with production ramping up a painfully slow rate, it appears that some of those who truly want the EV will pay a substantial premium to get one — even a used one, with a brief auction resulting in one customer shelling out more than double the sticker price.
Tesla CEO Elon Musk handed over the keys to the first dozen Cybertrucks during a ceremony last month.
A Florida Porsche dealership has won a bidding war for a barely used Tesla Cybertruck — but the price tag was steep, Porsche South Orlanda submitting a final bid of $244,000.
The truck it purchased is part of the initial, fully loaded run known as the Foundation Series which carry sticker prices starting at $102,235.
It’s not unusual to see anxious early buyers shell out significantly higher-than-sticker prices for vehicles considered in high demand. The very first Chevrolet Corvette E-Ray went for $1.1 million, more than 10 times its sticker price, at the Barrett-Jackson Auction in Palm Beach last April. But such spectacular premiums are generally reserved for vehicles that are the first, last or only version of a particular model. And the Barrett-Jackson has a history of generating outrageous bids with well-heeled buyers knowing the money will go entirely to charity.
Bidding war
Tesla Cybertruck appears to fall short of range expectations in two tests.
The Cybertruck that was purchased by Porsche South Orlando had been put up for sale through the Manheim auction site on Wednesday, according to Automotive News. It had just 69 miles on the odometer. The name of the original buyers was not revealed, nor their reason for selling it. But, after a two-year delay in bringing the truck to market there are clearly indications that some well-off customers would be willing to pay a premium.
Auction houses like Manheim normally don’t deal directly with individual customers. So, someone wanting to purchase a specific vehicle would have to go through a dealership. There was an initial flurry of bidding after the Cybertruck was listed at $200,000. Three dealerships eventually took the bidding up: Atlanta Autos, Ocean Mazda and Porsche South Orlando.
The latter retailer finally outbid its competitors. It has not responded to a request for comment, nor has it revealed who it was representing – or whether it even has a retailer buyer lined up. It could be looking to use the opportunity to draw attention to itself. It’s all but certain, however, that if and when a retail buyer eventually takes possession they’d pay an even stiffer premium to the dealership.
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A Tesla Cybertruck on display at the Chicago Auto Show.
A celebrity magnet
Tesla CEO Elon Musk first revealed Cybertruck at a splashy event in California back in November 2018. As has become the norm for the automaker, it took significantly longer than expected to get it into production than was first promised. Musk handed over the keys to the first dozen saleable pickups in November 2023.
A number of those and others delivered soon afterwards appeared to go to friends and business acquaintances of Musk, though early Cybertrucks have also landed in the hands of celebrities, noted Automotive News, including reality star Kim Kardashian, director Spike Lee, tennis star Serena Williams and musician Pharrell Williams.
Anti-flipping rule
In the weeks after Cybertruck’s 2018 unveiling, Tesla claimed to have received more than 1 million advance reservations. How many will eventually translate into actual sales is far from certain, said Sam Fiorani, lead analyst with AutoForecast Solutions. It cost just $100 to get on the list and even that is fully refundable. Over the years, meanwhile, it’s become all but normal for automakers to receive advance deposits from customers who simply hoped to get high-profile vehicles early on and then resell them at a profit.
Tesla buyers can be fined $50,000 or more if they violate the Cybertruck “anti-flipping” rule.
Doing that with a Cybertruck could cause some headaches for the original buyer, however. Early on, Tesla put in place an “anti-flipping” rule. The automaker said that buyers would have to hold onto the electric pickup for at least a year. Otherwise, Tesla reserved the right to collect a penalty of $50,000 or more.
The rule was briefly lifted last November but put back in place in December. Unless the original owner of the truck sold to Porsche South Orlando has found a loophole – or been granted a waiver by Tesla – it could now face the company’s wrath.
“If you’re buying a Cybertruck, I highly recommend not trying to sell it because you definitely don’t want to faceoff against Tesla lawyers,” wrote Matthew Donegan-Ryan, in a post on Musk’s social media site X.
The CEO himself, known for regularly speaking out on that service, has yet to comment.
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