Tesla offers free Model Y and Cybertruck 2-day trials as pickup loses record resale value

After introducing zero APR financing for the Model 3 and 1.99% interest rate for the new Model Y, bringing back the free FSD transfer and extending the military, educational, and first responder discounts, Tesla has now found an inventive new way to drum up sales in what might turn out to be a rather weak quarter.

In Europe alone, Tesla sales had halved compared to the same period last year, and in the US and China they have been stagnating, too, albeit for different reasons. The potential removal of the EV tax credit in the new budget bill, however, could pull sales forward and save the quarter in the US, so Tesla has introduced a new demo drive format.

Free 2-day trials of any Tesla

For the first time, anyone can now book a long 48-hour test drive with the Model Y, Model 3, Model S, Model X, and even with the Cybertruck. Tesla announced the free Model Y and Cybertruck trials over the Memorial Day weekend, and it seemingly struck a nerve, as drives are now booked weeks in advance.

Some showrooms report that there are a lot of current Tesla owners who have booked multiple slots, hoping to test out the new Model Y or the Cybertruck for a prolonged period of time before they decide to pull the trigger on an upgrade.

The Cybertruck is of particular interest, it seems, as in many locations the 48-hour test drives with it are booked for a month ahead. Needless to say, it remains to be seen if those will turn into sales, or people are just curious, but Tesla recently introduced the cheapest RWD Cybertruck model and started taking trade-ins for the inaugural Foundation Series trims that are now more than a year old.

Cybertruck depreciation

Unfortunately, the trade-in prices that Tesla gives to Cybertruck owners differ little from what its first electric pickup goes for on the second-hand market, which is not a lot. So much so, that the Kelley Blue Book calculations return the whopping 38% Cybertruck depreciation in the first year of ownership on average.

Granted, this is for the most expensive Foundation Series trim that went up to $120,000, but one can still lose more than $40,000 on those, or essentially the cost of a new Model 3 AWD after the tax credit.

The Cybertruck's depreciation after just one year on the market is steep, even for EV standards. Electric cars lose close to 60% of their value in the first five years of ownership, so this rate of depreciation makes the Cybertruck an outlier, given that a comparable Rivian R1T electric pickup loses 30% in two years.

"It was a bit of a status symbol, and so we're seeing now that it's not as much of that," clarifies one industry insider, adding that the Cybertruck may have been overpriced from the very beginning, too, which would explain the drastic resale value drop in the span of a year. 

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