George Saliba, owner of J&S AutoHaus luxury car dealership in New Jersey, had high hopes for Tesla’s Cybertruck when it first launched. “I thought it was going to be the hottest drop of a vehicle in our lifetime,” he said. Initially, the futuristic pickup truck was seen as a status symbol, attracting celebrities and wealthy buyers willing to pay top dollar. However, the market has since cooled significantly, leaving Saliba struggling to sell the vehicles.
The Rise and Fall of a Status Symbol
When the Cybertruck first hit the market, it was viewed as a luxury item that conveyed prestige. “It was better than having a Lamborghini,” Saliba explained, thanks to its exclusive “you can’t buy this car” appeal. Early adopters were primarily status-conscious buyers who saw the vehicle as a symbol of their wealth. However, as more units became available and pricing cards were released, the market began to decline. “The MSRP cards started coming out and people started keeping them. The market just kept going down, $10 or $20 grand at a time,” Saliba noted.
Practicality Concerns and Political Backlash
While the Cybertruck remains a “great vehicle” that is “fun to drive and gets attention,” Saliba attributes its declining desirability to two main factors: its unconventional design and negative political associations. The stainless steel, angular design makes it “the easiest truck to hate, politics aside,” according to Saliba. More significantly, the political controversy surrounding Elon Musk and Tesla has made Cybertruck owners targets of hostility. Saliba shared anecdotes of customers being harassed, with one owner even reporting a rock being thrown at their vehicle while driving with children in the backseat.
Market Consequences and Tesla’s Response
The negative sentiment has led some Cybertruck owners to take measures to conceal their vehicle’s identity, such as applying Toyota labels or “I bought this before Elon went crazy” bumper stickers. Despite this, other Tesla models like the Model 3 and Model Y continue to maintain strong demand due to their superior technology and infrastructure. Saliba believes that when the Cybertruck reaches a price point of $50,000 to $60,000, it will become more attractive to buyers again. “Once it gets to that price point, it’s going to be a really great thing to buy,” he stated. For now, Saliba continues to seek out Cybertruck inventory, but remains cautious about pricing due to Tesla’s ability to adjust prices at any time.
