George Saliba, a 34-year-old luxury car dealer from New Jersey, had high hopes for the Cybertruck when it first hit the market. As the general manager and owner of J&S AutoHaus, Saliba thought the electric vehicle would be ‘the hottest drop of a vehicle in our lifetime.’ Initially, it attracted high-profile buyers like athletes and celebrities, drawn to its exclusive appeal and status symbol. ## Initial Hype and Current Slump
The Cybertruck’s brand had a ‘you can’t buy this car’ appeal, with many owners being among the first to drive one. However, this hype began to fade after about three months. Saliba attributes the decline in desirability to political issues and market saturation. ‘It’s not the status symbol it once was,’ he notes. The market has continued to decline, with prices dropping by $10,000 to $20,000 as more units became available. Some of the first Cybertrucks sold for over $240,000 at auction, but today they’re worth around $70,000. ### Market Reaction and Price Dynamics
Saliba believes that once the Cybertruck reaches a price point of $50,000 to $60,000, it could regain popularity. However, the political controversy surrounding Elon Musk and Tesla has made the vehicle less desirable for some buyers. One customer told Saliba that ‘no one wants them anymore,’ and some owners have reported hostile reactions, including having rocks thrown at them while driving. To avoid such incidents, some Cybertruck owners have resorted to covering their vehicles with Toyota labels or using bumper stickers that say ‘I bought this before Elon went crazy.’ ## Contrasting with Other Tesla Models
Despite the Cybertruck’s struggles, other Tesla models like the Model 3 and Model Y remain in high demand. Saliba notes that Tesla’s practice of adjusting prices has helped maintain demand for these models. As prices drop, different audiences become interested, including those who couldn’t previously afford these electric vehicles. Saliba continues to look for Cybertrucks to buy, but is cautious due to the risk of Tesla further reducing prices.
