Be prepared for a financial shock: owning a Tesla Cybertruck may cost you significantly more than you expect.
The Tesla Cybertruck has garnered immense attention since its unveil, with many enthusiasts eager to own this futuristic vehicle. But lurking beneath its sleek design and impressive features is a staggering financial reality that potential buyers need to comprehend. This article dissects the total cost of owning a Tesla Cybertruck over five years—totaling approximately $188,000. Let’s explore the intricacies of Tesla Cybertruck ownership cost, including purchase price, taxes, insurance, and maintenance.
The Purchase Price and Financing
The initial purchase price of a Tesla Cybertruck is a significant factor to consider. As of the end of 2024, the average price for a Cybertruck is projected to be around $116,706. With the additional sales tax of about 7%, you’re looking at about $8,169 in taxes, bringing your upfront cost to approximately $124,000.
Financing this vehicle presents further expenses. Assuming a 5-year loan at 5% interest, you'll incur around $11,800 in interest payments. The numbers are already adding up quickly, and we haven't yet addressed recurring costs.
Insurance Costs: An Ongoing Burden
Insurance for electric vehicles like the Tesla Cybertruck tends to be on the higher side due to their value and associated repair costs. Over five years, the cost for insurance is estimated at around $22,232. This figure can vary widely depending on location, driving history, and coverage options—factors that make understanding Tesla insurance costs essential.
Additional Ownership Expenses
Several other expenses emerge over the ownership period
- Charging costs: Approximately $5,934 for five years of electric charging.
- Basic accessories: Budget around $1,000 for charging cables, cleaning supplies, etc.
- Out-of-warranty repair costs: If you need repairs after your warranty expires, anticipate spending about $6,371.
- Subscription services, which include features like Full Self-Driving (FSD) and connectivity, could total $8,495.
- Home charging station installation could add another $1,700.
- Tire replacements costing $475 each could total about $4,800 depending on how often you drive.
When we sum all these amounts, the final total cost of owning a Tesla Cybertruck for five years could reach approximately $188,000.
Reality Check: The Resale Value
One of the most disheartening aspects of owning a Cybertruck comes when it’s time to sell. If you attempt to sell a five-year-old Cybertruck with around 75,000 miles on it, you might receive only $35,000. This substantial depreciation adds shock value to the staggering costs discussed.
Your net expense after selling the truck would therefore be $153,309, averaging around $2,555.15 per month just to have owned and used the vehicle. These figures prompt an echoing question: Is this investment truly worth it?
Hidden Costs and Market Concerns
As the automotive community points out, there are hidden costs that may crop up later. Keeping your Cybertruck in pristine condition amidst varying societal conditions can also be daunting. Comments from owners highlight concerns over vandalism, such as rocks thrown at and spray paint on the vehicle—a cost that cannot be overlooked. Worrying about maintaining the vehicle's cosmetic integrity adds another layer of financial concern for potential buyers.
A Community Perspective on Ownership
Insights from the online community reveal several perspectives
- Many suggest exploring cheaper and reliable alternatives instead of investing in a Cybertruck. One user shared experiences owning an old Chrysler, which had significantly lower maintenance and ownership costs compared to high-end vehicles.
- Others have recounted anecdotes of vehicles providing reliability without breaking the bank or your credit. For example, some are opting for older models that are less flashy but come with much lower total expense, even if it means compromising on prestige.
Conclusion
Owning a Tesla Cybertruck may initially seem appealing, but the realities of financial burden, maintenance costs, and depreciation raise long-term concerns. While the excitement surrounding the Cybertruck is palpable, comprehending the true ownership cost helps mitigate the risk of facing unexpected financial challenges. Prospective owners should weigh these costs carefully against their budget and other vehicle options prior to making a purchase decision. Should the allure of the Cybertruck still hold its grip, it’s crucial to fully calculate both the present ownership cost and the inevitable depreciation when the time comes to sell.
For those considering this iconic vehicle, gauge your need against potential expenses and opt wisely.
For a closer look at the extended life of the Tesla Cybertruck, consider these related articles:
- Travels with My Cybertruck Beast L.E.O.*—People Think These Trucks Are Good For Nothing, But We Know They're Wrong.
- Tesla Cybertruck Avoids Landslide and Then Drives Right Over It.
Timothy Boyer is an automotive reporter based in Cincinnati who specializes in restoring older vehicles and discussing modern EVs. Follow him on Twitter at @TimBoyerWrites for more insights on automotive trends and ownership advice.