After garnering hundreds of comments and over 150,000 views, bidding for a Tesla Cybertruck on Cars&Bids failed to meet the reserve. The highly publicized auction saw prices rise above MSRP quickly but momentum soon fizzled out. Now, the lingering question is what factors contributed to the unsuccessful sale and whether the market sentiment toward the Cybertruck is shifting.
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Over the past week, this auction attracted over 500 comments but only received a total of 19 bids. Five days before the sale concluded, the bid had already reached $150,000, but in the subsequent days, it increased by merely $8,000. As the auction approached its end, only three bids were placed by two bidders.
Despite the final bid coming in at $158,000, a full $41,000 over MSRP, the seller wouldn’t accept it having set a higher reserve price. That seems to indicate quite a bit of greed on the part of the current owner who claimed to have an exemption from Tesla’s anti-flipping policy. If true, it would mean that he’s almost certainly turning down pure profit for no reason other than to do so.
More: Here’s How To Jump The Cybertruck Line And Get Early Delivery
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It’s plausible too that many in the potential bidding pool on Cars&Bids simply weren’t convinced that the truck was exempt. The seller never gave specific details about how they managed to avoid the flipping clause. One auction commenter rightly pointed out that if the seller is wrong, it could turn into a legal battle for the end buyer.
Should Tesla try to fight the sale, it could’ve gone after the profit from the seller. In turn, that could’ve limited the seller’s ability to pay off the lien on the title. Finally, they couldn’t get the title and transfer it to the new buyer had those events happened. That’s to say nothing of Tesla’s stance that it might try to stop the title transfer in some Cybertruck sales.
Is The Market Slowing?
The President of the national wholesale dealer Give Me The Vin says he’s sold five Cybertrucks. The first made news when it traded hands for $244,500. The next four sold for $195,500, $189,000, $175,000, and $171,000 concurrently. Wolfe comments, “So for anyone paying attention, the market continues to go down on the Cybertruck.” This latest failed sale seems to indicate that he’s right.
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