A no-flipping clause may not dissuade owners from selling the EV for a quick profit
Production of the Tesla Cybertruck may have finally begun, but it’s going to be a while before there’s enough stock to meet demand. That’s why the few that do become available this year are likely to command insane markups.
A Florida Porsche dealership is currently selling a barely driven buzzy EV for nearly US$300,000, according to Automotive News. The asking price for the battery-powered pickup is significantly more than the dealership paid for it last week at auction and well over double its original sticker price.
The dealership in question, Porsche South Orlando, came into possession of its Cybertruck last week when it paid US$244,000 for the EV at auction. Because it was a dealership, as opposed to an individual, who placed the winning bid, it wasn’t too hard to figure out what the future held for the vehicle. And sure enough, in less than a week, it’s up for grabs again, as long as you’re willing to pay US$289,999 for it.
That’s right, the dealership is asking nearly US$45,000 more than it paid for the pickup. If that wasn’t shocking enough, that price is well over double what the original owner likely paid for the EV. The first examples of the Cybertruck that Tesla built are all Foundation Series variants. The limited-edition model comes fully loaded and is reportedly available for US$120,000, or US$20,000 more than the top-of-the-line Cyberbeast version that can currently be ordered through the company’s website.
If you’re wondering why someone would pay such a premium for the Cybertruck—even one with only 96 kilometres on the odometer like the dealership’s example—it’s because the EV is almost impossible to buy right now. Tesla only started building the massively hyped pickup last fall, four years after it was first announced, and three years after it was supposed to go into production. Despite this, the vehicle is still months away from being ready to enter “volume” production. That means that stock of the EV is sure to remain low-to-non-existent for the foreseeable future.
On top of this, Tesla has inserted an “anti-flipping” clause into its Cybertruck Motor Vehicle Purchase Agreement, according to Inside EVs. The contractual language states that owners who try to sell the EV within the first year might not be able to buy future Teslas. The last week suggests that amount might not be enough to dissuade flippers.
This story was first published on Robb Report USA
