Electric vehicle leader Tesla Inc TSLA completed the first deliveries of the highly anticipated Cybertruck electric pickup truck recently.
The extensive waiting list for the Cybertruck could result in several years of delay before some customers get their vehicle. Some people who want a Cybertruck are turning to auction site eBay Inc EBAY to get some help in advancing their position in line.
What Happened: A production ramp-up of the Cybertruck could see the company produce 250,000 units annually by 2025. Before reaching this target, fewer Cybertrucks will be made, and select models in the "Foundation Series" might be priced above $100,000.
The Foundation Series Cybertrucks are limited edition versions and will be among the first delivered by Tesla to the public. While the price tag for the early deliveries are high, some people are willing to shell out additional dollars to move up in the line.
First unveiled in November 2019, the Cybertruck had over 250,000 reservations within a week through a $100 refundable deposit. Tesla has since confirmed that over one million reservations were placed for the Cybertruck and third-party estimates put the figure closer to two million reservations.
For those who didn't secure an early place in line for the Cybertruck or really want a Foundation Series version of the truck, listings have been popping up on auction site eBay.
In October, a search for "Cybertruck reservation" had eight results with prices ranging from $1,000 to $8,000. A completed sale at the time was recorded at a price of $2,000.
Fast-forward to today, and there are over 200 results on eBay for "Cybertruck reservation." A quick review of the completed auctions shows that people spent huge amounts to secure their position in the reservation line. Auctions were completed for $10,000, $7,900, $21,100, $7,500, $4,500, $5,000, $7,500 and other amounts over the last two days.
Related Link: Cybertruck Named ‘Disruptor Of The Year’ Ahead Of Delivery Event: ‘Elon Musk’s Stainless Steel Cyberpunk Fantasy’
Why it's Important: The auction listings, representing a spot in the reservation queue rather than the Cybertruck itself, could indicate the enormous demand for the vehicle. They also reflect the price people are willing to pay to bypass the multi-year waiting period for the Cybertruck.
Many of the sales mentioned above were for the Foundation Series version of the Cybertruck or had been listed as having a November 2019 reservation date, suggesting an early place in line.
As previously shared by Benzinga, there is the potential that Tesla may monitor the sales of reservation spots in the queue. This tracking could make the buying and selling of these places through auctions a risky move.
A new report from Electrek said Tesla has re-added a clause to the vehicle's purchase contract. Under the terms of the clause, Tesla could sue Cybertruck owners who try to sell the vehicle within the first year the vehicle is owned.
While it appears that the language in contracts and pre-sale documents has gone back and forth several times, it may be best to avoid buying and selling places in line for the Cybertruck.
An auction from the Peterson Automotive Museum saw an early VIN (vehicle identification number) Cybertruck sell for over $400,000.
Photo: Tesla
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
