WTF?! Tesla's Cybertruck finally hits the roads this month after years of delays. Buying a unique vehicle like this will undoubtedly come with the risk that you won't like it, but at least there's always the option to resell, right? Not according to an update to Tesla's Motor Vehicle Purchase Agreement, which reserves the right to sue Cybertruck owners for $50,000 or more if they try to sell their vehicle in the first year of ownership.
As with any new and in-demand product, there's a chance some people will buy a Cybertruck just to resell it for a profit. The fact that an early model went for $400,000 at an auction last month is likely to have excited scalpers even further.
But Tesla has added a section to its Motor Vehicle Purchase Agreement titled "For Cybertruck Only" that requires users to agree not to sell or otherwise attempt to sell the vehicle within the first year following its delivery date.
Any buyers who decide to ignore the warning may find Tesla seeking injunctive relief to prevent the transfer of title of the Cybertruck. The company also demands damages from the seller in the amount of $50,000 "or the value received as consideration for the sale or transfer, whichever is greater."
If that isn't enough of an incentive to avoid flipping a Cybertruck, Tesla adds that anyone who does this may also be banned from buying one of its vehicles in the future.
Good news for Cybertruck buyers: Tesla is contractually preventing reselling in the first year of ownership!– Matthew Donegan-Ryan (@MatthewDR) November 11, 2023
Tesla will receive first right of refusing to repurchase Cybertrucks.
If buyers break the contract, Tesla can sue for $50k or the profit made on the sale.
You may… pic.twitter.com/5YPH07FAtO
Tesla said it may grant exceptions to some people who want to sell their Cybertruck in the first year - presumably if they need to do it for the likes of medical reasons. However, they must get written consent from the EV giant first.
In these cases, Tesla will purchase the truck itself. The company will reduce the price it pays the owner by $0.25 for every mile on the clock, while wear and tear and the cost of repairs will also be factored into the price. The company said it may potentially allow the sale of the vehicle to a third party, too.
Only a small number of select customers will receive a Cybertruck this month as mass production doesn't begin until next year. The company says it currently has over a million reservations for its new EV.