Tesla’s new Cybertruck is about 50% more expensive than initial estimates have foreseen.
The company’s CEO, Elon Musk, celebrated the public release of the Cybertruck on Thursday. Still, despite the hype over the event, some fans faced some sticker shock when they caught a glimpse of the electric pickup’s new price tag.
At a starting price of $60,990, Tesla’s long-awaited Cybertruck is roughly double the cost that Musk claimed it would be back in 2019.
Tesla’s Cybertruck comes in several configurations that range in price from roughly $61,000 to about $100,000. The three configurations include the “Rear-Wheel Drive” version at $59,990, the “All-Wheel Drive” version at $79,990, and the “Cyberbeast” at $99,990, according to the company’s website.
Many customers looking to buy an electric vehicle simply will not be able to afford Tesla’s new Cybertruck — especially with interest rates being what they are these days, according to Jessica Caldwell, head of insights at the auto research firm Edmunds.
Tesla’s new Cybertruck will definitely appeal to a “wealthier clientele that can afford the price point” and “want something that is unique and quirky,” said Caldwell, per Reuters. “That just isn’t a large segment of the population that can afford that.”
Regarding Tesla’s competition with automakers, Ford’s F-150 Lightning starts at $49,995, while Rivian’s R1T has a starting price of $73,000.
Despite the exorbitant price tag of Tesla’s Cybertruck, customers are eligible for up to $7,500 in Inflation Reduction Act (IRA) Federal Tax Credits for the Rear-Wheel Drive and All-Wheel Drive configurations. Customers can also receive an estimated gas savings of $3,600 over three years. This would lower the Rear-Wheel Drive configuration to a starting price of $49,890 and the All-Wheel Drive configuration to $68,890. The Cyberbeast is not eligible for tax credits under the IRA.
A “fully refundable” payment of $250 is due when reserving the Cybertruck.
