Tesla owners are significantly impacting the used car market as they opt out of the brand, leading to a drop in prices. The shift comes as Elon Musk’s growing political power within President Donald Trump’s administration coincides with declining stock and sales.
Musk’s influence on Tesla’s value has also led to vandalism and protests against the company, symbolizing broader opposition to Musk and Trump. According to market data, used Teslas are now the most common electric vehicles for sale, with prices plummeting by $10,000 compared to other brands.
In 2024, Hertz had listed 30,000 Teslas, but only around 14,000 remain on the market in the US, mostly priced at $30,000. In contrast, used Teslas were previously valued at $70,000.
As a result, some Tesla owners have publicly expressed their dissatisfaction with Musk’s actions, including singer Sheryl Crow, who donated funds raised from selling her Tesla to National Public Radio after expressing concerns about the company being under “threat by President Musk”.
Additionally, protests in Europe have linked Musk to Nazi ideology due to his actions during Trump’s inauguration. In Germany alone, registrations for Teslas declined by 75% over the past year, and a study found that 30% of Tesla owners were considering selling their vehicles, with Musk’s personal reputation being cited as the main reason.
As Musk’s role in the Department of Government Efficiency continues, his influence on foreign elections remains a concern.
Source: https://www.newsweek.com/tesla-owners-selling-cars-elon-musk-2044017