Tesla’s stock price has fallen since President Donald Trump’s support for the company, despite record-low prices on the used market. A recent survey found that searches for used Teslas decreased 16% over the past month, while demand for non-Tesla electric vehicles increased 28%. CarGurus reports that used Tesla prices are falling at a rate more than double the average used car price.
Tesla owners who want to sell their cars are struggling to find buyers, citing vandalism and protests against CEO Elon Musk. Some owners have reported financial losses of up to $20,000 on their vehicles. However, experts say it’s too soon to determine if Musk’s role in the government is affecting sales.
The company’s struggles can be attributed to increased competition in the market, with more inventory and Cybertrucks hitting the used market. Tesla has also initiated price cuts to compete. The used car market follows new market trends, where electric vehicles tend to depreciate in value 11% more rapidly than gasoline-powered cars.
Despite the controversy surrounding Musk, some experts believe that Tesla may be strengthening its fan base among conservative voters, who are increasingly attracted to the brand. However, it’s unclear whether this growth will outweigh the losses of angry customers on the left side of the political spectrum.
Source: https://edition.cnn.com/2025/03/20/business/even-used-teslas-are-falling-out-of-favor/index.html