Tesla’s sales have been declining since 2023, but the company is facing increased competition in the electric vehicle (EV) market. Data shows that the number of used Teslas on lots has skyrocketed nearly 196% as of March, effectively tripling compared to an around 124% increase among electric vehicles excluding Tesla and a nearly 94% increase for non-EVs.
The surge in used EV listings can be attributed to several factors. First, spring is a busy time for buying new cars, which has led to an increase in used car inventory. However, Teslas and other used EVs have been harder to sell due to concerns around price, charging, and batteries.
CoPilot CEO Pat Ryan attributes the difficulty in selling used EVs to their higher cost and added hassles of charging and battery issues. “There are more used EVs on lots because they are more difficult to sell,” he said. “They’re more expensive, they come with the added hassles of charging and battery issues, and consumers are definitely shying away from them more in recent months.”
Despite this, Tesla is still leading the number of used EVs going up for sale. However, the automaker faces much stiffer competition with a wider pool of EVs to choose from, complicated by the loss of exclusive access to its charging stations and Elon Musk’s involvement in politics.
Cox Automotive’s director of industry insights, Stephanie Valdez Streaty, notes that Tesla’s high watermark as an automaker may be in the past. The rise in Tesla EV listings is partly due to more product availability with all EVs. However, controversies surrounding Musk have not been beneficial to the brand, and a February 2024 survey found that favorable opinions of Tesla among Republicans rose 16 points from August, while falling 22 points among Democrats.
Currently, the average price for a used Tesla has fallen to $29,959 in March, compared to $33,225 a year ago. With Trump’s wide-reaching tariffs expected to make car prices less affordable, it remains to be seen if this trend will continue throughout 2025.
Source: https://www.consumeraffairs.com/news/used-teslas-for-sale-have-tripled-and-its-not-just-because-of-elon-musk-040425.html