Tesla Trade-Ins Surge Amid Protests Against Elon Musk

Motorists are trading in Tesla vehicles at record levels amid protests against Elon Musk’s advisory role to President Trump. Trade-ins for Teslas have surged significantly in March, with many former owners expressing dissatisfaction over Musk's political involvement and Tesla's market saturation. Analysts predict further declines in Tesla's used car prices.

Motorists are trading in Tesla vehicles in record numbers this month as protests against CEO Elon Musk's advisory role to President Donald Trump take center stage. Data from Edmunds reveals that Tesla trade-ins accounted for 1.4% of all vehicles traded in by mid-March, a significant increase from 0.4% in March of the previous year.

This surge in trade-ins marks the highest monthly share of Tesla vehicles traded in that Edmunds has recorded. The increase occurs amid backlash against Musk's involvement with the Trump administration and activists organizing Tesla Takedown demonstrations across the U.S. Concerns over brand loyalty, depreciation, and market saturation are contributing factors, according to Jessica Caldwell, Edmunds' head of insights.

Amid dwindling interest in new Tesla purchases, Tesla's stock has nearly halved since reaching its peak in January. The drop in consumer sentiment opens opportunities for legacy automakers and EV startups to attract former Tesla owners. Edmunds' data shows a decline in consideration for new Teslas, further affecting the company's sales estimates.

(With inputs from agencies.)