Tesla Trade-Ins are on Track for an All-Time High Despite Elon Musk Reaction

According to Edmunds statistics, motorists traded in a record number of Tesla electric vehicles in March despite a surge of demonstrations over CEO Elon Musk’s role as an adviser to US President Donald Trump. According to Edmunds statistics, Tesla vehicles from model years 2017 and newer accounted for 1.4% of all cars traded in till March 15, up from 0.4% in March 2024. Analysts at the national vehicle purchasing website believe that share will increase in the second part of the month.

Teslas accounted for 1.2% of all vehicles traded in February, the first month under the Trump administration.  In March, Edmunds recorded the highest monthly share of Tesla trade-ins for new or used dealerships purchasing trade-ins for other direct-to-consumer brands. The Trump administration’s Department of Government Efficiency is led by Elon Musk, and activists across the US have staged “Tesla Takedown” demonstrations. According to Edmunds, Tesla’s used prices have declined with competing EVs from Ford, Kia, and Hyundai. Edmunds researchers predict that used Tesla prices will fall further when reconditioned Tesla trade-ins become available.

Anger against the brand has led to Tesla automobiles being set on fire and damage to the company’s showrooms and charging points. Mr Trump has stated that he would classify such assaults as domestic terrorism. Tesla stock, which jumped following Mr Trump’s election in November on optimism that the new government would make it easier for the firm to roll out robotaxis, has fallen by more than 40% from its January peak. Mr Musk attempted to convince Tesla employees that, despite “rocky moments,” they should “hang on to” their shares during an unexpected all-hands meeting on March 20 in Austin, Texas, which the billionaire CEO aired live on his social media network X.

“If you read the news, it feels like Armageddon,” he warned the staff at the meeting. “I can’t go by a television without seeing a Tesla on fire. I understand if you do not want to purchase our stuff but you do not have to burn it down.” Mr Fred McKinney, a corporate consultant, traded in his 2018 Tesla Model 3 in February to express his displeasure with Mr Musk.

“I considered putting a bumper sticker on my car that said ‘I detest Musk.’ But selling the automobile feels so much better,” he said in a LinkedIn post. “If you are considering a new EV, under no circumstances consider buying a Tesla.” Edmunds data also indicated that consumers’ contemplation of new Teslas fell to 1.8% in February, the lowest level since October 2022, following a peak of 3.3% in November. Tesla’s sales are anticipated to fall 10% in February, owing to reductions in its Cybertruck pickup, Model 3 sedan, and Model Y sport utility vehicle, according to separate predictions from market research company Cox Automotive released on March 20.