(NEXSTAR) – Edmunds, a well-liked on-line automotive useful resource, says its information exhibits a “potential shift” in consumers’ emotions towards Tesla autos — based mostly partly on a record-high variety of Tesla trade-ins.
The Tesla model has grow to be a goal of criticism by critics of CEO Elon Musk, who’s now additionally an advisor to President Donald Trump and a key determine on the Division of Authorities Effectivity (DOGE), which has taken controversial actions to slash authorities spending.
Musk critics have organized dozens of peaceful demonstrations at Tesla dealerships and factories throughout North America and Europe. However some dealerships and autos have additionally been vandalized — acts which Legal professional Normal Pam Bondi has labeled “domestic terrorism.”
Some Tesla house owners, including U.S. Senator Mark Kelly (D-Ariz.) who feuded with Musk, have additionally vowed to do away with their autos. Celebrities together with Jason Bateman and Sheryl Crow have carried out the identical factor.
Activists within the San Francisco Bay Space have additionally hung fliers urging residents to do away with their “swasticars,” an obvious reference to accusations that Musk tried to carry out Nazi salutes at Trump’s second inauguration in January.
“We will get again at Elon,” a protestor exterior a Tesla dealership in Boston advised the Associated Press earlier this month. “We will impose direct financial injury on Tesla by exhibiting up at showrooms in all places and boycotting Tesla and telling everybody else to get out, promote your shares, promote your Teslas.”
However are these boycotts having any impact?
Regardless of the purpose, Tesla trade-ins have reached an all-time excessive, Edmunds information exhibits. Particularly, Edmunds noticed that Tesla autos (mannequin years 2017 or newer) accounted for 1.4% of trade-ins towards non-Tesla automobiles in March 2025 — a proportion that represents a file excessive for Tesla. (For comparability, that proportion one yr earlier in March 2024 was 0.4%.)
Buyers aren’t looking for out new Teslas on the similar fee they used to, both, no less than in accordance with Edmunds. The corporate’s information exhibits purchaser consideration for brand new Tesla autos fell to 1.8% in February 2025 (the “lowest level since October 2022”) from a excessive of three.3% in November 2024.
There was no vital drop, nonetheless, in customers looking for out used Teslas. Costs have but to fall considerably for the model’s used autos, however Edmunds’ analysts predict that to alter on account of elevated trade-ins.
Jessica Caldwell, Edmunds’ head of insights, acknowledged that Musk’s political opinions and relationship to Trump might have alienated present Tesla house owners, however believes many simply can’t afford to dump their automobiles for a brand new one.
“The fact is many shoppers are usually not in a monetary place to switch a newly bought car instantly — particularly in immediately’s market, the place used EVs face vital depreciation in comparison with their [internal combustion engine] counterparts,” Caldwell stated.
One resident of Chicago advised Nexstar’s WGN that he’s certainly contemplating promoting his Tesla anyway, following an incident through which his automotive was vandalized with a swastika sticker and a sticker that stated “Heil Elon.”
“If it comes right down to it, I might need to [sell it],” Peter Katz advised WGN. “It’s going to be at a loss as a result of, now, the worth of the automotive goes to go down as a result of everyone seems to be making an attempt to do away with them.”
However Katz, if he sells his automotive, might be within the minority, Caldwell stated.
“In contrast to switching smartphone manufacturers or streaming providers, changing a automotive is a significant monetary resolution, and even essentially the most disillusioned Tesla house owners will possible maintain onto their autos out of necessity,” Caldwell stated.
Tesla’s inventory costs, in the meantime, have struggled since popping in December 2024, shedding nearly half their worth since that point. Trump has since held an occasion to tout Tesla’s vehicles at the White House, and present Commerce Secretary Howard Lutnick has urged Americans to buy Tesla stocks. Each actions have prompted ethics issues and requires investigations.
Home Oversight and Authorities Reform Committee rating member Rep. Gerry Connolly (D-Va.), in a letter to the appearing basic counsel for the Division of Commerce on Thursday, known as Lutnick’s remarks a transparent violation of the Requirements of Conduct.
“That is simply the most recent instance of the Trump Administration utilizing taxpayer assets to counterpoint the President’s inside circle,” Connolly stated.
The Related Press contributed to this report.
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