Tesla Owners Face Sharp Trade-In Losses Amid Backlash Against Musk

ARLINGTON, Va. — Tesla owners looking to sell their vehicles are facing significant losses as trade-in prices plunge dramatically. According to data from CarGurus, the average price of a used Tesla has slumped to about $30,000, which is $10,000 less than that of other non-Tesla electric vehicles. This decline has been notable, as used Tesla prices have fallen from a peak of over $70,000 in 2022.

The steep drop in resale values has raised concerns among owners. Prices for used Teslas have decreased approximately 10% since August, when the average resale price exceeded $33,000. These losses are tied not only to market fluctuations but also to growing backlash against CEO Elon Musk, whose recent actions have led to many current owners seeking to offload their vehicles.

In 2025, the most affordable new Tesla, the Model 3, retails for above $40,000 after taxes and fees. With fresh evidence showing falling resale prices, some owners have taken drastic steps, vowing to sell their cars in protests against Musk. Notably, one singer announced her intention to sell her Tesla and donate the proceeds to NPR as a statement against the billionaire.

Scott Oran, a real estate developer from Boston, expressed concerns about the brand’s future. “I feel embarrassed to be driving it,” Oran said about his decision to sell his Model 3. He fears that the increasing number of Tesla owners wanting to sell, coupled with high-profile vandalism incidents, will further drive down resale values.

Oran elaborated, “Through Elon Musk’s actions, he’s probably irrevocably damaged the Tesla brand.” This sentiment is echoed by other Tesla owners who have struggled to sell their vehicles at fair market value. With more electric vehicles entering the market, used EVs are becoming increasingly affordable, further impacting Tesla’s resale potential.

Last year, the rental giant Avis listed over 30,000 Teslas for sale from its fleet, adding to the saturation of used Teslas available on the market. Additionally, the company has slashed prices on new models in an effort to boost sales, leading to decreased demand for used Teslas.

Meanwhile, Tesla’s stock has not fared well either, plummeting by over 50% since December. This slump follows an initial surge in the stock after Donald Trump‘s election victory, but the stock faced a stark 15% drop in one day recently, losing approximately $29 billion in market value.

As Tesla prepares to introduce more affordable models this summer and plans to launch a new product in June, the automaker continues to confront challenges in both domestic and international markets. Tesla did not immediately respond to requests for comment.