Used Tesla prices are dropping much faster than other used EVs
Since just before the election, used Tesla prices have dropped 3x faster than non-Tesla EVs.
Tesla is becoming increasingly unpopular among Americans, and it’s showing up not only in new but also used car price data.
Since last October, just before the presidential election and when Tesla CEO Elon Musk first took the stage at a Donald Trump rally, the average price of a used Tesla on auto research and shopping site CarGurus has fallen about 7%, or more than triple the decline of non-Tesla used electric vehicles during that same time frame.
Going further back, since Musk began his acquisition of Twitter in the spring of 2022, which roughly coincided with him becoming more vocally right-wing politically, used Tesla prices have fallen about 57%, more than twice that of non-Teslas.
As of mid-March, the average selling price of a used Tesla was about $30,000 — or $10,000 less than other electric vehicles, on average.
The price decline is likely thanks to a confluence of factors:
More people trying to offload their Teslas, potentially adding extra supply to the market.
Muted consumer demand.
Used prices are also somewhat a reflection of new prices, and Tesla has been slashing those in an unsuccessful effort to move more vehicles.
