Some Tesla owners are rushing to sell their cars in protest of Elon Musk’s political stances and business decisions, but they’re facing a harsh reality—resale values for used Teslas have plummeted.
Key Facts:
- The average used Tesla price has dropped to $30,000, about $10,000 less than other used EVs.
- Tesla’s resale prices have fallen nearly 60% from their 2022 high of over $70,000.
- High-profile figures like singer Sheryl Crow and investor Joanne Wilson are selling their Teslas in protest.
- A surge in used Teslas on the market, combined with price cuts on new models, has driven down demand.
- Tesla’s stock has dropped over 50% since December, with a single-day drop cutting Musk’s net worth by $29 billion.
The Rest of The Story:
Tesla owners trying to offload their cars due to frustration with Elon Musk’s actions are finding out the hard way that the market isn’t on their side.
The resale value of used Teslas has collapsed, sinking well below that of other electric vehicles.
Data from CarGurus shows the average price of a used Tesla has fallen to $30,000, a significant drop from its peak of over $70,000 in 2022.
Celebrities and investors have led the charge in ditching their Teslas, often making public statements about their reasoning.
Sheryl Crow, for example, donated the proceeds from her sale to NPR as a statement against Musk.
Others, like real estate developer Scott Oran, said they felt “embarrassed” to be seen driving a Tesla.
A major factor driving the decline in resale values is the flood of used Teslas entering the market, including 30,000 former rental cars from Hertz.
Additionally, Tesla’s own price cuts on new vehicles have made used models less appealing.
Commentary:
For years, Tesla was the ultimate status symbol for a certain type of affluent, left-leaning people.
They loved the sleek design, the environmental message, and—most importantly—being associated with a brand that signaled innovation and progressivism.
Now, many of those same people are scrambling to distance themselves from Musk, only to find out that their once-valuable investment isn’t worth nearly as much as they thought.
It’s hard to feel bad for them in any way.
Tesla owners who flaunted their EVs as a moral high ground now find themselves taking massive losses, all because their political tribe turned on Musk.
While it’s unfortunate that Musk’s leadership decisions are hurting the company, it’s clear that many of these Tesla sellers are acting out of performative outrage rather than practical concerns.
On the flip side, former President Donald Trump has encouraged conservatives to buy Tesla’s, even purchasing one himself, showing his continued support for Musk.
BREAKING: President Trump buys a Tesla, $TSLA.
"Number one, it's a great product — as good as it gets — and number two, because Elon Musk has devoted his energy and his life to doing this and I think he has been treated very unfairly." pic.twitter.com/7MdpXxRqkA
— unusual_whales (@unusual_whales) March 11, 2025
It’s an interesting move, but it’s unlikely to shift conservative buying habits.
Republicans aren’t going to rush out and buy electric vehicles just because Trump and Musk are on the same side politically.
Most conservatives still prefer gas-powered trucks and SUVs, and no amount of political endorsement will change that.
The Bottom Line:
Tesla owners trying to unload their cars in protest of Elon Musk’s actions are facing brutal resale losses.
Many who once saw Tesla as a status symbol are now realizing the financial pain of their political choices.
Meanwhile, Trump’s support for Musk may boost Tesla’s image in some circles, but it won’t convince Republicans to embrace EVs.
At the end of the day, the market—not political posturing—determines value.
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