Tesla cars from model year 2017 or newer accounted for 1.4% of all the vehicles traded in until March 15, up from 0.4% in March last year, according to data provided to Reuters by Edmunds. Analysts at the national car shopping website said that share could grow through the second half of the month.
March's trade-ins so far would be the highest monthly share Edmunds has on record of Tesla trade-ins toward new or used purchases at dealerships, if the trend continues. This excludes trade-ins toward new purchases of Teslas and EVs from other direct-to-consumer brands.
Social media has been rife with posts from Tesla owners in the U.S. and some European countries showing them giving up their vehicles in displays of anger toward Musk.
“Brand loyalty is becoming a bigger question mark as factors such as Elon Musk's increasing public involvement in government, Tesla depreciation concerns and its increased saturation in major metro areas leave some longtime owners feeling disconnected from the brand,“ said Jessica Caldwell, Edmunds’ head of insights.
Tesla has said it expects the vehicle business to return to growth this year, after a small drop in 2024.
Used Tesla prices will likely decline further as Tesla trade-ins that are undergoing reconditioning reach the market, Edmunds analysts said.
Trump has said he would label such attacks as domestic terrorism.
Fred McKinney, a corporate consultant, traded in his 2018 Tesla Model 3 last month to show his disapproval of Musk.
Data from Edmunds also showed shoppers' consideration of new Teslas dropped to 1.8% last month - the lowest level since October 2022 - after peaking at 3.3% in November.
“These shifts in Tesla consumer sentiment could create an opportunity for legacy automakers and EV startups to gain ground,“ Caldwell said.
“As Tesla brand loyalty and interest waver, those offering competitive pricing, new technology, or simply less controversy could capture defecting Tesla owners and first-time EV buyers.”
Read More Details
Finally We wish PressBee provided you with enough information of ( Tesla trade-ins on pace for record high amid Musk backlash )
Also on site :