Record Number of Used Tesla Listings Amid Musk Backlash

As the backlash against Elon Musk grows, an unprecedented number of Tesla, Inc. TSLA owners are selling their cars, contributing to a significant decline in used vehicle prices.

Surge in Used Tesla Listings

What Happened: In March, the used car market experienced a substantial increase in Tesla listings. According to a report by Business Insider citing data from Cox Automotive, over 13,000 used Teslas were listed for sale on Autotrader. This represents a staggering 67% increase compared to the same time last year.

This uptick coincides with nationwide protests known as the “Tesla Takedown,” which focus on Musk’s growing political involvement, including his connections to the Donald Trump administration.

see also: Elon Musk’s Father Defends Tesla, Says Son Is ‘Doing The Right Thing’ And The Stock Would Recover To $600 By 2025 End: here’s What Analysts Think About TSLA

Factors Behind the Increase

A spokesperson from Cox Automotive explained that two factors are driving this surge in listings. First, Tesla’s growth from 2021 to 2023 is now influencing the availability in the used market. Second, Musk’s increasingly divisive public persona is affecting both current owners and potential buyers.

“We cannot ignore the influence of Elon Musk’s new high-profile job as DOGE boss and presidential confidant. That is certainly influencing some owners and buyers,” the spokesperson noted.

Stephanie Valdez Streaty, director of industry insights at Cox Automotive, elaborated on the situation, stating that Musk’s political and public image is creating “significant challenges” for Tesla. These challenges are exacerbated by rising competition and an aging vehicle lineup.

Impact on Used Vehicle Prices

Why It Matters: The influx of used Tesla vehicles is impacting market prices. According to CarGurus, the typical used Tesla now sells for roughly $10,000 less than other electric vehicles, highlighting a shift in consumer perception.

In an effort to regain market momentum, Tesla is launching two significant products this year: a new, more affordable EV model expected in the first half of the year, and a robotaxi service planned for a June launch in Austin, Texas.

Market Performance and Future Outlook

A report from Cox Automotive indicates that the U.S. EV market achieved a 10.6% year-over-year growth in the first quarter of 2025, although Tesla saw a decrease in sales during this period.

Notably, Tesla continues to hold a dominant position in the domestic EV market. Despite an 8.6% drop in sales compared to last year, Tesla commands an impressive 43.5% market share.

The company’s expansion into new markets like Saudi Arabia underscores its global aspirations, even as it faces challenges in Europe. However, a recent consumer survey showed that Musk’s actions may be making American consumers less willing to purchase new Teslas.

Benzinga’s Proprietary Edge Rankings assign Tesla a momentum rating of 90.20% and a growth rating of 67.67%. For additional Stock insights and growth opportunities, subscribing to Benzinga Edge is recommended.

The consensus price target for Tesla stands at $299.99, based on assessments from 29 analysts. Benchmark established the highest target at $475 on February 12, while GLJ Research provided the lowest at $24.86 on the same day. The latest targets from UBS, Mizuho, and Benchmark average around $305, suggesting a potential upside of 20.58%, as per Benzinga Pro data.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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