The used car market is flooded with Teslas.
March saw a record number of listings for used Teslas on Autotrader, according to data from its parent company, Cox Automotive.
As “Tesla Takedown” protests swept across the country in the final week of March, more than 13,000 used Teslas were up for sale, according to the data. That’s up 67% year over year.
The data, which was first reported by Sherwood, comes as more Tesla owners tried to offload their vehicles amid ongoing backlash over Elon Musk’s political work with DOGE.
The average price for a used Tesla has declined in recent years, with value plunging more steeply in the wake of Musk’s work with the Trump administration. A used Tesla will now fetch you around $10,000 less, on average, than other electric vehicles, according to data from the dealership website CarGurus.
A spokesperson for Cox Automotive told BI over email that the record March listings likely boil down to two main factors
First, “Tesla’s rapid growth between 2021 and 2023,” the spokesperson said. “With many more Teslas entering the market, we would expect to see the same happening in the used market beginning now.”
Second, they added: “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.”
Earlier in March, Stephanie Valdez Streaty, Cox Automotive’s director of industry insights, told BI that Tesla was facing “significant challenges” beyond Musk-related damage to its brand, including fierce competition from rivals and an aging product lineup.
“It’s undeniable that Elon Musk is an influential factor whose actions are impacting the brand’s image and sales, and only time will tell if Tesla can successfully navigate this critical juncture and find a new engine for growth,” Streaty said.
Tesla is readying two major upcoming launches in the coming months. The company said it was on track to begin production of a “more affordable” model by the end of the first half of the year, and it’s also planning to launch its robotaxi service in Austin, Texas, in June.
In the meantime, if you’re in the market for a used Tesla, it looks like there’s plenty of inventory to choose from.
