The used car market has seen a record surge in Tesla listings, with over 13,000 used Teslas posted for sale in March. This marks a 67% year-over-year increase and comes amid nationwide protests dubbed the “Tesla Takedown,” which targeted Elon Musk’s growing political affiliations.
What’s Driving the Surge in Used Tesla Listings
Two main factors are driving the spike in listings:
- Tesla’s massive growth between 2021 and 2023, which naturally feeds into the used market now
- Elon Musk’s increasingly polarizing public image
According to a spokesperson at Cox Automotive, Musk’s new high-profile job as DOGE boss and presidential confidant is influencing some owners and buyers. Stephanie Valdez Streaty, director of industry insights at Cox Automotive, said that Musk’s political and public persona is creating “significant challenges” for Tesla, compounding issues like rising competition and an aging vehicle lineup.
Impact on Used Tesla Prices
The surge in used Tesla inventory is weighing on prices. According to CarGurus, the average used Tesla now sells for about $10,000 less than other electric vehicles.
Tesla’s Efforts to Regain Momentum
Tesla is trying to regain momentum with two major launches this year:
- A more affordable EV model expected in the first half
- A robotaxi service slated to debut in Austin, Texas, in June
Despite experiencing a decline in sales, Tesla remains a dominant force in the domestic EV market, with a commanding 43.5% market share. However, a new consumer survey revealed that Musk is making Americans less inclined to purchase a new Tesla.
Tesla’s Expansion and Stock Performance
Tesla’s expansion into new markets, such as Saudi Arabia, highlights its global ambitions despite challenges in Europe. According to proprietary rankings, Tesla holds a momentum rating of 90.20% and a growth rating of 67.67%. The consensus price target for Tesla is $299.99, based on evaluations from 29 analysts, indicating a potential upside of 20.58%.