According to Reuters, data from the car-buying website Edmunds shows that the number of Tesla vehicles traded for other brands has increased by 3-4 times compared to the same period last year. In March 2024, Edmunds reported that only 0.4% of all vehicles traded on the platform were Teslas, but this number rose to 1.2% in February and 1.4% in March (only considering the first half of the month), the highest Edmunds has seen for the Tesla brand. The company expects these numbers to increase even further in the latter half of this month.
Jessica Caldwell, Edmunds’ data analysis expert, highlights that customer loyalty to the Tesla brand is undergoing a critical questioning phase, especially after Elon Musk became involved in government affairs. Nevertheless, Edmunds notes that the pricing issue for second-hand Teslas is on par with other EV brands.
Furthermore, Edmunds also notes a decline in interest in purchasing new Tesla vehicles, dropping to 1.8% in October 2022 after peaking at 3.3% when Donald Trump won the election in November 2024.
TLDR: The trading of Tesla vehicles for other brands has increased significantly, with interest in new Tesla vehicles dropping, possibly due to pricing issues and changes in brand loyalty amidst Elon Musk’s involvement in government affairs.
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