Tesla is facing an unprecedented boycott.
Protests at showrooms and acts of vandalism against Tesla vehicles have popped up around the world due to CEO Elon Musk’s affiliation with President Donald Trump and other far-right parties. Musk has also been a driving force behind the “Department of Government Efficiency,” his government project behind the mass firing of federal workers and potential future cuts to Social Security. And, of course, throwing up a so-called “Roman salute” gesture has also affected Tesla’s sales.
The boycott has resulted in Tesla’s EV car sales dropping by as much as 76 percent in some markets. However, it’s not just Tesla’s potential customers who are turning away from the company. Tesla owners want out now, too.
Tesla is somehow missing $1.4 billion
According to new data from online car inventory platform Edmunds, March 2025 saw the highest monthly share of Tesla trade-ins on record. Drivers have traded in a record number of Tesla vehicles this month. Tesla models from 2017 or newer have made up 1.4 percent of all vehicles traded in as of March 15.
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That’s up by a full percentage point from last March when Tesla cars only made up 0.4 percent of trade-ins.In addition, Edmunds analysts said that number is likely to go up as the second half of the month rolls on and they receive more trade-in data.
Edmunds says that in February 2025, Tesla made up 1.2 percent of all trade-ins, so this month’s numbers have already exceeded last month’s, and there is plenty of time left to go. According to Edmunds, this data excludes trade-ins towards new Tesla purchases, so these aren’t cases of customers trading up for a newer Tesla vehicle.
Edmunds’ data also showed that interest in buying new Tesla vehicles has dropped to its lowest levels since October 2022. Car buyers who are considering a Tesla vehicle now sit at 1.8 percent of shoppers. It previously peaked in November of last year with 3.3 percent.
As for Tesla owners looking to sell their EVs, Mashable previously reported how Tesla user car prices have cratered due to Musk. On average, the price of used Tesla vehicles has fallen by 10 percent, which is a much bigger drop in value than used cars made by other automotive brands.
