Prices For Tesla Used Electric Vehicles Plummet

The resale value of Tesla used cars is declining as owners sell their cars due to the accumulated backlash over Elon Musk’s involvement in his Department of Government Efficiency (Doge).

The average price of a used Tesla car fell by more than 10 percent in March, compared to the same month last year, according to data from iSeeCars, a website specializing in used cars.

This is also the largest decline for a single automotive brand within the data tracked by the aforementioned site.

Used Model S and Model Y prices are down 17.2% and 13.1% year-over-year, respectively, and the average price of a Model 3 is currently hovering just above $26,000.

This decline is occurring even though average used car prices globally increased in March this year for the first time in two and a half years, according to iSeeCars.

The negative trend is a result of a growing number of Tesla drivers selling their vehicles as protests against CEO Elon Musk rage. Used car site Autotrader saw a record number of Tesla models in March.

Musk’s work to cut federal spending under the Trump administration has turned Tesla’s vehicles and showrooms into targets of protests and vandalism and “diminished” its customer base.

In parallel with the collapse in the value of used car sales, Tesla is also having difficulty selling new cars.

• Also See: Tesla Is Still Collecting Payments For The Roadster That Was To Arrive Back In 2020