(NEXSTAR) – Edmunds, a popular online automotive resource, says its data shows a “potential shift” in buyers’ feelings toward Tesla vehicles — based partly on a record-high number of Tesla trade-ins.
The Tesla brand has become a target of criticism by critics of CEO Elon Musk, who is no
w also an advisor to President Donald Trump and a key figure at the Department of Government Efficiency (DOGE), which has taken controversial actions to slash government spending.
Musk critics have organized dozens of peaceful demonstrations at Tesla dealerships and factories across North America and Europe. But some dealerships and vehicles have also been vandalized — acts which Attorney General Pam Bondi has labeled “domestic terrorism.”
Some Tesla owners, including U.S. Senator Mark Kelly (D-Ariz.) who feuded with Musk, have also vowed to get rid of their vehicles. Celebrities including Jason Bateman and Sheryl Crow have done the same thing.
Activists in the San Francisco Bay Area have also hung fliers urging residents to get rid of their “swasticars,” an apparent reference to accusations that Musk attempted to perform Nazi salutes at Trump’s second inauguration in January.
“We can get back at Elon,” a protestor outside a Tesla dealership in Boston told the Associated Press earlier this month. “We can impose direct economic damage on Tesla by showing up at showrooms everywhere and boycotting Tesla and telling everyone else to get out, sell your stocks, sell your Teslas.”
A protester poses for a photo with his placard outside the Tesla dealership in London on March 15, 2025. (Krisztian Elek/SOPA Images/LightRocket via Getty Images)
But are these boycotts having any effect?
Whatever the reason, Tesla trade-ins have reached an all-time high, Edmunds data shows. Specifically, Edmunds observed that Tesla vehicles (model years 2017 or newer) accounted for 1.4% of trade-ins toward non-Tesla cars in March 2025 — a percentage that represents a record high for Tesla. (For comparison, that percentage one year earlier in March 2024 was 0.4%.)
Shoppers aren’t seeking out new Teslas at the same rate they used to, either, at least according to Edmunds. The company’s data shows buyer consideration for new Tesla vehicles fell to 1.8% in February 2025 (the “lowest point since October 2022”) from a high of 3.3% in November 2024.
There has been no significant drop, however, in shoppers seeking out used Teslas. Prices have yet to fall significantly for the brand’s used vehicles, but Edmunds’ analysts are expecting that to change as a result of increased trade-ins.
Protesters demonstrate outside of a Tesla dealership in Seattle on Saturday, March 15, 2025. (David Ryder/Bloomberg via Getty Images)
Jessica Caldwell, Edmunds’ head of insights, acknowledged that Musk’s political views and relationship to Trump may have alienated current Tesla owners, but believes many just can’t afford to sell off their cars for a new one.
“The reality is many consumers are not in a financial position to replace a newly purchased vehicle immediately — especially in today’s market, where used EVs face significant depreciation compared to their [internal combustion engine] counterparts,” Caldwell said.
One resident of Chicago told Nexstar’s WGN that he’s indeed considering selling his Tesla anyway, following an incident in which his car was vandalized with a swastika sticker and a sticker that said “Heil Elon.”
“If it comes down to it, I might have to [sell it],” Peter Katz told WGN. “It’s going to be at a loss because, now, the value of the car is going to go down because everyone is trying to get rid of them.”
But Katz, if he sells his car, is probably in the minority, Caldwell said.
“Unlike switching smartphone brands or streaming services, replacing a car is a major financial decision, and even the most disillusioned Tesla owners will likely hold onto their vehicles out of necessity,” Caldwell said.
Tesla’s stock prices, meanwhile, have struggled since popping in December 2024, losing almost half their value since that time. Trump has since held an event to tout Tesla’s vehicles at the White House, and current Commerce Secretary Howard Lutnick has urged Americans to buy Tesla stocks. Both actions have prompted ethics concerns and calls for investigations.
House Oversight and Government Reform Committee ranking member Rep. Gerry Connolly (D-Va.), in a letter to the acting general counsel for the Department of Commerce on Thursday, called Lutnick’s remarks a clear violation of the Standards of Conduct.
“This is just the latest example of the Trump Administration using taxpayer resources to enrich the President’s inner circle,” Connolly said.
The Associated Press contributed to this report. ...read more read less
