:max_bytes(150000):strip_icc():format(jpeg)/tesla-7bbbea9b09244ce78abad1e7effa1e87.jpg)
Elon Musk’s recent behavior, including his efforts to shut down numerous federal agencies and programs, has had a dramatic impact on the car company he runs and owns a large stake in, Tesla. Not only are sales of new Teslas down significantly both domestically and abroad, at a time when electric vehicle sales overall are up, but growing numbers of current owners are abandoning their Teslas for other automakers’ vehicles.
Tesla owners who are thinking of trading in or selling could be surprised by how little they’re able to recoup. Here are some of the driving factors and their implications for EV drivers.
Key Takeaways
- Prices for used Teslas have been falling, reducing their trade-in and resale value.
- Political disagreement with Elon Musk’s actions is one reason for the glut in used models, but not the only one.
- Tesla owners can get an estimate of what their Tesla is currently worth by using an online calculator.
What’s Behind Tesla’s Lower Values
As more used Teslas have hit the market, the demand for them has not kept pace and prices have fallen accordingly.
As the headline on a CNN Business report described the situation in late March of 2025, “The Used Tesla Market Is Crumbling.” At that point, the article noted, “used Tesla prices are falling at more than double the rate of the average used car price,” based on data from the automotive website CarGurus.
The decline may not be entirely due to Tesla owners’ displeasure with Musk as the trend in lowering values dates back to at least the summer of 2024. Among the driving factors: a series of steep price cuts on new Teslas in recent years and a greater selection of used EVs from other automakers. In addition, the article noted, “electric vehicles tend to depreciate in value 11% more rapidly” than gasoline-powered ones.
What Tesla Owners Can Expect
Tesla owners hoping to trade in their Tesla for another vehicle, or simply sell it to someone else, may be disappointed by how much money they’ll get in return. In a worst-case scenario, if they have an auto loan, they might find that they owe more on the car than they could get for it, as some owners have reported on social media.
For those who lease their Tesla rather than own it, they might just want to ride it out to the end of the lease. That’s assuming they’re not worried about the reports of vandalism and harassment directed toward Tesla drivers.
Owners can get a rough idea of what their Tesla might be worth by using an online calculator. The automotive site Edmunds, for example, has an online calculator that will give an estimate after inputting the car’s year and model. It says it can provide a more precise estimate if users enter their car’s license plate number or VIN.
Warning
Bear in mind that if Tesla’s resale values continue to fall, any estimate someone gets today could be overly optimistic in the future.
The Bottom Line
Tesla owners who are angry with Elon Musk or don’t want to be associated with him are in a tough spot: They can either continue to drive their cars or they can sell, possibly at a substantial loss.
