Despite Tesla CEO Elon Musk’s close ties with U.S. President Donald Trump and his role in overseeing the government's Department of Efficiency initiative, his increasingly vocal political positions appear to be triggering a backlash among American consumers—one that’s now showing up in the used car market.
According to recent reports, secondhand Tesla prices are plummeting, and some analysts are linking the trend to growing dissatisfaction with Musk himself.
CNN reported that data from Cars.com shows a 16% drop in searches for used Teslas, even with Trump’s public endorsement of the brand.
In contrast, searches for non-Tesla used EVs rose by 28%.
More notably, Tesla’s resale values have cratered, with the Cybertruck seeing the steepest fall.
CarGurus data indicates that used Cybertrucks are selling for 58% less than the original price.
Several Tesla owners interviewed by CNN expressed frustration with Musk’s actions and regretted their purchases.
Pam Perkins from Northern California said, “If someone made me a decent offer, I’d sell my Tesla in a heartbeat.” Jennifer Trebb from Ohio added, “Every time I see my Model Y, I think about Musk’s role in a government that goes against my values.”
Reuters cited Edmunds.com data showing that the turnover rate of Tesla vehicles jumped from 0.4% to 1.4% compared to the previous year.
Edmunds executive Jessica Caldwell suggested that while several factors—like depreciation and market saturation in urban areas—are at play, a growing number of owners are specifically reacting to Musk’s public persona.
Marketing professor Ike Silver of USC told CNN that Tesla is becoming increasingly polarizing.
While the company is losing support among liberal consumers, it is gaining traction with right-wing buyers.
“The key for Tesla now,” he said, “is whether they can attract enough conservative buyers to make up for the progressive ones abandoning the brand.”
Cars.com analyst David Greene echoed this sentiment, noting that competition from other EV brands is also affecting Tesla’s used car values.
In February, the site listed 76 used EVs for sale, up 18 units from the previous year.
Greene added that rental companies—who own about 70% of all EVs in the U.S.—are likely to flood the market with used vehicles in coming years as they rotate their fleets, potentially driving prices even lower.
In a market where brand image is as important as performance, Elon Musk’s public profile may be turning from Tesla’s greatest asset into one of its biggest liabilities.