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The used Tesla market is crumbling changenow exchange
As Elon Musk continues to take an outsized and controversial role in the US government, reports of harassment of Tesla owners and vandalism of showrooms and vehicles are on rise. That may, in part, be contributing to plunging resale values and interest in used Teslas in the United States.
Though Tesla has enjoyed the attention of President Donald Trump, its stock price has erased all of its gains since Election Day. It reported its first-ever drop in global sales last year, and it faces stiff competition in China and slumping sales in Europe. In the United States, Musk, Tesla’s CEO, has faced blowback for his cost-cutting actions in the federal government.
Despite the record low prices for a Tesla on the used market and a prominent advertisement by the president of the United States, the cars have been having a tough time finding buyers, according to a March survey from Cars.com.
Searches for used Teslas decreased 16% over the past month, while demand for used non-Tesla electric vehicles has increased 28% over the past year.
And it’s not just internet searches. CarGurus, a car-buying site, found that used Tesla prices are falling at more than double the rate of the average used car price. The Cybertruck, the controversial steel-sided pickup, fared the worst of any Tesla vehicle, with a resale value 58% less than its original price, according to CarGurus.