Tesla owners offloading their cars over Elon Musk backlash are in for a nasty surprise

• Some Tesla owners are considering selling their cars as backlash against Elon Musk and DOGE grows.
• They may have to take a serious haircut, with prices for used Teslas plummeting in recent years.
• The average price of a pre-owned Tesla is now $30,000, nearly $10,000 less than a non-Tesla EV, per CarGurus data.

Tesla owners selling up amid backlash against Elon Musk should be prepared to take a big loss.

Tesla resale values have collapsed in recent years, with the average price of a used Tesla now $10,000 less than that of a non-Tesla electric car, according to data from dealership website CarGurus.

Used Tesla prices have been in freefall since 2022, dropping from a high of over $70,000 to hit $30,000 in February, per CarGurus data. Prices have dropped around 10% since August 2024, when the average Tesla resale price was over $33,000.

The cheapest new Tesla on sale in 2025 is the Model 3, which costs over $40,000 after estimated taxes and fees, according to Tesla's website.

Fresh evidence of falling resale prices comes as CEO Elon Musk's cost-cutting efforts at DOGE have sparked a backlash against the billionaire's car company, with some owners vowing to get rid of their cars as Tesla showrooms and vehicles become targets for protests and vandalism.

Singer Sheryl Crow said she was selling her Tesla last month and donating the proceeds to NPR in a protest against Musk.

Angel investor Joanne Wilson, meanwhile, told Business Insider she was ditching her Model S and floated the idea of letting members of the public smash it with hammers.

Scott Oran, a real estate developer who lives near Boston, told BI he decided to sell his Model 3 after Musk's political moves left him "embarrassed" to be seen driving it.

Oran said he wanted to sell his Tesla as quickly as possible, adding he was concerned that the number of Tesla owners flocking to sell their cars and the high-profile vandalism cases could see the resale value drop even further.

"I think, unfortunately, through Elon Musk's actions, he's probably irrevocably damaged the Tesla brand," said Oran.

Lackluster resale values have been a headache for Tesla owners for a while. Tesla owner and investor Ross Gerber told BI he was struggling to sell his car at anything like fair market value last July.

Used EVs have become more affordable as a growing number of new electric models have hit the market.

Having led the way in selling EVs, Teslas are now by far the most common vehicle on the used electric market, per CarGurus' data. Rental giant Hertz listed over 30,000 Tesla vehicles from its fleet for sale last year.

Demand for used Teslas has also been hit by the company cutting prices on its brand-new models as it tries to drive sales.

Tesla's share price has plummeted in recent months, dropping more than 50% since December, having surged in the weeks after Donald Trump's election victory. On Monday alone, the stock dropped 15%, cutting Musk's net worth by $29 billion in a single day.

Tesla did not immediately respond to a request for comment from Business Insider.

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