Trade-ins of Tesla vehicles have reached record levels as some owners react to CEO Elon Musk’s evolving political affiliations, according to new data from Edmunds. The trend suggests a notable shift in consumer sentiment toward the electric vehicle (EV) maker.
Tesla vehicles from model year 2017 or newer accounted for 1.4% of all trade-ins through March 15, a significant increase from 0.4% in the same period last year, Reuters reported, citing Edmunds data. CNBC further noted that this represents the highest rate of Tesla trade-ins toward vehicles from other brands on record.
See also: Chinese EV Brands Overtake Tesla in February Sales Across Europe
While increased competition in the EV market is likely a contributing factor, Musk’s close ties to former President Donald Trump and his role as head of the Department of Government Efficiency (DOGE) may also be influencing customer decisions. Singer Sheryl Crow recently made headlines for parting ways with her Tesla, stating, “There comes a time when you have to decide who you are willing to align with.”
In recent months, Tesla has also faced security concerns, with dealerships and vehicles targeted by vandalism and arson. U.S. Attorney General Pamela Bondi warned that individuals engaging in such acts would face prosecution, calling the incidents “domestic terrorism against Tesla properties.” Some Tesla owners have also reported verbal harassment and vandalism, ranging from vehicles being keyed to being set on fire.
See also: Tesla Warns U.S. Government of Export Risks from Planned Auto Tariffs
Edmunds analyst Jessica Caldwell noted that this shift in sentiment “could create an opportunity for legacy automakers and EV startups to gain ground.” While the trend may benefit Tesla’s competitors, it comes at a challenging time for the automaker as it navigates slowing sales and increased market competition.