The market for used cars is growing, but Tesla electric vehicles are a notable exception to this trend — leaving sellers struggling to recoup even half the value they would have a year ago.
As Electrek detailed on April 18, CarGurus found that used car prices had risen by 2.17% over the past 30 days. That percentage has continued to climb, reaching 2.28% as of April 29.
However, Tesla hasn’t experienced that same boost. At the time of Electrek’s report, the automaker’s used car prices had dipped 1.34% in the United States. Nearly two weeks later, Tesla used car values are still down 1.21%.
Tesla isn’t just experiencing reduced resale value in the U.S., where CEO Elon Musk’s polarizing actions as a special adviser in the federal government have tested the brand’s typically loyal consumer base.
Éric Piuze, who owns a used car dealership in Montréal, Canada, told Le Journal de Montréal that some of his lot’s Teslas were going for half of what they were in 2024 — and other used car dealers confirmed they had an oversupply of used Teslas.
“People don’t want them anymore,” Piuze said, per Electrek’s French translation. “The Elon Musk effect is very real in Quebec.”
Tesla’s popularity slide and the subsequent influx of people trying to sell their Teslas couldn’t just negatively impact drivers who want to flip their used Tesla for another vehicle, but it also could have broader economic and environmental implications if the downward trend continues.
The automaker does most of its manufacturing stateside, generating the equivalent of nearly $45 million each day for California’s economy and serving as the biggest employer in Austin, Texas.
Meanwhile, even when accounting for manufacturing, battery mining, and charging, EVs are much better for the planet (and our respiratory systems) in the long run than gas-powered vehicles because they don’t generate any pollution when driven.
While Tesla’s stocks and sales plummeted early in 2025, consumers are still showing robust interest in other types of EVs, which are less expensive to maintain than gas-powered vehicles.
“The reason Tesla got so big was because they were first, had a monopoly, but those days are over,” an Electrek commenter wrote. “Luckily there are lots of good EVs these days.”
In fact, experts say increased market competition is one of the other factors contributing to Tesla’s slump — and the upfront cost of EVs is becoming more affordable to boot.
While the used Tesla market appears to be “broken,” as Electrek notes, a silver lining is that now may be the best time for buyers interested in a Tesla to snag one at a great price.
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