Tesla owners are trading in their EVs at record levels, Edmunds says

As Elon Musk wraps up his second month in the White House, Tesla owners are trading in their electric vehicles at record levels, according to an analysis by national car shopping site Edmunds.

The data from Edmunds published on Thursday said that March represented “the highest ever share” it had seen for Tesla trade-ins toward new or used cars from dealerships selling other brands.

Since heading to Washington, D.C., in January as a central figure in the second Trump administration, Musk, who is CEO of Tesla, has been slashing the federal workforce and government spending, and has gained access to sensitive government computer systems and data, though his efforts have been repeatedly challenged in court.

Before assuming leadership of the so-called Department of Government Efficiency, or DOGE, Musk spent around $290 million last year to help propel President Donald Trump back to the White House.

While investors snapped up Tesla shares after Trump’s victory in November, they’ve been rushing for the exits of late, pushing the stock’s price down by 42% this year. Waves of protests have targeted Tesla facilities in the U.S. and beyond. Other criminal acts of vandalism and arson have targeted Tesla stores, vehicles and charging stations across the U.S.

In addition, Tesla is facing increased competition from EV makers. In January, S&P Global Mobility found Tesla sales declined about 11% year over year in the U.S., while Ford, Chevrolet and Volkswagen bolstered their sales of EVs, picking up market share.

“Shifts in Tesla consumer sentiment could create an opportunity for legacy automakers and EV startups to gain ground,” Jessica Caldwell, head of insights at Edmunds, wrote in an email. “As Tesla brand loyalty and interest wavers, those offering competitive pricing, new technology, or simply less controversy could capture defecting Tesla owners and first-time EV buyers.”

For Subscribers

FOR SUBSCRIBERSCentrist think tank warns 2028 Democrats against swinging too far left on immigration

FOR SUBSCRIBERSRussia’s secrecy after a mysterious plague lab death raises global alarm

FOR SUBSCRIBERSAfter surviving a botched lethal injection, Christa Pike faces unprecedented legal battle

FOR SUBSCRIBERSHunger in a land of plenty: Major food banks face ‘heartbreaking’ need, NBC News survey finds

FOR SUBSCRIBERSInflation and tariffs push U.S. holiday spending projections to a record $1.7 trillion

FOR SUBSCRIBERSWhat happened inside the room where officials tried to execute Christa Pike by lethal injection

FOR SUBSCRIBERSHow we reported the saga of the CIA officer and his gold-bar stash

FOR SUBSCRIBERSBrad Raffensperger gears up to oversee his final election in Georgia

FOR SUBSCRIBERSDiddy is punished following NBC News report on his VIP life in prison and contraband cellphone use

FOR SUBSCRIBERS‘Too young to vote, old enough to be tear gassed’: French protesters’ anger swells

FOR SUBSCRIBERSDOJ gets aggressive in suing states that challenge Trump’s immigration policies

FOR SUBSCRIBERSJustice Department seeks criminal charge for former Trump aide Cassidy Hutchinson

FOR SUBSCRIBERS‘I just want to hold him’: USS Lincoln sailor to meet his 10-month-old son as ship docks

FOR SUBSCRIBERSSenate candidates run on raising Social Security taxes for higher incomes to prevent benefit cuts

FOR SUBSCRIBERSRussian operation that used ChatGPT tricked schools, a politician and media, OpenAI says

Slide 1 of 1

The Tesla brand, more than that of any other automaker, is tightly tied to its CEO. In August 2024, Edmunds surveys found that just 2% of car shoppers in the U.S. were unfamiliar with Musk.

For Subscribers

FOR SUBSCRIBERSCentrist think tank warns 2028 Democrats against swinging too far left on immigration

FOR SUBSCRIBERSRussia’s secrecy after a mysterious plague lab death raises global alarm

FOR SUBSCRIBERSAfter surviving a botched lethal injection, Christa Pike faces unprecedented legal battle

FOR SUBSCRIBERSHunger in a land of plenty: Major food banks face ‘heartbreaking’ need, NBC News survey finds

FOR SUBSCRIBERSInflation and tariffs push U.S. holiday spending projections to a record $1.7 trillion

FOR SUBSCRIBERSWhat happened inside the room where officials tried to execute Christa Pike by lethal injection

FOR SUBSCRIBERSHow we reported the saga of the CIA officer and his gold-bar stash

FOR SUBSCRIBERSBrad Raffensperger gears up to oversee his final election in Georgia

FOR SUBSCRIBERSDiddy is punished following NBC News report on his VIP life in prison and contraband cellphone use

FOR SUBSCRIBERS‘Too young to vote, old enough to be tear gassed’: French protesters’ anger swells

FOR SUBSCRIBERSDOJ gets aggressive in suing states that challenge Trump’s immigration policies

FOR SUBSCRIBERSJustice Department seeks criminal charge for former Trump aide Cassidy Hutchinson

FOR SUBSCRIBERS‘I just want to hold him’: USS Lincoln sailor to meet his 10-month-old son as ship docks

FOR SUBSCRIBERSSenate candidates run on raising Social Security taxes for higher incomes to prevent benefit cuts

FOR SUBSCRIBERSRussian operation that used ChatGPT tricked schools, a politician and media, OpenAI says

Slide 1 of 1

Edmunds also said that shopping for new models of Tesla vehicles on its platform dropped to its lowest level last month since October 2022 after peaking as late as November.

Even before Musk began heading up DOGE, Tesla’s brand was suffering. Its brand value fell by 26%, or about $15 billion, in 2024, a second straight annual decline, according to research and consulting firm Brand Finance.

Many car shoppers trade in their Tesla EVs for a newer model Tesla. Edmunds data didn’t account for those transactions.

Tesla didn’t immediately respond to a request for comment.