Record number of California residents are trading in Teslas, new data show
A record number of Californians turned in their Teslas this month, according to a new report by Edmunds, a car shopping website.
That new data shows that the number of Tesla owners trading in their EVs jumped nearly 250% this month, year over year.
A father of two, who asked CBS News Los Angeles not to use his name due to the current heated political climate, wants to get rid of his 2021 Tesla. Even though he will lose money by doing so, the reason behind his decision is Elon Musk.
"I just became disgusted by what he stands for," the father said.
He said he used to admire the Tesla founder, but that all changed when the billionaire took a lead role in President Trump's administration.
"I just became disgusted by what he stands for and started looking for ways to offload the Tesla," he said. "I am not a cancel culture person. I didn't stop shopping at Target. It's not my way of handling these things, but honestly, I feel dirty driving it around."
He worries about how he's viewed while behind the wheel.
"I definitely feel people are more aggressive on the road towards me. I have flipped the bird more in the last two months than I have the last two years," he said.
In March 2024, Tesla made up 1.3% of trade-ins toward new or used purchases at dealerships. That number dropped to .80% the next month. But by November 2024, that number rose to 2.1%, and though it dipped slightly the following month, the rate of Tesla trade-ins then rose steadily. By March 2025, it was 4.5%.
"We know that Tesla has a high market share here in California for new vehicles. But the thing about it is, the brand hasn't been around that long, and so when we look at trading data, it could be anything from, you know, 1979 Chevy truck to a vehicle that came out this year," Jessica Caldwell, head of insights at Edmunds, said. "So, it is quite a high number. You can't just say 'oh well Tesla sells a lot here in California,' but they haven't historically, for a long period of time, like the other brands."
Edmunds also found that interest in Tesla is waning for new buyers. Last month, those shopping for a Tesla on Edmunds, which boasts 20 million visits each month, dropped to its lowest level since October 2022.
"I think some of it is tied to what we're seeing with Elon Musk having such a tie to the presidential administration," Caldwell said. "I think that probably plays on a lot of people's minds. I think if you look around the area, particularly in Los Angeles Teslas are ubiquitous, they're everywhere. So, if anyone that bought a Tesla in the early days because they wanted to stand out be different, be an early adopter. It's certainly not a Tesla today, because they're everywhere."
Car Gurus, a car buying site, reported that the price of the newest Tesla Cybertruck has a resale value 58% less than its original price. Kelley Blue Book reported a decrease, year over year, in the sale of new Teslas.
"What it looks like is that in 2023 the number of vehicles sold in the U.S. per year has peaked, and that since 2023, it's been gradually coming down," Caldwell said.
Experts said if you are in the market for an EV, you can get a really good deal on a used Tesla right now. The Model S is down, on average, by more than 16% and the Model Y is down nearly the same.
