LAS VEGAS (KSNV) — Data from CarGurus showed the shift for the five models. The Model X is the only one that has seen an increase in price over the last 30 days, rising by 1.02%.
Used Cybertrucks have seen the steepest decline in price at 56.89% year over year.
This follows Tesla CEO Elon Musk associating with President Donald Trump and overseeing the Department of Government Efficiency or DOGE which is tasked with cutting wasteful government spending.
There’s also been a rise in vandalism and attacks on Tesla cars, showrooms, and charging stations, seeming to become a symbol of opposition to Musk and Trump.
“All this negative attention is certainly not helping the brand in any way, shape, or form.” Lauren Fix, founder of Car Coach Reports said. “That’s one of the cars that’s taking a huge hit.”
She said Tesla has one of the highest depreciation of electric cars but suspects that would happen without Musk’s involvement with President Trump.
“Losing about 13.6% of its (Tesla) value, which would have happened no matter whether the situation with the attacks on Elon Musk and Tesla would have happened or not,” Fix said. “They’ve lost about $5,000 worth of value over the past year.”
She said there’s a decline overall for used electric cars. She suspects one reason may be President Trump reversing former President Joe Biden’s 2021 executive order around electric vehicle adoption and wanting half of all new car sales in the United States to be electric by 2030.
“The mandate to purchase electric cars is going away and because of that, people are thinking – you know what, maybe a hybrid is a better choice,” Fix said. “If you’re looking for a plug-in, whatever it may be, Tesla or otherwise, you’re going to see prices dropping because consumers don’t like to buy used electric cars, it’s like buying a used phone.”
However, Fix said the decline may also present an opportunity for some who are interested in buying a used Tesla.
“If you’re looking for an electric car, certainly one to look at, because you can probably get your best value by buying a car that has the most depreciation.”
