Tesla trade-ins spike amid anti-Elon Musk backlash, Edmunds data shows

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Edmunds data shows","description":"More motorists are trading in their used Teslas for other vehicles, as the Musk-owned car company faces a \"brand crisis tornado.\"","articleSection":["MoneyWatch"],"image":{"@context":"https:\/\/schema.org","@type":"ImageObject","height":630,"width":1200,"url":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/21\/ad4aab5d-a492-4208-9ea9-3a11f1db44c5\/thumbnail\/1200x630\/b7320ea951c02da1f3353e3799c13d73\/gettyimages-1276026298.jpg?v=95354023eeb6141c58c08d9a5716f291"},"thumbnailUrl":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/21\/ad4aab5d-a492-4208-9ea9-3a11f1db44c5\/thumbnail\/1200x630\/b7320ea951c02da1f3353e3799c13d73\/gettyimages-1276026298.jpg?v=95354023eeb6141c58c08d9a5716f291","associatedMedia":{"@context":"https:\/\/schema.org","@type":"ImageObject","height":630,"width":1200,"url":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/03\/21\/ad4aab5d-a492-4208-9ea9-3a11f1db44c5\/thumbnail\/1200x630\/b7320ea951c02da1f3353e3799c13d73\/gettyimages-1276026298.jpg?v=95354023eeb6141c58c08d9a5716f291"},"keywords":["Tesla","DOGE","Elon Musk"],"datePublished":"2025-03-21T18:16:03-0400","dateModified":"2025-03-22T15:38:58-0400","author":[{"@type":"Person","familyName":"Cerullo","givenName":"Megan","name":"Megan Cerullo","url":"https:\/\/www.cbsnews.com\/team\/megan-cerullo\/","jobTitle":"Reporter, MoneyWatch","description":"Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24\/7 to discuss her reporting.\r\n\r\nPreviously, she worked as a breaking news reporter for the New York Daily News. She traveled to Puerto Rico after Hurricane Maria devastated the island and again on the storm\u0027s one year anniversary. Her reporting was cited by numerous outlets, including NY1.\r\n\r\nAs a student at the Craig Newmark Graduate School of Journalism at CUNY, she was awarded the Dennis Duggan prize for her outstanding coverage of ordinary New Yorkers by the Silurians Press Club.\r\n\r\nShe holds an MA in journalism from CUNY and a BA from Brown University. She is fluent in French, Spanish and Italian.","award":"Silurians Press Club Dennis Duggan Award","knowsAbout":["Small Business","Economy","Consumer News","Finance","Health Care"],"workLocation":{"@type":"Place","name":"New York"},"affiliation":{"@type":"Organization","name":"CBS News"},"worksFor":[{"@type":"Organization","name":"CBS News"}],"publishingPrinciples":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/"}],"editor":[{"@type":"Person","familyName":"Lee","givenName":"Anne Marie","name":"Anne Marie Lee"}],"publisher":{"@context":"https:\/\/schema.org","@type":"NewsMediaOrganization","@id":"https:\/\/www.cbsnews.com\/","name":"CBS News","foundingDate":"1927-09-18","sameAs":["https:\/\/www.cbsnews.com\/","https:\/\/www.facebook.com\/CBSNews\/","https:\/\/instagram.com\/cbsnews\/","https:\/\/twitter.com\/CBSNews","https:\/\/www.youtube.com\/CBSNews","https:\/\/en.wikipedia.org\/wiki\/CBS_News"],"logo":[{"@context":"https:\/\/schema.org","@type":"ImageObject","height":60,"width":600,"url":"https:\/\/www.cbsnews.com\/assets\/standalone\/cbsnews-logo-white-600x60.png"}],"url":"https:\/\/www.cbsnews.com\/","parentOrganization":{"@type":"Organization","name":"Paramount Global","@id":"https:\/\/www.paramount.com\/","sameAs":"https:\/\/www.paramount.com\/","legalName":"Paramount Global"},"actionableFeedbackPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#1d4ed2b9-ade8-4203-a4e4-115dd34c0735","correctionsPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#751608ae-9468-457c-9dbe-1f9400a7f428","ethicsPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#a0060f90-73b0-4a57-b756-ca7a7f26cc7d","Masthead":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#5fd9a80d-2c6c-4d38-8b1e-4144650d5963","missionCoveragePrioritiesPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#4ffda755-6b47-49e1-b98c-24b737906aca","ownershipFundingInfo":"https:\/\/www.paramount.com\/company-history","unnamedSourcesPolicy":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/#de41886e-07ed-4887-ad05-4b2c79edf857","publishingPrinciples":"https:\/\/www.cbsnews.com\/news\/cbs-news-publishing-principles\/"},"articleBody":"Motorists appear to be eager to part ways with their Tesla vehicles, with Tesla trade-ins reaching a record high this month, according to data from Edmunds. The rise in exchanges comes amid\u00a0attacks on Tesla cars and dealerships\u00a0taking place across the country as people protest Elon Musk\u0027s role within the Trump administration.\u00a0In March, the highest share ever of Teslas from model year 2017 or newer were traded in toward new or used purchases at dealerships, according to Edmunds, a U.S. car shopping website. Notably, the trade-ins were not used toward purchases of new Teslas. The Tesla EVs accounted for 1.4% of all vehicles traded in until March 15, marking a 0.4% rise from a year ago.\u00a0Edmunds\u0027 data also indicates a dip in customers eyeing Teslas, based on browsing data on its website.\u00a0In February, buyer interest in new Teslas dropped to 1.8%, its lowest point since October 2022. The number of car shoppers interested in purchasing the cars had peaked in November 2024, at 3.3%.\u00a0\"Brand loyalty is becoming a bigger question mark as factors such as Elon Musk\u0027s increasing public involvement in government, Tesla depreciation concerns and its increased saturation in major metro areas leave some longtime owners feeling disconnected from the brand,\" Edmunds\u0027 head of insights Jessica Caldwell said in a statement to CBS MoneyWatch.\u00a0She noted that diminished consumer sentiment around Tesla could present an opportunity for its competitors to gain market share.\u00a0\"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,\" Caldwell said.\u00a0Wedbush Securities technology analyst Dan Ives, a longtime Tesla bull, has also warned that Musk\u0027s political actions are an \"overhang\" on the company\u0027s stock, and that the company is in the midst of a \"dark brand crisis tornado\" that only Musk himself can fix.Ives said that investors are not asking Musk to divorce himself from the Trump administration, or from the Department of Government Efficiency, which he\u0027s leading, but \"for balance as Tesla CEO and DOGE in this key period for Tesla.\"","video":{"@context":"https:\/\/schema.org","@type":"VideoObject","mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/www.cbsnews.com\/video\/why-did-tesla-sales-fall-first-time-12-years\/"},"name":"Why did Tesla sales fall for the first time in 12 years?","description":"Elon Musk\u0027s company, Tesla, saw its sales fall by 1% in 2024, despite global electric vehicle sales rising 7.3%. It marked the first time the company\u0027s annual sales have fallen in 12 years. CBS News MoneyWatch reporter Megan Cerullo has more.","thumbnail":{"@context":"https:\/\/schema.org","@type":"ImageObject","height":630,"width":1200,"url":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/26\/44d8e835-03bc-4e51-9e27-040553d5ba13\/thumbnail\/1200x630\/45c1560b248b0933a5fd14e65dbac023\/gettyimages-1392610598.jpg?v=95354023eeb6141c58c08d9a5716f291"},"thumbnailUrl":"https:\/\/assets1.cbsnewsstatic.com\/hub\/i\/r\/2025\/02\/26\/44d8e835-03bc-4e51-9e27-040553d5ba13\/thumbnail\/1200x630\/45c1560b248b0933a5fd14e65dbac023\/gettyimages-1392610598.jpg?v=95354023eeb6141c58c08d9a5716f291","uploadDate":"2025-02-25T18:44:00-0500","contentUrl":"https:\/\/prod.vodvideo.cbsnews.com\/cbsnews\/vr\/hls\/3565937_hls\/master.m3u8","publisher":{"@context":"https:\/\/schema.org","@type":"NewsMediaOrganization","@id":"https:\/\/www.cbsnews.com\/","name":"CBS 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width="60" height="60" class="content__show-logo" alt="moneywatch" src="/assets/show/moneywatch/logo-square-32.svg" loading="lazy"> </a>  <div class="content__meta content__meta--byline byline "> By <div class="byline__author__popover-wrapper" style="anchor-name: --popoverAnchor-megan-cerullo-popover;"> <button interesttarget="megan-cerullo-popover" popovertarget="megan-cerullo-popover" class="byline__author__popover-btn"> <span class="byline__author__popover-btn__label underline-on-hover">Megan Cerullo</span><span class="separator"></span> </button> <div popover="hint" id="megan-cerullo-popover" class="byline__author__popover" style="position-anchor: --popoverAnchor-megan-cerullo-popover;"> <button popovertarget="megan-cerullo-popover" popovertargetaction="hide" class="byline__author__popover-btn"> <svg width="16" height="16" viewbox="0 0 16 16" class="byline__author__popover-close-icon" aria-hidden="true"> <use xlink:href="#icon-nav-close"></use> </svg> </button> <a 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She regularly appears on CBS News 24/7 to discuss her reporting. </div> <a href="https://www.cbsnews.com/team/megan-cerullo/" class="author__profile__bio-link" data-invalid-url-rewritten-http="">Read Full Bio</a> </div> </div> <div class="byline__author__link-wrapper"> <a href="https://www.cbsnews.com/team/megan-cerullo/" class="byline__author__link underline-on-hover" data-invalid-url-rewritten-http="">Megan Cerullo</a><span class="separator"></span> </div> </div> <div class="content__meta content__meta--byline byline editors"> Edited By <div class="byline__author__popover-wrapper" style="anchor-name: --popoverAnchor-anne-marie-lee-popover;"> <button interesttarget="anne-marie-lee-popover" popovertarget="anne-marie-lee-popover" class="byline__author__popover-btn"> <span class="byline__author__popover-btn__label underline-on-hover">Anne Marie Lee</span><span class="separator"></span> </button> <div popover="hint" id="anne-marie-lee-popover" class="byline__author__popover" style="position-anchor: --popoverAnchor-anne-marie-lee-popover;"> <button popovertarget="anne-marie-lee-popover" popovertargetaction="hide" class="byline__author__popover-btn"> <svg width="16" height="16" viewbox="0 0 16 16" class="byline__author__popover-close-icon" aria-hidden="true"> <use xlink:href="#icon-nav-close"></use> </svg> </button> <a href="https://www.cbsnews.com/team/anne-marie-lee/" class="author__profile__meta-wrapper" data-invalid-url-rewritten-http=""> <div class="author__profile__details-wrapper"> <div class="author__profile__name">Anne Marie Lee</div> <div class="author__profile__title">Editor, MoneyWatch</div> </div> </a> <div class="author__profile__text--short"> Anne Marie D. Lee is an editor for CBS MoneyWatch. She writes about topics including personal finance, the workplace, travel and social media. </div> <a href="https://www.cbsnews.com/team/anne-marie-lee/" class="author__profile__bio-link" data-invalid-url-rewritten-http="">Read Full Bio</a> </div> </div> <div class="byline__author__link-wrapper"> <a href="https://www.cbsnews.com/team/anne-marie-lee/" class="byline__author__link underline-on-hover" data-invalid-url-rewritten-http="">Anne Marie Lee</a><span class="separator"></span> </div> </div> <p class="content__meta content__meta--timestamp "> <time datetime="2025-03-21T18:16:03-0400">March 21, 2025 / 6:16 PM EDT</time> / CBS News </p> <ul class="sharebar"> <li class="sharebar__button-container sharebar__button-container--service "> <a href="http://www.facebook.com/sharer.php?u=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Ftesla-trade-ins-record-high-musk-backlash%2F" class="sharebar__button sharebar__button--type-facebook lazyload" title="facebook" target="_blank" data-component="popups" 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class="lazyload embed__frame" data-width="1920" data-height="1080" frameborder="0" scrolling="no" allowfullscreen="allowfullscreen" id="why-did-tesla-sales-fall-first-time-12-years--hero" title="Video: Why did Tesla sales fall for the first time in 12 years?" data-sort-time="1740530080000" data-update-time="1740530080000"></iframe> </div> <button class="player-overlay__button--icon-close__mobile" data-target="" aria-label="Close sticky player"> <svg class="player-overlay__button--icon"> <use xlink:href="#player-icon-close"></use> </svg> </button> <div class="player-overlay--draggable-handle"></div> </div> </div> <figcaption class="embed__caption-container"> <a href="https://www.cbsnews.com/video/why-did-tesla-sales-fall-first-time-12-years/" class="embed__headline-link" data-invalid-url-rewritten-http=""> <span class="embed__icon"> <svg viewbox="0 0 32 32" aria-hidden="true"> <use xlink:href="#icon-video"></use> </svg> </span> <span class="embed__headline">Why did Tesla sales fall for the first time in 12 years?</span> <span class="embed__video-duration">03:33</span> </a> </figcaption> </figure> <section class="content__body"> <p>Motorists appear to be eager to <span class="link"><a href="https://www.cbsnews.com/news/tesla-sales-elon-musk-reputation-brand-damage-trump-doge/" target="_blank" data-invalid-url-rewritten-http="">part ways with their Tesla vehicles</a></span>, with Tesla trade-ins reaching a record high this month, according to data from Edmunds. The rise in exchanges comes amid <span class="link"><a href="https://www.cbsnews.com/news/tesla-elon-musk-violent-attacks-dealerships-trump/" target="_blank" data-invalid-url-rewritten-http="">attacks on Tesla cars and dealerships</a></span> taking place across the country as people protest Elon Musk's role within the Trump administration. </p><p>In March, the highest share ever of Teslas from model year 2017 or newer were traded in toward new or used purchases at dealerships, according to Edmunds, a U.S. car shopping website. Notably, the trade-ins were not used toward purchases of new Teslas. The Tesla EVs accounted for 1.4% of all vehicles traded in until March 15, marking a 0.4% rise from a year ago. </p><p>Edmunds' data also indicates a dip in customers eyeing Teslas, based on browsing data on its website. </p><p>In February, buyer interest in new Teslas dropped to 1.8%, its lowest point since October 2022. The number of car shoppers interested in purchasing the cars had peaked in November 2024, at 3.3%. </p><p>"Brand loyalty is becoming a bigger question mark as factors such as Elon Musk's increasing public involvement in government, Tesla depreciation concerns and its increased saturation in major metro areas leave some longtime owners feeling disconnected from the brand," Edmunds' head of insights Jessica Caldwell said in a statement to CBS MoneyWatch. </p><span data-shortcode-type="error" data-shortcode-name="video" data-shortcode-uuid="7b0b8729-d75d-4bd8-a78d-29046a59175f" data-error="shortcode could not be expanded because of an api issue"></span><p>She noted that diminished consumer sentiment around Tesla could present an opportunity for its competitors to gain market share. </p> <div id="mpu-plus-outstream-middle" data-ad="mpu-plus-outstream-middle" class="ad-mpu-plus-outstream-middle ad-wrapper " data-ad-unit='"mpu-plus-outstream-middle"'> </div> <p>"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," Caldwell said. </p><p>Wedbush Securities technology analyst Dan Ives, a longtime Tesla bull, has also warned that Musk's political actions are an "overhang" on the company's stock, and that the company is in the midst of a "dark brand crisis tornado" that only Musk himself can fix.</p><p>Ives said that investors are not asking Musk to divorce himself from the Trump administration, or from the Department of Government Efficiency, which he's leading, but "for balance as Tesla CEO and DOGE in this key period for Tesla."</p>  <aside class="component list recirculation component--type-recirculation "> <div class="component__heading-wrapper"> <h3 class="component__title">More from CBS News</h3> </div> <div class="component__item-wrapper"> <div class="item" id="inline-recirc-item--id-0"> <a class="item__anchor" 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class="content__tags">In: <li><a href="/tag/tesla/">Tesla</a></li> <li><a href="/tag/doge/">DOGE</a></li> <li><a href="/tag/elon-musk/">Elon Musk</a></li> </ul> <div class="content-author"> <a href="https://www.cbsnews.com/team/megan-cerullo/" class="content-author__name" data-invalid-url-rewritten-http="">Megan Cerullo</a> <div class="content-author__bio"> <div class="content-author__full-information"> <p class="content-author__text">Megan Cerullo is a New York-based reporter for CBS MoneyWatch covering small business, workplace, health care, consumer spending and personal finance topics. She regularly appears on CBS News 24/7 to discuss her reporting.</p> <div class="content-author__social-links-container"> </div> </div> </div> </div> </section> <footer class="content__footer"> <p class="content__copyright"> <small>© 2025 CBS Interactive Inc. 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Tesla trade-ins spike amid anti-Elon Musk backlash, Edmunds data shows - CBS News