Used Tesla (TSLA) Listings Soar as Elon Musk Faces Growing Public Backlash

Amid increasing criticism directed at Elon Musk, an unprecedented number of Tesla, Inc. (TSLA) vehicle owners are hurrying to sell their cars, saturating the pre-owned car market and contributing to a decline in resale values.

March saw a record-breaking number of Tesla (TSLA) listings on the used car platform Autotrader, with over 13,000 Teslas (TSLA) put up for sale, according to Cox Automotive, as reported by Business Insider. This surge represents a 67% rise year-over-year and coincides with a wave of national protests known as the “Tesla Takedown.” The demonstrations have taken aim at Musk's increasingly visible political activity — notably his role as the head of DOGE and his close relationship with the Trump administration.

"We cannot ignore the influence of Elon Musk's new high-profile job as DOGE boss and presidential confidant. That is certainly influencing some owners and buyers," the spokesperson said.

According to Stephanie Valdez Streaty, who serves as director of industry insights at Cox Automotive, Musk’s personal brand and political involvement are presenting “significant challenges” for Tesla (TSLA). These issues come on top of intensified industry competition and an aging range of vehicles in Tesla’s current lineup.

The jump in available used Teslas is also dragging down prices. As cited in the report, CarGurus data shows that secondhand Teslas are now typically priced around $10,000 lower than comparable electric vehicles.

To counteract the dip in sales momentum, Tesla (TSLA) has two major product rollouts planned this year: a new low-cost electric vehicle anticipated in the first half of 2025, and the introduction of its robotaxi platform in Austin, Texas, expected this June.

Although the U.S. electric vehicle sector experienced a 10.6% increase in growth during Q1 2025, Tesla's sales numbers went in the opposite direction, according to Cox Automotive's latest report.

Meanwhile, as global trade tensions rise, gold prices have surged beyond $3,200 per ounce, underscoring its traditional role as a safe-haven investment during times of market uncertainty.

Despite current obstacles, Tesla (TSLA) continues to lead the U.S. EV market. Even with an 8.6% drop in year-over-year sales, the automaker holds a dominant 43.5% share of the domestic EV space.

The company's push into international markets, including a recent move toward Saudi Arabia, illustrates its broader ambitions, even as Tesla (TSLA) contends with regulatory and reputational issues across Europe. However, a recent consumer poll conducted in March indicates that Musk’s polarizing image is discouraging some Americans from considering a new Tesla (TSLA) purchase.

As for Wall Street expectations, the average price target for Tesla (TSLA) stands at $299.99, based on insights from 29 analysts. The highest target, set by Benchmark on February 12, is $475, while GLJ Research issued the lowest, at $24.86, on the same date. The three most recent forecasts — from UBS, Mizuho, and Benchmark — average to around $305, suggesting an estimated upside potential of 20.58%.

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