A survey by cars.com finds that the market for used Teslas is declining sharply. The Cybertruck's resale value is especially dismal—58% under original sales price—but the sedans aren't headed anywhere good either. The company's share of search volume for used EVs is also declining, CNN reports, even as consumer interest in the segment heats up.
Jennifer Trebb, from Ohio, traded in her Tesla Model Y a few weeks ago and took an $18,000 to $20,000 financial hit.
"It did lose a vast amount of value in the short two years that I had it. It only had 10,000 miles on it," she said. But Musk's role in the government "doesn't fall in line with my morals, my beliefs, and every time I looked at the car, that's what I thought of."
You can't put it all on Elon being Elon, though that's an accellerant. EVs are expensive to maintain and the market was recently flooded by Hertz dumping its fleet of used 'n' abused rental Teslas. The deranged shenanigans being used to juice sales and the stock price—a White House sales event and now the commerce secretary going on Fox News to tell people to buy TSLA—have stanched the slide for a few days. But those fires are hard to put out.
Previously:
• Krugman: 'America is now trapped in a burning Tesla'
• Tesla recalling every Cybertruck in the U.S. — emblematic of what you get with Musk (video)
