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Tesla brand backlash hits its used vehicle market

Police tape surrounds a Montreal Tesla dealership that was vandalized with
pink paint on March 19. Christinne Muschi/The Canadian Press

Tesla TSLA-Q owners across Canada are hitting the accelerator to sell, with
the share of drivers putting the car up for sale spiking by 48 per cent on
the resale platform Clutch in the two months ended in March. That compares
with a 10-per-cent decline during the same period last year.

Data provided to The Globe and Mail by the vehicle reseller shows that the share of Teslas being sold on the platform has climbed month to month, from
2.7 per cent in January to 4 per cent this month. It dropped during the
same period in 2024.

Clutch chief executive officer Dan Park said part of the surge in listings could be attributed to the weakening economy. But he added, Theres
obviously some of the backlash against Tesla.

Tesla CEO Elon Musks jabs at Canadas sovereignty and his close ties to U.
S. President Donald Trump, along with cuts to electric-vehicle subsidies
and federal rebates across Canada, have dealt a series of blows to the
brand. Charging stations have been set ablaze and dealership lots
vandalized, with a growing number of Tesla owners feeling enough heat to
sell.

I didnt buy to make a political statement. I wanted a good sedan EV under $40,000 with good range, said Daniel Ribero from Ontario. But just eight
months after purchasing his used Tesla, he has felt mounting pressure to
sell it.

Ive had co-workers ask me if Im going to sell, if Im going to buy a
sticker, what I think about the protests, et cetera, he said. You can feel
the hatred online and the confusion in local Tesla Facebook groups.

Tesla owners who choose to cash in often face the prospect of significant losses. But it isnt clear yet whether the political backlash against Mr.
Musk is to blame or even whether demand for the car on the resale market
has fallen across the board.

Tesla inventory on AutoTrader. ca, a car resale platform, spiked by 26.1
per cent year over year in the week of March 16 to 22. The average selling price of Teslas on the platform has declined by about 22 per cent from
$50,752 in February 2024 to $39,654 last month, with the overall drop for
used electric vehicles hovering lower at 16.3 per cent.

But these drops are more or less in line with previous swings, said Baris Akyurek, AutoTraders vice-president of insights and intelligence.

When we look at the prices going back to the beginning of 2023 and do the
same year-over-year calculations, it has been pretty consistent, he said. Looking at data from early 2023 onward, Tesla prices have consistently
dropped in the mid-20-per-cent range year over year.

Citing Statistics Canada, Mr. Akyurek said that, excluding Quebec, battery
EV sales were down by 0.5 per cent year over year across the country in the fourth quarter of 2024. (Battery EV sales jumped 124 per cent in Quebec
ahead of a rebate reduction in that province. )

Mr. Akyurek attributes this to anxiety around vehicle range, lack of
charging infrastructure, higher costs compared to gasoline-powered vehicles
and the axing of EV rebates.

Even so, Mr. Akyurek said it may be too soon to see the full impact from
any changes in consumer behaviour.

On the ground, however, the pain felt by Tesla owners is real and many attribute it to the backlash against the companys leader.

Mr. Ribero recently found himself on the verge of selling his 2021 Model 3
Long Range, despite loving most things about it, and he was only dissuaded
by the estimated losses.

I bought it for $38,000 ... after taxes and fees it came to [$44,023], he
said. Clutch offered him around $30,000 for his car and he estimated it
could sell for around $32,000 to $33,000 on the private resale market.

So thats a $10,000 difference, Mr. Ribero said. Financially, it makes most sense to ride it out.

Other Tesla owners are pushing to find buyers against the odds. Toronto-
based Tariqule Khan initially wanted to sell his Tesla owing to glitches he found with the cars software. But the final push came after someone
apparently intentionally scratched his car.

After what Elon Musk is doing, its been hard, he said. Im not concerned
about Elon Musk ... Im concerned about the car.

Mr. Khan had previously sold another Tesla years ago, but selling on
Facebook Marketplace this time was much more difficult. Not many people are messaging like before, he said.

Private dealers, however, said they continue to see rising demand, though
the client profile has somewhat shifted.

Tesla is the new Corolla, said Serguei Kornooukhov, jokingly. The car
dealer at Vaughan, Ont. -based Corfex Trading said clients are looking for
the cheapest possible option.

Its not about brand loyalty, not about the tax. Its not about the
environment, he said. Its about simplicity and saving money ... you can
save $400 or $500 a month on gas.

For drivers who keep their Teslas, many try to conceal the once iconic T
logo. Mr. Ribero has been thinking about covering his with a sticker or a Canadian flag.

I understand the frustration and I am in solidarity with protests to hurt
back the U. S. for their attacks on our sovereignty, he said. But I hope
that hatred is not directed at individual owners.

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