Used Tesla prices plunge in 2025 amid Musk backlash - Newsday
Used Teslas are losing value faster than any other car brand — and Long Island, New York’s largest EV market, is feeling the impact.
The sharp decline is being driven not only by falling new car prices and softening EV demand, but also by growing backlash against Tesla CEO Elon Musk’s political activities, according to a June report by research firm iSeeCars.
The company found that Tesla resale values dropped by 8.4% — or nearly $2,800 — over the past year, the steepest decline in the used car market.
"Multiple factors contribute to a used car’s value, but being an electric vehicle and wearing the Tesla brand appears to be a double negative," iSeeCars executive analyst Karl Brauer said in the report.
Musk has publicly embraced far-right movements worldwide, served as an adviser to President Donald Trump, and led the Department of Government Efficiency’s mass termination of federal employees in 2025 before stepping down last month amid a public split with Trump. Tesla shares have dropped significantly since the start of the year, and the damage is now showing up on used car lots in Long Island.
Jacob Kraniak, of Ronkonkoma, who founded the educational and community group Long Island EVs, said, “With prices where they are, you can find a Model 3 for, in some cases, under $20,000.”
Kraniak owns a 2023 Model Y Long Range Tesla, which he purchased new for $52,490, and he said he plans to continue buying Tesla vehicles in the future.
Visitors inspect a Tesla model 3 car on display at the 2023 International Motor Show in Munich. Credit: AFP via Getty Images/TOBIAS SCHWARZ
On Long Island, a search for used Model 3s — the most affordable Tesla — shows a wide range of prices. TrueCar listed 330 used Model 3s in Nassau County priced between $8,999 and $56,400. In Suffolk County, Trovit listed 23 Model 3s ranging from $13,995 to $28,998. AutoTrader listed 44 Model 3s priced between $15,295 and $34,969.
Carl Muhlbauer, a Melville resident who volunteers for Drive Electric Long Island, a nonprofit promoting EV adoption, has been urging buyers to take advantage of falling Tesla prices — something he attributes in part to backlash over Musk’s politics.
“Now is a great time to get one,” said Muhlbauer, who owns a Model Y.
But not all Tesla loyalists are sold.
Kim Manitt, president of the Tesla Owners Club New York, said Musk’s political activity has “hurt the brand,” and she’s weighing whether to switch to a different automaker.
“I’m on the fence,” she said.
Manitt said some club members have left over Musk’s political stint, which ended on May 28.
“At local events, we’re not getting the numbers we used to,” she said. “We used to get like 15 to 20 people to an event. Now we’re lucky if we get five.”
Long Island is New York State's largest market for EVs, according to Drive Electric Long Island's February 2025 report, The State of Electric Vehicles on Long Island.
An interactive map by the New York State Energy Research and Development Authority shows that Tesla remains the most popular EV on the road in Nassau and Suffolk counties, with 16,382 Model Ys and 10,125 Model 3s registered.
Multiple Tesla dealerships — including Smithtown, Westbury, and Manhasset — declined to comment for this story.
