Elon Musk’s increasingly controversial actions are making waves across the globe with Tesla owners taking drastic action.
A study in the Netherlands, by media company EenVandaag, found that nearly three in ten owners are considering selling their vehicles.
Participants admitted feeling embarrassed to own the brand due to Musk’s behavior.
Online, many Tesla owners have voiced frustration with some taking serious action, like selling their car, to distance themselves from Musk and the brand.
One user, Canna — Lucente said “I’m not considering. Already done it. Just waiting for the new one (non-Tesla) to be delivered.”
Another user, RicLP responded “I’m not going to sell mine. What’s the point? I am, however, never going to buy another. I also will not work for, buy, or use any service where he has his greasy little paws in.”
Several users debated whether it was worth selling their cars now given the deprecation.
But depreciation is an expected reality with new cars, from the moment you drive it off the dealership lot, you’ve lost money.
A new car could drop by 10-15 percent in the first year alone and then continue to decline at a rate of about 15 percent each year.
But it is worse for electric vehicles (EVs), a study of 1.1 million cars sold between November 2022 and October 2023 by iSeeCars revealed the average electric car depreciates by 49.1 per cent in the first five years on sale, compared to the market average of 38.8 per cent.
“Mine is paid off, but there won’t be another. If it had decent trade value, there would be an Ioniq in my garage instead,” GamingTrend said.
According to Carsales, there are currently 783 used Teslas for sale in Australia.
But despite the flood of used Teslas and the negative sentiment, the survey did reveal a loyal fan base.
Over half said Musk’s actions have little impact on their feelings toward the brand.
For some, Tesla’s innovation far outweighed his questionable behavior.
“There are composers who made beautiful music but did bad things. That doesn’t make their music any less beautiful,” LightningJC said.
Others questioned whether the billionaire had lost sight of his original vision.
“We bought our MYP in 2021. Back then, it seemed like Elon was on a mission to help save the planet. Now that he’s aligned himself to the guy who’s promised to “drill baby drill” on day one, it’s really obvious to me that he’s just sold out to make as much profit as possible,” CR8VJUC said.
Musk’s antics are not just damaging the brand but also its long-term financial health.
As one user, Temporary-alarm-744 explained: “If you sell, it lowers demand by increasing supply and lowering the resale value, hopefully prompting more price cuts.”
Musk has also drawn criticism for his handling of X, with nearly half of respondents in the survey considering leaving the platform, citing it as “toxic, hate-driven medium.”
Tesla’s brand loyalty is being tested by Musk and while some may see him as a visionary, the growing criticism of his behavior could have lasting consequences for the brand.
For now, many owners, like Kento418, are weighing up their options.