More Consumers Trading in Teslas for Legacy Automaker EVs, Suggests Recent Data

    Aug. 8, 2024
    Of Teslas that were traded in at dealerships, over half are still being traded in for gas powered cars, and interest in other EVs has been on the rise.
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    Recent data from Edmunds shows that more electric vehicle owners are ditching Tesla in favor of legacy automakers.

    Edmunds provided data on Tesla trade-ins at dealerships from January through July 2024. In that time, 51% were traded in for a gas vehicle, 31% were traded in for another EV, 10% for a hybrid, and 6% for a PHEV.

    Data from five years ago helps put these numbers into context. In 2019, the number of Teslas being traded in for ICEs was 71%. Only 10% were being traded in for another EV. With that in mind, it reveals that drivers aren’t moving away from EVs as much as they are the Tesla brand. 

    As Edmunds noted, recent Tesla models have introduced little improvement–and what has been added has typically brought with it a new set of issues. All the while, legacy automakers have been making strides in their EV offerings.

    “As legacy automakers opt in to NACS (North American charging standard) … we expect to see the trend of Tesla trade-ins shifting away from EV flight and toward legacy-automaker EV purchase continue,” concluded Edmunds.

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