Our collective attachment to status symbols is about as American as apple pie. Luxury brands like Chanel, Rolex, and Cartier have been at the top of the luxury heap for decades. In automotive, things tend to ebb and flow mildly–every few years, Mercedes swats away Lexus and straightens its crown, BMW and Audi swap one flavor of d-bags for another, while Ferrari battles Lambo for the sexiest money pit on wheels. More recently, Tesla has enjoyed an impenetrable social status thanks in no small part to its eccentric and polarizing leader backed by an army of Musk fanboys ready to defend him against any and all criticism. That is until Elon grabbed his chest and threw his palm in the air during the Trump inauguration. (cue ominous music)*
*note: the featured image is from an advertisement spotted in London by a MHM reader and is published by UK-based group called Everyone Hates Elon.
Immediately, the world reacted in protest. Many took his gesture as a call to action for the far right and perhaps even a nod to Nazi supporters. You can read all about that on the rest of the internet. Here on Motorhead Mama, what matters to us is how those 3 seconds affected the automotive world.
Immediately, Tesla owners took cover under innocuous badging (see more hilarity on Reddit):
Suddenly, Model Ys looked like Hondas, and a Cybertruck tried to convince us that it was a Toyota, and a Model 3 pleaded that it was just a measly Mazda. Owners across the country bought stickers claiming immunity from Musk’s insanity:
This Tesla with a sticker distancing the owner from Elon Musk.
byu/WarioWill inmildlyinteresting
Celebrities Went Viral Breaking Up With Elon
Next up, famous Tesla drivers made videos of getting rid of their cars and donating the proceeds to charity.
Check out The Mistress of Darkness, Elvira:
And musician Sheryl Crow does the same:
But Then Things Got Darker
Shortly after the event, a man in Massachusetts was arrested for vandalizing cars at a Tesla dealership, as was a woman in Colorado. Shots rang out at a dealership in Portland, Oregon:
Thinking Of Trading In Your Tesla?
If your moral compass compels you to get rid of your Tesla, the financial ramifications may be tricky. I asked Salman Tareen, automotive broker in Westlake Village, CA, if he thought people could get a good value for their trade-in. He said,
“We have definitely noticed a growing number of Tesla owners looking to sell or trade in their vehicles. Many are moving on for various reasons—some due to political concerns, while others feel there are simply too many Teslas on the road. Additionally, Tesla’s closed-end leases, especially on Model Y and Model 3, mean that lessees can’t buy their own cars at the end of the lease, forcing them to return the vehicles instead of keeping them.”
“Aggressive lease promotions and federal tax credits on other EV brands have also played a major role, making brand-new alternatives more attractive than buying a over priced used Tesla. As a result, we are seeing more Tesla owners looking to switch brands, often opting for luxury EVs or high-performance hybrids.”
How Automakers Are Responding
Last week, I got an email from Polestar titled, “Calling All Tesla Owners: Save Up to 20K When You Switch To Polestar 3.” Did I click on it? You bet your sweet supercharger I did! The deal is interesting: a $5,000 Conquest Bonus (rebate) added to the $15,000 Polestar Clean Vehicle Incentive gets you to the $20k discount.
Obviously, Polestar understands sees the writing on the wall. I expect many automakers will follow suit very soon. Note: the Polestar 3 is delicious (I just drove it..review is coming!). Like many other EVs (here’s an ongoing list from Car & Driver), the Polestar 3 can the Tesla network with fewer of those icky feelings that come with being a Tesla owner.
Catastrophic Depreciation? What The Experts Say
As for Tesla’s future and whether or not Elon’s antics will implode the value of these vehicles, I asked Rebecca Lindland, Managing Director of Automotive Advisory at Allison Worldwide to weigh in:
“Tesla as a brand is facing the same challenges today as it has for the last couple of years. The line up needs a proper SUV to replace the Falcon wing door Model X and an updated version of the Model S. Tesla is facing increased competition from a wide range of brands launching EVs, threatening Tesla’s dominant market share. The consumer appetite for EVs in the US continues to be in the single digits, quite a small piece of the new car market pie, so innovation and fresh product are key to protecting market share.”
What I’m Doing
As I’ve said in my videos, I’m the unlucky owner of a Tesla Model Y. Did I know Elon was crazy when I bought it? Duh, of course, I did. But what was even crazier is how awful our charging network was just 18 months ago. So, I caved. Now that the network is open to others, my Tesla dump feels inevitable. However, shedding it is a bit more complicated than an NPR donation. Stay tuned as I search for a solution.