Tesla Model Y: running costs & insurance
The Model Y's warranty is still only average at best, but insurance costs have dropped slightly
In combination with the low per-mile cost you can expect from an efficient EV like the Model Y, you can also look forward to relatively low servicing costs, at least compared to a combustion vehicle of the Model Y’s size and expense. Teslas do still need servicing, but there are fewer things to check compared with a combustion car, and this is reflected in the time taken to complete any inspection. Over-the-air updates also handle some things that you might otherwise have to take a car into a dealership for. The brand’s four-year/60,000-mile warranty is reasonable, but far from industry-leading.
Insurance has actually become a little cheaper with the latest Model Y, going down from group 46 for the previous entry-level car, to group 37 for the facelift model. A Long Range Launch Edition version sits in group 43. These groups are now much closer to rivals of similar price, performance and range.
Tax will be a little more expensive than its predecessor though. £10 in the first year isn’t so bad, but with all Model Ys costing more than £40,000, you’ll need to fork out for the VED surcharge above the standard rate they now attract, so after that initial £10, you’ll pay £620 per year for the next five years. Company car tax is at least fairly low, with the Model Y sitting in the bottom 3 per cent Benefit-in-Kind bracket.