US electric vehicle maker Tesla has cut leasing prices on its UK lineup by as much as 40% over the last twelve months, allegedly due to a shortage of storage space for inventory vehicles in the country.
According to the British media outlet The Times, Tesla‘s leasing partner Silverstone Leasing is offering its Model 3 for £252 plus VAT per month on a 36-month contract. With a 20% rate, the monthly value is £302.40.
On the Carwow platform, there are also several offers available from £300 per month, including VAT, for the standard Model 3, on 24-month contracts.
According to The Times, the Model 3 could be leased from £600—£700 per month a year ago. The sedan is currently priced from £39,990 ($53,800) in the island.
The refreshed Model Y was reportedly offered for £376.97 plus VAT — £452.36 per month on Synergy Car Leasing.
The entry-level trim of the new Tesla Model Y, which arrived in the UK in May, is priced from £44,990 ($60,500), while the long-range rear wheel drive and the long-range all wheel drive start from £48,990 ($65,900) and £51,990 ($69,900), respectively.
Business contract hire is available on Tesla‘s website from a monthly price of £349 plus VAT (£418.80 including VAT) for the Model Y, and from £249 plus VAT (£298.80 including VAT) for the Model 3.
On April 1, the Vehicle Excise Duty (VED) in the UK was updated for electric and zero or low emission vehicles.
Any vehicle purchased or leased in the UK from then on pays a £10 road tax in its first year, which raises to £195 from the second year on.
Vehicles registered between March 1, 2001, and March 31, 2017, pay a £20 tax, while vehicles that were registered between April 1, 2017, and March 31, 2025, currently pay the £195 rate.
Besides the VED, any vehicle priced above £40,000 ($53,700) is subject to the Expensive Car Supplement (ECS), introduced in 2017, according to which any vehicle priced above £40,000 ($53,700) pays an additional $425 for a five-year period.
In late May, a leaked letter by Minister Lilian Greenwood noted that the British Government was considering changes to the controversial ‘Tesla tax,’ admitting it could be “disproportionate.”
After setting its highest sales figures year to date in June with 7,719 vehicles, Tesla‘s vehicle registrations in July plunged by 59.9% year over year to 987 units.
Tesla recorded the lowest monthly figures year to date in April with 512 vehicles when deliveries of the refreshed Model Y had not yet begun.
The company discontinued production of right-hand drive units of both its Model S and Model X, as it is preparing to unveil refreshed iterations of its flagship sedan and SUV.
