Model Y: monthly finance cost

Electric cars change the finance maths, and the Tesla Model Y is the clearest example on UK roads. Priced at £45,000, hire purchase with a 10% deposit of £4,500 at 9.9% APR over 48 months costs £1,025.24 a month, with a total amount payable of £53,711.52. It is the highest monthly figure in this range, but payments are fixed - and many buyers offset part of it against much lower home-charging costs compared with petrol.

The Model Y is frequently financed through PCP in the UK, where solid residuals help keep monthly quotes competitive. PCP lowers the monthly payment versus HP by deferring a chunk of the value into an optional final balloon payment. On HP at around £1,025 a month, there is no balloon and no mileage cap: 48 payments and the car belongs to you.

Tesla Model Y 2024 (clear)

Monthly payment
£1,025.01

Total payable: £53,699.62  ·  Interest: £8,709.62

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With the £1,025.24 monthly commitment, the deposit matters more than ever. Raising it from £4,500 to £9,000 - 20% of the price - removes a large slice of borrowing, cutting the monthly payment and the interest bill meaningfully. Stretching to a 60-month term would also lower the monthly figure, but you would pay interest for an additional year on an already large balance.

HP or PCP? HP suits buyers who want to own the Model Y and run it for years on cheap electricity, with no mileage limits on those long motorway trips. PCP suits drivers who want lower monthlies and an easy upgrade to the next Tesla in a few years. Verdict: a premium monthly figure, but the running-cost savings are real - just note the APR you are offered will depend on your credit status.

Full Tesla Model Y review →

Frequently asked questions

What is the monthly payment for a Tesla Model Y on finance?
On hire purchase at 9.9% APR over 48 months with a 10% deposit of £4,500, the Model Y costs £1,025.24 a month, totalling £53,711.52. That is the £45,000 price plus interest; insurance, servicing and road tax are extra. PCP deals quote lower monthlies by moving part of the cost into an optional final balloon payment.
What deposit do I need for a Tesla Model Y?
Lenders typically ask for at least 10%, which is £4,500 on this £45,000 Model Y. Because the price is high, increasing the deposit has an outsized effect - every extra thousand pounds reduces both the monthly payment and total interest. PCP offers may allow smaller deposits, but monthly payments then rise accordingly.
Is HP or PCP better for a Tesla Model Y?
The better deal depends on your circumstances. HP fits buyers who will keep the Model Y long term and want outright ownership with no mileage restrictions. PCP usually means lower monthly payments and suits drivers who upgrade every few years, though you must then pay, refinance or walk away from the balloon. Consider your mileage and how fast EV technology moves for you.

Estimate only — actual offers depend on credit status and lender terms.