Model Y: the real 5-year cost
The Tesla Model Y 2024 is Britain's best-selling electric car, and its five-year true cost of £38,550 — roughly £642 a month — has to be read differently from every petrol car on this list. The purchase price is steep at £45,000, but the £560 annual fuel figure is a home-charging estimate: plug in overnight on a cheap tariff and electricity costs a fraction of petrol per mile. Insurance is the sting at £760 a year, maintenance a modest £530 — no oil changes, fewer brake jobs thanks to regenerative braking — and road tax £190.
One big caveat: if you cannot charge at home, the maths weakens dramatically, because public rapid chargers can cost three to four times more per mile than a driveway charger.
| Purchase price | £44,990 |
| Charging (5 yrs) | £2,800 |
| Insurance (5 yrs) | £3,800 |
| Maintenance (5 yrs) | £2,650 |
| Road tax (5 yrs) | £950 |
| Minus estimated resale value | −£16,646 |
Model Y depreciation has been the EV story of the decade: Tesla's own price cuts hammered used values, though the curve has now stabilised. Buying used at one to two years old lets you capture someone else's loss. To minimise costs, install a home charger and switch to an off-peak EV tariff — this single move can halve your charging bill; insure with a provider that understands EVs rather than taking a generic quote; and keep the software updated, since Tesla pushes efficiency improvements over the air.
Our verdict: the Model Y only makes financial sense as a home-charging car. With a driveway and a cheap overnight tariff it is one of the cheapest cars here per mile; without one, the premium price buys you very little.