Tesla slashes monthly price of Model Y to £299

Tesla has announced a new finance deal knocking £100 per month off the price of its best-selling Model Y.

The latest price reduction brings the entry-level version of Tesla’s mid-sized SUV down to £299 per month but customers will have to be quick to take advantage of the deal.

Announced shortly before the registration plate change on 1 September, the offer is only available on cars ordered from Friday 23 August and delivered before Friday 13 September 2024. In what appears to be an effort to shift existing stock of cars before the facelifted Model Y is unveiled, Tesla also points out that the deal is only “while stocks last”.

The new lower price is based on a three-year leasing deal with a £4,499 deposit and 10,000-mile annual limit and is only on the standard-range rear-wheel drive model.

The Model Y was the UK’s best-selling EV last year and in June it was revealed that it was the best-selling car in the world in 2023. However, recent data from JATO Dynamics showed that registrations of the Y fell 16% in July compared with the previous year, with BMW overtaking Tesla as the region’s biggest EV seller.