Tesla has almost halved the cost of leasing its electric cars in Britain, in a bid to reverse sliding sales and shore up its market share against fast-growing Chinese competitors.
British motorists can now lease a Tesla for just over half what it cost a year ago, with monthly payments on a Model 3 starting as low as £252 plus VAT. The Model Y, launched in May and retailing for about £60,000, has also been offered at under £400 per month by some leasing firms. Last summer, the same cars typically cost £600–£700 per month to lease.
Industry sources say Tesla has been forced into ad hoc discounts of up to 40% to leasing companies — both to stay competitive and because of limited UK storage capacity for unsold stock. While retail prices remain unchanged, Tesla has added zero-interest finance deals in its stores, a move analysts say will cost the company around £6,000 over three years on a £40,000 car.
“The most expensive way to find a home for these cars is by cutting the retail price. The cheapest way is to cut the monthly payments,” said Fraser Brown, managing director at consultancy MotorVise.
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