Everything you need to know about Tesla Salary Sacrifice
17% of users who used our quote tool in September were looking at a Tesla and by the end of Q1 2023 17.5% of battery-electric cars in the UK were this make. Tesla is a prevalent EV manufacturer being the world’s most valuable automotive company (as of June 2023). The brand has left a mark on the automotive landscape with its revolutionary, sleek, high-performance electric cars.
You can get a brand new Tesla Model Y or Model 3 Highland at The Electric Car Scheme through salary sacrifice. Electric car salary sacrifice allows you to save up to 60% on any electric car of your choice; you agree to deduct a portion of your pre-tax salary each month to cover the cost.
What is Tesla salary sacrifice and how do I set it up?
Salary sacrifice is the cheapest way to get a Tesla. Salary sacrifice is an easy way for companies to provide their employees with a benefit without taking on the cost.
This image is sourced from: https://insideevs.com/news/654106/tesla-model3-price-less-than-average-new-car-transaction/
Salary sacrifice is the cheapest way to get a Tesla. Salary sacrifice is an easy way for companies to provide their employees with a benefit without taking on the cost. In the case of electric car salary sacrifice, the business provides the car for the employee, who in turn sacrifices part of their salary to cover the cost of the car. The employee can pay for the car from their gross salary, before tax, saving 30-60% on the cost of the car. The process of leasing a Tesla through The Electric Car Scheme is no different from any other car.
Brief history of Tesla’s growth
Tesla was founded in 2003 by engineers Martin Eberhard and Marc Tarpenning in 2003. Elon Musk, formerly co-founder of Paypal, led the initial rounds of investment before taking over as CEO.
The Roadster was released in 2008 as Tesla’s first car and is now marketed to be the ‘quickest car in the world with record-setting acceleration, range and performance.’ In May 2010 Tesla purchased the Tesla Factory in California and started production on the Model S in September of that year. This car went on to win several awards in 2012 and 2013, becoming the first electric car to top the monthly sales ranking of a country in the Norweigan new car sales list.
“No single brand comes anywhere close to controlling that much of the petrol or diesel markets - not even giants like Volkswagen or Ford”
In 2016 the Model 3 Sedan was unveiled at an event and was later released in 2017 - this car was less expensive and more accessible to the average consumer. In 2019 the Model Y was released, based on the Model 3. Tesla’s vehicle deliveries reached a record 1.31 million units in 2022 and have been steadily growing year on year.
Compare the Tesla Model S, 3 and Y
| Specifications | Model S | Model Y | Model 3 |
|---|---|---|---|
| Range | 405 miles | 330 miles | 272 miles |
| Seating | 5 seats | 7 seats | 5 seats |
| Drive | AWD Dual Motor | AWD Dual Motor | RWD |
| Acceleration (0-60mph) | 3.1s | 4.8s | 5.8s |
| Top speed | 149 mph | 135 mph | 140 mph |
| Available to salary sacrifice? | No | Yes | Yes |
Salary sacrifice the Tesla Model 3 Highland
Introduced to the market in 2017, the Tesla Model 3 marked a significant step in the company's journey to make electric vehicles accessible to a wider audience. Designed to be more budget-friendly than its predecessors, this electric car offers a range of impressive features. The Tesla Model 3 Highland is an update to the Model 3 and it is now available via salary sacrifice for as little as £442 per month.
Tesla has left no stone unturned when it comes to enhancing the performance and efficiency of the Highland. According to Telsa’s WLTP (Worldwide Harmonised Light Vehicle Test Procedure) ratings, the Standard Range Rear-Wheel Drive version boasts a range of 344 miles while the Long Range version delivers an astonishing 421 miles. This is an 11-12% improvement over the current Model 3 WTLP ratings.
You can order the 2024 Tesla Model 3 Highland in 2 different models
Rear-Wheel Drive (RWD) - Travel up to 318 miles on a single change, accelerate from 0 to 60mph in 5.8 seconds with a top speed of 125mph. The starting price for this version is £39,990.
Long range (LR AWD) - The starting price for the Long Range Tesla Model 3 Highland is £49,990 and offers a range of 390 miles, with a top speed of 0 - 60mph in 4.2 seconds.
Interested in learning more about the Tesla Model 3 highland and all it can offer? You can read our blog about it: 2024 Tesla Model 3 Facelift - the best car to salary sacrifice?
Salary sacrifice the Tesla Model Y
The 2020 Tesla Model Y offers a blend of practicality and style, appealing to both electric vehicle enthusiasts and families. It is larger than the Model 3, providing the advantages of an electric SUV, including a higher driving position and increased interior space. You have room for 5 comfortably, versatile seating and storage as well as easy access trunk.
Its range extends up to 331 miles (WLTP). This enables long journeys without the need for frequent charging stops. The Tesla Model Y is available with salary sacrifice for just £472 per month.
Safety is a top priority for the Model Y, evident in its 5-star Euro NCAP safety rating for 2022. It even secured the prestigious "Best in Class" award in the small off-road category. With 360 degrees of visibility and 250 metres of powerful visual processing, the Model Y offers advanced safety features and convenience to assist with the most challenging aspects of driving, ensuring peace of mind for drivers and passengers.
Models available via salary sacrifice
Rear-wheel Drive (RWD) - Accelerate from 0 to 60mph in 6.6 seconds, maximum range of 283 miles depending on wheel size, and a top speed of 135mph.
Long Range (AWD) - A longer battery range means you can travel for 331 miles on a single charge. Also accelerate from 0 to 60 mph in 4.8 seconds and reach a top speed of 135mph.
Performance - This model has a range of 319 miles, a top speed of 150mph and acceleration from 0 to 60mph in 3.5 seconds.
New colours have been released for the Model Y
Two new colours have been released for the Model Y: Midnight Cherry Red and Quicksilver. These were developed in Tesla’s advanced paint shop in Berlin and the colours were designed to accentuate the Model Y in any light. These new colours were designed to add a new dimension that subtly changes with the curvature of the car as you walk around your model Y.
Midnight Cherry Red
This is an intense metallic colour which has a depth that transforms with the light.
The images above have been sourced from: 1. https://electrek.co/2023/05/22/tesla-model-y-byd-batteries-charges-faster/ 2. https://uk.motor1.com/news/675485/tesla-model-y-berlin-cherry-red-quicksilver/ 3. https://uk.motor1.com/news/675485/tesla-model-y-berlin-cherry-red-quicksilver/
Quicksilver
This colour is dynamic and gives a liquid metal effect which accentuates the top of the Model Y.
These images have been sourced from: 1. https://www.linkedin.com/posts/aleksandra-kuczynska-686a68136_tesla-proud-activity-6997281990848733184-7tEm 2. https://www.learnmyev.com/post/tesla-announces-price-increase-for-model-y-across-all-trims-in-the-us-and-china 3. https://www.teslaoracle.com/2023/01/16/tesla-model-y-quicksilver-color-is-a-hit-in-europe-looks-fantastic-in-person-pics-videos/
Tesla Model Y 2024 update
Elon Musk has eradicated any hope that there will be a “refreshed” version of the Model Y in 2024. Many existing owners and potential buyers have been expecting a Model Y facelift which would improve the comfort and quietness of the world’s best-selling car.
On X, Musk stated “No Model Y refresh is coming out this year. I should note that Tesla continuously improves its cars, so even a car that is 6 months newer will be a little better.”
Testing out the Model Y and Model 3 at The Electric Car Scheme
Our head office recently welcomed the Tesla team for an exclusive drive day, giving our employees a fantastic opportunity to get behind the wheel of an electric car. As a company specialising in electric car salary sacrifice, this event was an exceptional perk for everyone on our team!
Our team had a great time driving and exploring the features available in both Tesla models. There is so much enjoyment to driving and even being a passenger in a Tesla, from the dazzling light show to the interactive karaoke and the hilariously entertaining "fart mode" that caused plenty of laughter.
It was a memorable and engaging experience for all, showcasing not only the impressive technological advancements but also the fun and innovative elements that make driving a Tesla so enjoyable.
The New Tesla Model Y Juniper
Tesla’s upcoming Model Y Juniper, set to be released in 2024, introduces several updates as part of a mid-life facelift. While Tesla’s design language remains minimalist, the Juniper features subtle yet notable changes to its exterior, particularly in the front and rear.
The new design includes slimmer headlights, potentially refreshed bumpers, and a more streamlined overall look. Inside, expect a revamped interior, aligning with the premium and tech-forward approach Tesla is known for. Significant interior upgrades may include improved materials, refreshed trims, and an updated infotainment system to enhance user experience.
Tesla might also introduce a six-seat configuration, providing more flexibility for families or those needing extra seating. The Juniper retains its core features, including impressive electric range and Tesla’s Full Self-Driving (FSD) technology, though further optimizations are anticipated.
This facelift aims to keep the Model Y competitive in the rapidly evolving electric SUV market. Stay tuned!
Can I salary sacrifice the Tesla Model X and S?
Models X and S are available to purchase in the UK, exclusively in left-hand drive configuration, and come at a substantial price tag of £104,000 when new. Earlier this year, Tesla announced that the right-hand-drive versions of the Model X and Model S would no longer be in production, citing mechanical and logistical complexities as the primary reasons for this strategic shift. As a result, you can't get a Model X or S through salary sacrifice.
This decision reflects Tesla's effort to optimise its production processes and maintain the high standards of performance and safety that its consumers expect. By streamlining its production line to focus on left-hand-drive vehicles, the company aims to ensure the continued excellence of its electric vehicles. Those interested in getting a Tesla through salary sacrifice in the UK may need to consider exploring other models like the Model 3 or Model Y. These models remain available with right-hand drive.
Can you salary sacrifice the Tesla Cybertruck?
Tesla released their Cybertruck in November 2023, two years behind schedule. This is a revolutionary vehicle that boasts an unbreakable exoskeleton, bulletproof glass, a versatile bed and self-driving capacities. The Cybertruck redefines the conventional concept of a pickup truck.
This image has been sourced from: https://uk.news.yahoo.com/elon-musk-says-cybertruck-able-161011483.html
The Cybertruck was released in the US in November but unfortunately, we do not know when it will come to the UK. Therefore, we do not know when it will be available via salary sacrifice. There is uncertainty about whether it will be released this side of the pond because the UK and European markets have different rules, especially regarding safety and driving. There is also added speculation because Tesla has stopped selling right-hand drive Tesla Models X and S in the UK. So this is to be confirmed!
Tesla claims the Cybertruck will go from zero to 60mph in 6.5 seconds and will have a top speed of 120 miles per hour. This depends on the model you decide on - if you choose the Tri-Motor model, you will reach zero to 60mph in just 2.9 seconds. Tesla claims the single motor will have 250 miles of range, the dual motor 300 miles and the tri-motor 500+ miles on a single charge. This makes the Cybertruck one of the furthest-range electric cars on the market, joining the 2023 Lucid Air which has an estimated range of 516 miles. You can learn more about the Cybertruck in our blog.
You can salary sacrifice the Tesla Model Y and Model 3 Highland at The Electric Car Scheme and save yourself between 30 and 60%. Learn more about the scheme by visiting our website.
Our lease pricing is based on data collected from The Electric Car Scheme quote tool. All final pricing is inclusive of VAT. All prices above are based on the following lease terms; 10,000 miles pa, 36 months, and are inclusive of Maintenance and Breakdown Cover. The Electric Car Scheme’s terms and conditions apply. All deals are subject to credit approval and availability. All deals are subject to excess mileage and damage charges. Prices are calculated based on the following tax saving assumptions; England & Wales, 40% tax rate. The above prices were calculated using a flat payment profile. The Electric Car Scheme Limited provides services for the administration of your salary sacrifice employee benefits. The Electric Car Scheme Holdings Limited is a member of the BVRLA (10608), is authorised and regulated by the FCA under FRN 968270, is an Appointed Representative of Marshall Management Services Ltd under FRN 667174, and is a credit broker and not a lender or insurance provider.
First written: 26/10/23
Last updated: 09/09/23
