Tesla Model 3 cost to own in the UK — the true 5-year total
The Tesla Model 3 starts at £37,990. Over 5 years, owning one (EV) costs about £40,251 in the UK as of August 6, 2026 — £671/month, £0.67/mile — including depreciation, charging (with the ~12% charging loss most calculators ignore), maintenance, insurance, financing and VED. That's £7,375 less than a comparable BMW 320i Sport over the same 5 years.
Tesla Model 3 incentives & grants
UK Electric Car Grant: up to £3,750 off the price of an eligible new EV (RRP ≤ £37,000, applied by the dealer). Shown for reference; not included in the totals above. Source: GOV.UK Electric Car Grant.
Tesla Model 3 · UK · 5-year estimate£40,251 total · £671/mo · £0.67/mi
Where the money goes
| Cost component | Electric · Tesla Model 3 | Petrol · BMW 320i Sport |
|---|---|---|
| Depreciation (estimated) | £23,554 (59%) | £23,070 (48%) |
| Charging / fuel | £4,837 (12%) | £9,767 (21%) |
| ↳ of which charging loss | 12% (~£580) | — |
| Maintenance | £1,500 (4%) | £2,250 (5%) |
| Insurance | £2,780 (7%) | £2,455 (5%) |
| Financing interest | £6,581 (16%) | £7,324 (15%) |
| Registration & fees | £1,000 (2%) | £2,760 (6%) |
| Total cost of ownership | £40,251 | £47,626 |
Tesla Model 3 specs & assumptions
- Starting price (RRP)
- £37,990manufacturer
- Powertrain
- Electric
- Efficiency
- 20.9 kWh/100miWLTP
- Range
- 332 miWLTP
- UK electricity
- 26.11p/kWhOfgem
- Annual miles (assumed)
- 12,000UK average
Road tax (VED) for EVs 2026
VED on the Tesla Model 3 is £200/yr — the flat standard rate EVs now pay — and it is included in every total on this page. Source: GOV.UK vehicle tax rates.
Cost to charge the Tesla Model 3 at home
The Tesla Model 3 runs about £6.20 per 100 mi at home — versus about £17.42 for a typical 40 mpg petrol car. Home charging only (the ~12% AC charging loss is included); public DC fast-charging is billed per session by each network — often 2–3× the home rate — and isn't in these figures.
- Per 100 mi at home
- £6.2020.9 kWh/100mi + 12% charging loss × £0.26/kWh
- A typical 40 mpg petrol car
- £17.42/100miat £1.53/litre — for comparison
Compare the Tesla Model 3 against any car, your mileage & your scenario
What the numbers say
The Tesla Model 3 costs about £40,251 to own over 5 years in the UK — £671/month, £0.67/mi at 12,000 mi/yr — and depreciation is the biggest line: £23,554, 59% of the total (as of August 6, 2026).
- This one isn't close: the Tesla Model 3 undercuts the BMW 320i Sport by £7,375 — about 15% of the BMW 320i Sport's 5-year total.
- At any realistic annual distance the Tesla Model 3 is already the cheaper car to own — more driving only widens its lead.
- Where the Tesla Model 3's £40,251 actually goes: depreciation £23,554 (59%), financing interest £6,581 (16%), charging £4,837 (12%), insurance £2,780 (7%), maintenance £1,500 (4%), registration & fees £1,000 (2%).
- Per mile, that is £0.39 of depreciation and £0.08 of charging, with £0.20 for everything else — £0.67/mile all-in.
- Charging vs the fleet: the Tesla Model 3's 5-year charging bill (£4,837) runs £833 below the £5,670 median of the 27 EVs we price at the same rates.
What we assume for maintenance
Assumed £300/yr for an EV at 12,000 mi/yr — about £1,500 of the 5-year total above. On this market's assumptions an EV runs about £150/yr less in maintenance than a petrol car (£300 vs £450). See the methodology for sources; adjustable in the calculator.
Tesla Model 3 battery — replacement cost & lifespan
Most EVs never need a battery replacement inside the manufacturer's battery warranty, so this is not in the 5-year total above — but it's the cost buyers ask about most, so here it is transparently. US-sourced replacement pricing (recurrentauto.com); local pricing varies.
- Out-of-warranty replacement
- US$11,000–US$18,000US-sourced estimate
- Battery warranty (US terms)
- 8 yr / 100,000 mimanufacturer · local terms may differ
- Typical lifespan
- ~15 yrindustry est.