Tesla Model Y: Australia's EV Gem Surpassing Expectations

The Tesla Model Y has gained significant attention here in Australia and abroad as one of the most anticipated electric vehicles (EVs) in recent years. In May 2023, the Tesla Model Y was Australia’s third most popular vehicle, with sales figures only slightly behind those of the Toyota HiLux and Ford Ranger (VFacts, June 2023). Pretty impressive for a car that isn’t also being purchased at scale for trade purposes, right?

To call out the Model Y’s key features, we absolutely love its;

• Best-in-class safety features
• Minimum 455km range (ideal for road trips)
• Advanced driver-assistance systems (incl. autopilot)
• Supreme acceleration (0-100km/h in 3.7 seconds)
• Elite sustainability creds (zero emissions)

The Model Y shares its class with other popular EVs including the Polestar 2, BYD Atto 3 and Hyundai Ioniq 5. 

What We Love

The Model Y is more than just an electric car; it's a game-changer. Safety features, zero emissions, and cost-effectiveness make it a top contender for those with an eye for sustainability - with absolutely no emissions. From the versatile rear-wheel drive base to the powerhouse dual motor all-wheel drive Long Range and the performance-driven Performance variants, there’s a Model Y for every driver.

The Model Y Performance hits 0 to 100 km/h in a mere 3.7 seconds, too, featuring dual motor all-wheel drive. Beyond the thrilling acceleration, the range options - 455km, 533km, and 514km for the base, Long Range, and Performance models respectively—make it not just a daily driver but a reliable companion for long Summer road trips up the East Coast.

Step inside, and you'll find a spacious cabin for up to five passengers with ample room to spare for cargo. The interior is a tech-lover's dream, too, featuring a large touchscreen display seamlessly integrated with best-in-class driver-assistance systems. Imagine the joy of enhanced autopilot capabilities, including auto lane change, auto park, and summon, making each drive a truly elevated experience.

Model History

Unveiled in 2019, the Tesla Model Y is an electric mid-size crossover SUV, based on the Model 3 sedan platform. Production of the Model Y began in January 2020, and by the first quarter of 2023, the Model Y outsold the Toyota Corolla to become the world’s best selling car - the first ever EV to claim the title. 

Tesla Model Y: Costs

The baseline 2023 Tesla Model Y starts at $69,300 drive-away, including potential incentives and fuel savings – which you can learn more about here. The Model Y Performance variant starts at $95,300, and the Model Y Long Range will set you back around $82,300. 

If financing or buying a car outright, you’ll need to factor in additional running costs including insurance, registration, servicing, and other maintenance costs. The baseline 2023 Model Y costs approximately $300 per week in standing costs - insurance, registration and maintenance (excluding charging). At the time of writing, accurate depreciation estimates of the Model Y aren’t yet available. It hasn't been around long enough to provide an accurate forecast and it's worth noting that vehicle supply constraints and global pricing fluctuations have muddied any future forecasts at the time of writing. Before buying, make sure you consider all the hidden costs of running a car.

Tesla Model Y: Finance

For most of us, either leasing or financing is preferred over buying the car outright. Both help to break down the overall cost that buying a new vehicle can involve - and when it comes to your options, it’s all about making the choice that’s right for you, right now. 

If you’re looking to finance your new car, you can expect to pay the price of the vehicle plus interest (usually ranging between 6% and 20%, depending on your individual circumstances). For example, the base model Tesla Model Y Performance priced at $105,995 drive away, financed over 5 years with a 9.5% interest rate (with no ‘balloon’ or residual payment), will set you back $512 a week, or $133,120 over the course of your loan (ex. government fees and charges). Thankfully, your estimated fuel savings with a Model Y come in at $6,000 over your hypothetical 5-year loan period - which is definitely something to take into consideration - but see how it can really add up?

Smart Financing Choices: Transparent Car Loans

With most banks and lending institutions, you’ll also need to consider added monthly lender, broker, and ‘break’ fees if you want to pay off your loan early. These can add up to thousands of dollars extra, depending on your lender and finance terms.

When it comes to financing, that’s why it’s a great idea to consider all of your options. Online car loan comparison platforms like CarClarity can help you find the finance arrangement that works best for you.

Tesla Model Y: Subscription

We’ve covered the usual options when it comes to car ownership, but the good news is that there’s one more. Here at carbar, our car subscription service allows you exclusive access to a fully maintained and comprehensively insured Tesla for a simple weekly subscription cost, similar to a lease – one of the most flexible and easiest ways to get into a Tesla Model Y today for as little as $527 per week.

There are minimum costs, but unlike a lease, there are no minimum terms. Just give us two weeks’ notice to swap cars or stop your subscription.

A car subscription carries most of the benefits of a car lease, but with more flexibility. Because it’s chunked into affordable weekly payments, a carbar subscription offers an alternative to traditional car leasing that can fit your budget and lifestyle as it stands today, with the freedom to stop or swap with 2 weeks’ notice should anything change.

For businesses, there may also options to salary sacrifice your electric vehicle subscription. Put simply, a novated car subscription is a flexible alternative to your traditional novated car lease. Because it is being run through a business, you immediately save on GST and depending on your circumstances, could save through pre- and post-tax contributions. This effectively gives you all the benefits of a fully maintained car while potentially reducing the amount of tax you pay. There could be further savings for eligible cars that are zero or low emissions vehicles that are exempt from Fringe Benefits Tax (FBT) and first held and used after 1 July 2022*.

From Subscription to Loan: Carbar's Innovative Approach to Tesla Ownership

If you love your subscription Tesla and want to own it, you can now also purchase your beloved subscription car when it works for you.

Unlike any other car retailers in Australia, carbar customers can now seamlessly switch their carbar subscription to a loan arrangement thanks to our latest partnership with car loan comparison platform, CarClarity.

We’re adding new cars to our fleet every week, with a range of vehicles in the Tesla range to choose from (and hundreds more) – whether you choose to subscribe, finance or buy.

The choice is always yours.

Browse our latest selection of cars today.

* The advice given is general advice and does not take into account your own objectives, financial situation or needs. You should consider if the advice is appropriate for you before acting and read all applicable terms and conditions of any selected product or service prior to proceeding