Tesla Model Y vs Hyundai Ioniq 5 — example electric vehicle ownership cost comparison
This page compares the estimated total cost of ownership for a Tesla Model Y Long Range AWD 2022 and a Hyundai Ioniq 5 Ultimate EV 2023, using two real 73 Auto example reports. It breaks the same cost categories — depreciation, fuel/energy, insurance, servicing, tax and more — down side by side, so you can see exactly where the two figures agree or diverge. An illustrative side-by-side comparison of two real 73 Auto example scenarios — a 2022 Tesla Model Y Long Range AWD and a 2023 Hyundai Ioniq 5 Ultimate, both fully electric — showing how the same cost categories are broken down and compared. This is not a market-wide claim that one model is cheaper than the other; the two examples differ in registration year.
Tesla Model Y Long Range AWD 2022
£5,177
per year, this example
£431 per month
Hyundai Ioniq 5 Ultimate EV 2023
£5,333
per year, this example
£444 per month
Difference: £156 per year (£13 per month) — Hyundai Ioniq 5 Ultimate EV 2023 costs 3% more than Tesla Model Y Long Range AWD 2022.
Which costs less to own?
Tesla Model Y Long Range AWD 2022 is estimated to cost less to own than Hyundai Ioniq 5 Ultimate EV 2023 in these two examples, by £156 per year — 2.9% less than Hyundai Ioniq 5 Ultimate EV 2023.
Category comparison
| Category | Tesla Model Y Long Range AWD 2022 | Hyundai Ioniq 5 Ultimate EV 2023 | Difference |
|---|---|---|---|
| Depreciation | £1,675(32%) | £1,828(34%) | £153 |
| Fuel / Energy | £714(14%) | £714(13%) | £0 |
| Insurance | £840(16%) | £970(18%) | £130 |
| Service & MOT | £535(10%) | £432(8%) | £103 |
| Maintenance & Repairs | £268(5%) | £168(3%) | £100 |
| Urban Costs (CC / ULEZ / Parking) | £240(5%) | £240(4%) | £0 |
| Tyres | £135(3%) | £135(3%) | £0 |
| Roadside Assistance | £124(2%) | £124(2%) | £0 |
| Finance / Leasing | £646(12%) | £722(14%) | £76 |
| Total per year | £5,177 | £5,333 | £156 |
Figures shown are each category's annual cost as printed in the source report. A percentage in brackets is that category's share of the vehicle's own total, only where the source report states one.
What the numbers show
- Tesla Model Y Long Range AWD 2022 has the lower estimated annual ownership cost in these two example reports, at £5,177 per year versus £5,333 for Hyundai Ioniq 5 Ultimate EV 2023, a difference of £156 per year. Hyundai Ioniq 5 Ultimate EV 2023 costs 3% more than Tesla Model Y Long Range AWD 2022.
- The largest category difference is depreciation: £1,675 for Tesla Model Y Long Range AWD 2022 versus £1,828 for Hyundai Ioniq 5 Ultimate EV 2023, a difference of £153 per year.
- Fuel / Energy is identical between the two vehicles in these examples, at £714 per year for both Tesla Model Y Long Range AWD 2022 and Hyundai Ioniq 5 Ultimate EV 2023.
- Combined depreciation and finance/leasing cost £2,321 per year for Tesla Model Y Long Range AWD 2022, versus £2,550 per year for Hyundai Ioniq 5 Ultimate EV 2023, in these examples.
- Fuel/energy costs are identical between Tesla Model Y Long Range AWD 2022 and Hyundai Ioniq 5 Ultimate EV 2023 in these examples, at £714 per year.