Many electric car models now cost the same as – or even less than – petrol cars on a monthly lease, according to Octopus Electric Vehicles.
Data from Octopus EV showed that the median monthly lease price for an EV is now £369, compared with £409 for the median petrol car listed on a comparison site.
Falling battery costs, more manufacturers entering the market, and a surge of new, lower-cost electric models are making EVs the cheaper option, according to Octopus EV.
Octopus EV adds extras such as servicing, maintenance, repairs and a discounted home charger, to help customers gain more certainty over monthly motoring costs.
This came as Autotrader data showed that new electric cars are now cheaper than petrol on average for the first time, including discounts and Government grants.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said: “This is a real line-in-the-sand moment for drivers.
“For years, people assumed EVs were the expensive option – but the market has changed dramatically.
“Today, many electric cars are cheaper to lease than petrol, diesel or hybrid alternatives. And when you add lower charging and maintenance costs, the savings become even clearer.
“With petrol prices rising again, more drivers are looking for ways to cut costs and future-proof their finances.
“There’s never been a better time to make the switch.”
