Electric vehicles (EV) now cost the same as or even less than petrol cars on a monthly lease, according to new data from Octopus Electric Vehicles.
New data from Octopus Electric Vehicles shows the median monthly lease price for an EV is now £369, compared with £409 for the median petrol car listed on a popular comparison site.
That means drivers can now go electric and save upwards of £1,600 over the course of their lease on monthly payments.
Falling battery costs, more manufacturers entering the market, and a surge of new lower-cost electric models, are rapidly changing the picture for EVs, the company said.
| Model | Monthly lease | Petrol / Hybrid equivalent | Monthly lease | Total lease saving |
| Dacia Spring EV | £199 | Dacia Sandero | £225 | £1,248 |
| Vauxhall Frontera EV | £279 | Vauxhall Frontera Hybrid | £303 | £1,152 |
| Citroën ë-C3 | £279 | Citroën C3 | £294 | £720 |
Drivers can also save thousands over the course of a lease through cheaper charging, fewer moving parts and lower maintenance costs compared with petrol cars, it added.
The UK EV market has matured with more competition, better supply chains and advances in battery technology bringing prices down, while ranges have improved and charging has become “easier than ever”, it said.
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.”
Image courtesy of Octopus Electric Vehicles
