Motorists across the UK can now spend less on a monthly lease for an electric car than they can on a petrol vehicle, in a major milestone for EV prices.
New data shows that the average leased electric car with Octopus Electric Vehicles could see drivers save £40 a month compared to an equivalent petrol model.
The median monthly lease price for an electric car has fallen to £369, while those opting for petrol vehicles will continue to pay £409 on average.
With these savings, drivers opting for electric cars could save more than £1,600 over the course of their lease on monthly payments.
These savings only take into account the monthly lease prices and do not include lower running costs, home charging discounts, or the soaring cost of fuel.
Drivers can make further savings when investing in electric vehicles, especially if they consider particular popular models for leasing.
A monthly lease for the Dacia Spring costs just £199, while the similar petrol or hybrid equivalent, the Dacia Sandero, costs £225 a month, saving them £1,248.
Even the electric Vauxhall Frontera can help drivers save £1,152 over a standard 48-month lease contract, when compared to the Frontera Hybrid.
Drivers can save thousands of pounds when leasing an electric vehicle
| OCTOPUS/PAVauxhall became one of the first major car brands to ensure all of its electric vehicle prices were at price parity with its hybrid and internal combustion engine variants.
Similarly, the Citroen e-C3 is available for £279 a month, while the regular C3 model would cost drivers almost £300 over the same time period.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, described the data as a milestone announcement for drivers interested in switching to EVs.
He 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.
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The Dacia Spring is one of the cheapest electric cars on the market | DACIA"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."
Mr Grewal also noted the substantial savings on offer as tensions in the Middle East continue to have a huge impact on petrol and diesel prices.
Fresh data from RAC Fuel Watch shows that drivers are paying more as prices continue to rise, despite optimism that costs had been falling since their peak in mid-April.
Dozens of vehicles are eligible for the Electric Car Grant, including the Citroen e-C5 Aircross Long Range
| STELLANTISIt comes as research from the Department for Transport shows that there are more than two million electric vehicles on the road across the country.
These levels are expected to soar over the coming years as drivers ditch petrol and diesel vehicles, and prices of EVs continue to fall, making them more attractive to those hesitant to transition.
More than 100,000 electric vehicles have been purchased through the Government's Electric Car Grant, which includes around 50 models available for a discount.
Drivers can save up to £3,750 off the price of a new electric car with a list price of £37,000 or less.