Experts are arguing that now, more than ever, is the best time to invest in an electric vehicle with clear savings on offer, especially when compared with petrol, diesel and hybrid models.
While manufacturers have continued to discount electric vehicles to appeal to motorists looking for a new car, recent research suggests that drivers could save hundreds of pounds when getting a vehicle on finance.
As millions of drivers look to switch to an electric vehicle, experts are highlighting that they could save up to £50 a month with an EV, rather than a petrol or hybrid model.
Recent analysis of the new car market shows the price gap between internal combustion engine vehicles and electric vehicles has shrunk dramatically over the last year.
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Pat Hoy, founder of Insider Car Deals, said that too many customers looking to buy a new car assume that electric vehicles will always be the most expensive option.
However, the new data proves that the opposite is true, and that electric cars across all vehicle categories can be cheaper for motorists.
"Once people regularly get to see that EVs can be cheaper to buy, as well as cheaper to run, they will be far more open to really listening to the wider range of arguments for buying an electric car," Mr Hoy added.
Regardless of which vehicle drivers want to get behind the wheel of, they are able to make significant monthly savings.
New research has shown that drivers can make significant savings with a monthly finance deal
|AUDI/GETTY
Whether motorists want to get their hands on a small city car for an urban commute or a large, premium SUV for their families, research shows that savings can be found when switching to electric.
Tanya Sinclair, CEO of Electric Vehicles UK, said: "Drivers often assume electric cars cost more, but the latest pricing data tells a different story.
"When EVs are already matching or beating petrol cars on monthly payments - and running costs are lower - the economics of switching become very hard to ignore, especially when global events can push petrol prices higher overnight."
Based on the latest market data from Insider Car Deals, motorists can make significant savings when getting a monthly PCP car finance term.
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City Cars
Drivers can save £50 a month with the Dacia Spring, compared to the Kia Picanto
|DACIA
Dacia Spring 75kW 24kWh Extreme Auto
List Price - £16,990
Target Price - £12,591
Total Discount - £4,399 (25.9 per cent)
PCP Monthly - £150
Kia Picanto 1.0 Pure Auto
List Price - £17,445
Target Price - £15,813
Total Discount - £1,632 (9.4 per cent)
PCP Monthly - £200
Small Cars
Drivers could see a near-£10,000 discount on the Peugeot e-208
| STELLANTISPeugeot e-208 50kWh 136 GT
List Price - £32,300
Target Price - £22,303
Total Discount - £9,997 (31 per cent)
PCP Monthly - £267
Toyota Yaris 1.5 Hybrid 130 GR Sport
List Price - £30,045
Target Price - £27,172
Total Discount - £2,873 (9.6 per cent)
PCP Monthly - £306
Family Cars
While the MG4 has a lower discount, drivers can still save £48 a month with a PCP finance deal
| MGMG4 Premium Extended Range Auto
List Price - £32,995
Target Price - £27,633
Total Discount - £5,362 (16.3 per cent)
PCP Monthly - £252
VW Golf 1.5 eTSI 150 Match DSG
List Price - £31,875
Target Price - £26,099
Total Discount - £5,776 (18.1 per cent)
PCP Monthly - £300
Family SUVs
The popular ID.4 EV benefits from a larger discount than its VW counterpart
| VOLKSWAGENVolkswagen ID.4 210kW Match Pro 77kWh Auto
List Price - £44,400
Target Price - £35,650
Total Discount - £8,750 (19.7 per cent)
PCP Monthly - £362
VW Tiguan 1.5 eTSI 150 Match DSG
List Price - £39,930
Target Price - £33,044
Total Discount - £6,886 (17.2 per cent)
PCP Monthly - £375
Premium SUVs
Despite having a more expensive list price than the BMW X3, the Audi Q6 e-tron costs less when paying monthly
| AUDIAudi Q6 e-tron 100kWh Performance 306ps Sport Auto
List Price - £64,065
Target Price - £53,540
Total Discount - £10,525 (16.4 per cent)
PCP Monthly - £486
BMW X3 xDrive 30e M Sport Auto Tech Pack
List Price - £61,825
Target Price - £53,014
Total Discount - £8,811 (14.3 per cent)
PCP Monthly - £500