Electric cars have hit a major pricing milestone in the UK, with many models now costing the same as or less than petrol equivalents on a monthly lease.
New data from Octopus Electric Vehicles shows the median monthly EV lease stands at £369, compared to £409 for petrol.
Drivers switching to electric can save upwards of £1,600 over the course of a lease on monthly payments alone.
Several models are now significantly undercutting petrol rivals. The Dacia Spring EV leases at £199 a month against £225 for the Dacia Sandero, saving £1,248 over a lease.
The Citroën ë-C3 and Vauxhall Frontera EV are also cheaper than their petrol counterparts.
Falling battery costs, greater manufacturer competition and improved supply chains have driven prices down.
Many electric cars are now available for under £300 a month. Autotrader data recently showed new electric cars are cheaper than petrol on average for the first time, including discounts and government grants.
Gurjeet Grewal, Chief Executive 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.”
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