New data from Octopus Electric Vehicles has shown that many cars now cost the same as – or even less than – petrol cars on a monthly lease.

The median monthly lease price for an EV is now £369, compared with £409 for the median petrol car. The figures are based on a 48-month lease term, three months upfront and 5,000 miles per annum and prices were compared between Octopus Electric Vehicles and Leasing.com.

Falling battery costs, more manufacturers entering the market, and a surge of new lower-cost electric models are rapidly making EVs cheaper. What was once premium is quickly becoming mainstream, with many cars now being available for less than £300 a month.

This comes as Autotrader data recently 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.”