Electric cars 'beating petrol vehicles' with lower monthly costs as drivers make huge savings

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.

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

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

Peugeot 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

MG4 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

Volkswagen 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

Audi 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

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