Going electric doesn't have to mean going broke.

One thing that puts many off from switching to an electric car is the perceived notion that they cost considerably more.

However, if you factor in running costs, EVs can actually work out cheaper, according to DriveElectric. With the upfront purchase price spread across monthly leasing payments, a new EV has the potential cost less than £200 per month.

DriveElectric, an electric vehicle leasing company that has been around since 2008, has put together a list of EVs on the market right now that cost less than their petrol-powered equivalents.

smart EQ forfour

Smart EQ ForFour 17 kWh Passion Advanced 5dr Auto

Electric driving range (official WLTP combined): 81 miles
Estimated real-world electric driving range: 55 miles
Monthly lease cost: £176.88
Estimated fuel savings per month: £85

Cost per month after fuel savings deducted: £91.88

 

Škoda CITIGOe iV

Skoda CITIGOe IV SE 37 kWh 5dr Auto                                                

Electric driving range (official WLTP combined): 170 miles
Estimated real-world electric driving range: 130 miles
Monthly lease cost: £231.55
Estimated fuel savings per month: £85

Cost per month after fuel savings deducted: £146.55

 

2019 Renault ZOE

Renault Zoe GT Line 50 kWh 5dr Auto                                                

Electric driving range (official WLTP combined): 245 miles
Estimated real-world electric driving range: 195 miles
Monthly lease cost: £279.59
Estimated fuel savings per month: £85

Cost per month after fuel savings deducted: £194.59

 

Volkswagen e-Golf

Volkswagen e-Golf 35 kWh 5dr Auto                                          

Electric driving range (official WLTP combined): 144 miles
Estimated real-world electric driving range: 125 miles
Monthly lease cost: £331.32
Estimated fuel savings per month: £100

Cost per month after fuel savings deducted: £231.32

 

Peugeot e-2008

Peugeot E-2008 50 kWh Active 5dr Auto                                              

Electric driving range (official WLTP combined): 206 miles
Estimated real-world electric driving range: 170 miles
Monthly lease cost: £338.30
Estimated fuel savings per month: £120

Cost per month after fuel savings deducted: £218.30

 

The examples shown are for a four-year Personal Contract Hire (PCH), with no initial rental and 10,000 miles per year. The estimated fuel savings are based on 14p per kW electricity costs and monthly mileages covered as part of a 10,000 miles per year PCH. Lower maintenance costs are also factored in.

"There’s much talk about EVs reaching price parity with petrol cars over the coming years, but zero emission electric cars can be more affordable than people think today," said Mike Potter, managing director of DriveElectric. "Fuel costs of EVs are around 20% of the fuel costs of petrol cars, and spreading the cost of the initial purchase price over monthly leasing payments means that EVs are now typically cheaper than petrol cars from a whole-life cost point of view. This could enable large numbers of motorists to make the switch to EVs to help improve local air quality and achieve Net Zero.

"The driving ranges of the latest EVs are sufficient for many people’s regular driving patterns, and for those such as business users who regularly need to cover lots of motorway miles, there’s an ever-increasing variety of vehicle options available with electric driving ranges over 300 miles."