Three of the Cheapest EV Lease Deals in the UK Right Now, and Which One Might Offer the Best Value

Three of the cheapest new EV lease deals on the First Vehicle Leasing website currently sit under £285 a month inc. VAT, but headline monthly price alone doesn’t always tell you which one may deliver the best financial value. We’ve done the maths on all three, on identical contract terms, to see which one appears to offer the strongest value in the UK electric market right now.

There are more than 1,800 electric vehicles available to lease through First Vehicle Leasing today. When you filter that list by lowest personal contract hire price inc. VAT, three cars appear at the top of the list: the Omoda 5 Knight, the MG4 Premium Long Range and the CUPRA Raval V1. All three sit under £285 per month, and all three are available on identical contract terms: a 48-month agreement with 8,000 miles per annum and 9 monthly rentals paid upfront.

That identical contract structure is what makes this analysis possible. Ordinarily, comparing lease deals is difficult because brokers publish their cheapest possible headline monthly figure, which is often based on different terms for each car. Here, every quote uses the same contract, so the numbers compare like-for-like without any of the sleight of hand that sometimes creeps into “cheapest lease” articles.

The finding, up front: the Omoda 5 Knight is both the cheapest monthly deal and the strongest value against list price. The cheapest lease in Britain right now is also the best-value lease in Britain right now, a rare alignment worth understanding in detail.

How we’ve measured value

The scoreboard

Here’s how the three cheapest EV lease deals in Britain right now compare on our value scoring, ranked by FVL Value Score. All quotes are personal contract hire inc. VAT, 48 months, 8,000 miles per annum, 9 months upfront.

1. Omoda 5 Knight 61kWh  ·  8.0 / 10

The Omoda 5 Knight comes out ahead on both metrics in this comparison. At £263.81 per month it is currently the cheapest of the three EV lease deals we’ve looked at, and because it has the highest list price of the three, its monthly figure represents the lowest proportion of sticker price (0.799%), which is comfortably below the 0.8% threshold that many leasing analysts consider the mark of a strong deal.

THE FINANCIAL BREAKDOWN

What that 44.8% figure means in practice: across four years and 32,000 miles of motoring, the driver pays back less than half the car’s on-the-road price in lease payments. The remainder of the £33,000 list price sits with the finance company, covering depreciation, residual value and margin. From the driver’s perspective, it appears to be an efficient way to access a car with a £33,000 sticker price.

The Omoda 5 Knight itself is a compact electric SUV with a 61kWh CATL blade battery, a 204 PS front motor, a WLTP range of 257 miles and 0-62 mph in 7.5 seconds. Knight is the entry trim but far from stripped out. It includes 18-inch alloy wheels, heated front seats, 6-way driver seat adjustment, a twin 12.3-inch display setup and a five-year, 100,000-mile warranty. As with many Chinese-built EVs currently on sale in the UK, part of the appeal is the level of equipment and warranty cover typically bundled at the headline price.

Omoda 5 Knight 61kWh

155kW Knight 61kWh 5dr Auto · 257 mi range · 204 PS

MONTHLY LEASE FROM

£263.81  /mo inc. VAT

TERM  ·  MILEAGE  ·  INITIAL

48 mo   ·   8,000   ·   9 mo

View deal on FVL →

2. MG4 Premium Long Range 64kWh  ·  7.1 / 10

The MG4 comes in second, £2.06 more per month than the Omoda but against a lower list price of £29,930, meaning its monthly figure represents 0.888% of sticker price. That still counts as a fair deal by industry benchmarks, but it slips just outside the “very good” band.

THE FINANCIAL BREAKDOWN

The MG4 total cost figure of £14,888.72 is £115 more than the Omoda across the full four years. That is a very small gap in absolute terms, and one that stems from OTR positioning rather than the headline monthly. The MG4 looks like a good deal, and the Omoda a marginally better one.

The car itself is a compact electric hatchback with a 64kWh battery, a 214 PS rear-mounted motor and a WLTP range of 280 miles. Premium Long Range is the entry point into the refreshed 2026 MG4 range, and comes standard with a 12.8-inch touchscreen, adaptive cruise control, LED headlights, 17-inch alloys and MG’s seven-year manufacturer warranty. It is the car that most established leasing brokers have been recommending as the “value” pick of the compact EV market for several years, and the numbers back that up, even if the Omoda has now edged past it.

MG4 Premium Long Range 64kWh

170kW Premium Long Range 64kWh 5dr Auto · 280 mi range · 214 PS

MONTHLY LEASE FROM

£265.87  /mo inc. VAT

TERM  ·  MILEAGE  ·  INITIAL

48 mo   ·   8,000   ·   9 mo

View deal on FVL →

3. CUPRA Raval V1 52kWh  ·  6.6 / 10

The CUPRA Raval is the newest car in this line-up, a Volkswagen Group MEB+ compact hatch launched in the UK in summer 2026, and its numbers appear to reflect that. At £281.29 per month against a £29,930 list price it comes in at 0.940% of sticker, which places it in the fair band on our scoring. In the leasing industry, a monthly figure above 0.9% of list is often considered mid-market pricing rather than a bargain.

THE FINANCIAL BREAKDOWN

The CUPRA’s total contract cost is £978.88 higher than the Omoda’s over four years. That is a meaningful number (roughly £20 a month worth of difference), and much of it may be attributable to the newer car carrying newer-car pricing. Volkswagen Group models often see limited leasing support in their first six months on sale, and the Raval only opened UK order books in May 2026 with deliveries beginning in the summer. That could mean the pricing on offer today is closer to undiscounted book pricing filtered through a leasing arrangement.

That said, the Raval is an interesting car. Built on the same MEB+ platform as the incoming Volkswagen ID.Polo and Skoda Epiq, the V1 52kWh model delivers 210 PS, a WLTP range of around 275 miles and 0-62 mph in the low seven-second range. CUPRA has positioned it as one of the sportier options in the small-EV segment, aimed more at the Renault 5 than the Dacia Spring. Buyers who value that sportier positioning, or the CUPRA badge, may accept a slightly higher lease cost, whereas buyers focused primarily on value may prefer to look at the Omoda or the MG.

CUPRA Raval V1 52kWh

155kW V1 52kWh 5dr Auto · 275 mi range · 210 PS

MONTHLY LEASE FROM

£281.29  /mo inc. VAT

TERM  ·  MILEAGE  ·  INITIAL

48 mo   ·   8,000   ·   9 mo

View deal on FVL →

The verdict

The Omoda 5 Knight comes out on top in this comparison. It is currently the cheapest of these three EV leases on a personal contract hire basis, and once the maths is done it also appears to be the strongest deal by commonly used industry value metrics. Both measures point the same way: 0.799% of list price is a strong figure by industry norms, and £14,773.36 in total contract cost gives a driver access to a £33,000 electric SUV for four years and 32,000 miles at 46.2p per mile in finance cost.

The MG4 Premium Long Range is a close second. The gap in total cost is £115 across four years, which is a very small difference in practice. Worth flagging separately: the MG4 and the CUPRA share an identical list price of £29,930, yet lease for £15.42 per month apart on the same contract terms. Across the full four-year contract, that difference works out at £863.52 in total, which appears to reflect the level of manufacturer leasing support currently available on each car rather than any real difference in what the driver receives. Buyers who prefer the MG4 for other reasons (such as the seven-year warranty, the rear-wheel-drive chassis or the longer UK track record) would be giving up very little financial value by choosing it. The Omoda has the edge on the pure maths; the MG4 may well win on many buyers’ shortlists for reasons beyond the numbers alone.

The CUPRA Raval is the outlier here. At £15,752.24 total cost it is £978.88 more expensive than the Omoda across the contract, and the £20-a-month equivalent gap represents meaningful money. Some of that premium is likely to reflect the Raval being freshly launched and therefore leasing at close to book price. Anyone set on a CUPRA today will pay for that, whereas anyone who can wait six months may see the numbers improve as leasing companies build in more manufacturer support.

THE BROADER PICTURE

For context, a really strong EV lease deal (the kind that leasing journalism celebrates) will typically come in at 0.5 to 0.6% of list price. The three cars in this article sit between 0.799% and 0.940%. That tells you something honest about the current state of the UK EV leasing market: the very best deals are not currently in the sub-£300-a-month bracket. They are more often found on larger, more expensive EVs where the finance companies have more residual value to play with: a £45,000 car might lease at £340 a month (0.756%), or a £70,000 car at £490 a month (0.700%).

For a driver whose main priority is getting on the road in a new electric car for the lowest monthly outlay, however, the Omoda 5 Knight at £263.81 per month looks like a strong option among these three at the time of writing.

Data sources and methodology

All monthly lease pricing quoted in this article is taken from First Vehicle Leasing personal contract hire quotes, inclusive of VAT, on 48-month contracts with 8,000 miles per annum and 9 monthly rentals paid upfront, correct at the time of writing. List prices shown are for the base vehicle only, with no optional extras or paint upgrades included, and are sourced from manufacturer websites (mg.co.uk, omodaauto.co.uk, cupraofficial.co.uk) and cross-referenced against independent vehicle databases such as EV Database, Autocar and Carwow. Cost-per-mile and total-cost-as-%-of-list figures are calculated from the raw contract pricing shown. Monthly-as-%-of-OTR is a widely used industry value benchmark. All pricing is subject to status, finance availability and manufacturer support levels, and figures are accurate at the time of publication but may change.

By The FVL Editorial Desk · Financial analysis based on pricing correct at time of writing