In a bid to make electric vehicles (EVs) more accessible, Hyundai has significantly reduced the lease prices for two of its popular models, the Hyundai Ioniq 5 crossover and Ioniq 6 sedan, making them more affordable than the Tesla Model 3.
According to a recent Hyundai dealer incentive bulletin obtained by CarsDirect, the 2023 Hyundai Ioniq 5 SE can now be leased for $429 per month on a 36-month contract, with a down payment of $3,999. This substantial $70 reduction in monthly payments represents a significant price drop from the previous monthly rate of $499.
Similarly, the 2023 Hyundai Ioniq 6 SE has also received a $70 monthly lease payment cut, allowing customers to lease it for $429 per month. However, it’s worth noting that the effective cost of both models, when factoring in the initial down payment, comes out to $540 per month.
These price cuts are a result of Hyundai’s new lease incentive, which offers a generous $7,500 discount on both the Ioniq 5 and Ioniq 6 models. This incentive marks a considerable increase compared to the previous discount of $5,200.
The reduced lease prices of the Hyundai Ioniq 5 and Ioniq 6 now position them as more affordable options than the Tesla Model 3. The Model 3, currently priced at $399 per month for a 36-month lease with a down payment of $5,594, amounts to a total cost of $554 per month.
The Hyundai Ioniq 5 and Ioniq 6, direct competitors to the Tesla Model 3, are now $14 per month cheaper to lease than Tesla’s base model, a notable shift from their previous position of being $56 more expensive.
These price adjustments come as good news for consumers, especially following Hyundai’s recent introduction of a $1,000 Memorial Day Holiday Bonus in select regions. It’s important to note that this bonus is applicable only to outright purchases and not lease offers or Limited trim models.
Although the Ioniq 5 and Ioniq 6 do not qualify for the $7,500 federal tax credit when purchased, they do become eligible for the credit when leased. Hyundai, like other automakers, is utilizing an Inflation Reduction Act loophole that protects EVs manufactured outside of North America from the potential loss of federal tax credits.
With these significant lease price reductions and attractive incentives, Hyundai is making a strong case for its Ioniq lineup, offering a compelling and affordable alternative for those in the market for an electric vehicle.