Hyundai's larger electric SUV undercuts its own smaller model on lease

Hyundai's IONIQ 9, a three-row electric SUV listed at $58,955, is currently cheaper to lease on a monthly basis than the smaller IONIQ 5, according to pricing on Hyundai's own website. The gap reflects how lease terms can narrow the difference between sticker prices.

The IONIQ 9 is advertised from $419 a month on a 36-month term with $4,999 due at signing, which works out to an effective monthly cost of $557. The standard-range IONIQ 5 SE is listed at $359 a month on a 24-month term with $4,999 down, for an effective cost of $567. The extended-range IONIQ 5 SE RWD starts at $369 a month on the same terms, or $577 effective.

The base IONIQ 5 SE starts at $35,250, while the IONIQ 9 begins at $58,955, a difference of nearly $24,000. Hyundai's payment calculator prices a 36-month lease on the 2027 IONIQ 5 SE at about $412 a month with $4,999 due at signing, an effective $550, which is $7 below the IONIQ 9.

The IONIQ 5 ranked as the third top-selling EV in the United States through September, behind the Tesla Model Y and Model 3, and ahead of the Chevy Equinox EV, the Ford Mustang Mach-E and the Toyota bZ. Hyundai cut IONIQ 5 prices by as much as nearly $10,000 on some trims after the $7,500 federal EV tax credit expired at the end of September last year.

The IONIQ 9 carries an EPA-estimated range of up to 335 miles on the base SE trim, compared with up to 245 miles for the standard-range IONIQ 5 SE and up to 318 miles for the extended-range SE RWD. The IONIQ 9 seats six or seven and offers up to 163.54 cubic feet of interior passenger volume; the IONIQ 5 seats five in two rows with up to 106.5 cubic feet.

Both vehicles are assembled at Hyundai's Metaplant America outside Savannah, Georgia. Hyundai told Electrek during a tour of the facility earlier this year that its electric SUVs draw new buyers to the brand at a higher rate than its gas or hybrid vehicles: the IONIQ 5 posted a 69.8% conquest rate last year and the IONIQ 9 posted 64.3%.