Hyundai IONIQ 9 lease effective cost drops below IONIQ 5 rate

The Hyundai IONIQ 9, a three-row electric SUV, now carries a lower effective monthly lease cost than the smaller IONIQ 5. Hyundai’s website lists the IONIQ 9 at an effective $557 per month. This figure is lower than the $567 effective cost for the standard-range IONIQ 5 SE on a 24-month term.

The pricing reversal occurs despite the IONIQ 9 having a higher sticker price. The 2027 IONIQ 9 starts at $58,955. The 2027 IONIQ 5 SE starts at $35,250. The price difference between the base models is nearly $24,000. Lease terms bridge that gap. The IONIQ 9 lease runs for 36 months with $4,999 due at signing. The IONIQ 5 SE lease on the website runs for 24 months with the same amount due at signing.

If a buyer adjusts the IONIQ 5 lease to a 36-month term using Hyundai’s payment calculator, the monthly cost drops to about $412. With the same $4,999 due at signing, the effective cost becomes $550. That is only $7 less per month than the IONIQ 9. The IONIQ 5 extended-range SE RWD starts at $37,750 and has an effective lease cost of $577 on a 24-month term.

The IONIQ 5 remains the most popular non-Tesla electric vehicle in the United States. Through September, it ranked as the third top-selling EV in the country. It trailed only the Tesla Model Y and Model 3. The IONIQ 5 outsold the Chevy Equinox EV, the Ford Mustang Mach-E, and the Toyota bZ. Its popularity stems partly from its affordability and competitive lease offers.

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 standard-range IONIQ 5 SE offers an EPA-estimated range of up to 245 miles. The IONIQ 9 SE offers up to 335 miles. The IONIQ 9 provides up to 163.54 cubic feet of interior passenger volume. The IONIQ 5 provides up to 106.5 cubic feet.

Both vehicles are built at Hyundai’s Metaplant America outside Savannah, Georgia. During a facility tour earlier this year, Hyundai said its electric SUVs are drawing new buyers at a higher rate than its gas or hybrid vehicles. The IONIQ 5 had a 69.8% conquest rate last year. The IONIQ 9 had a 64.3% conquest rate. The Elantra N ranked third with a 61.9% rate, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.