Hyundai has introduced a new leasing option for its popular Ioniq 5 electric vehicle (EV), presenting a compelling offer that surpasses Tesla’s current 0% APR financing for the Model Y. The new 13-month close-end lease, designed for flexibility and convenience, allows customers to upgrade their vehicle annually, similar to the phone upgrade models used by carriers.
The Ioniq 5 lease deal is notable for its affordability. With no down payment required, drivers can lease the SE RWD trim, offering 303 miles of range, for $399 per month. The lease lasts 13 months, with zero security deposit, and $399 due at signing. Although there are additional fees for registration, tax, and other standard charges, the absence of a down payment makes this a competitive offer compared to other EV leases on the market.
Hyundai has placed a mileage restriction of 12,000 miles per year, after which there is a $0.20 per mile charge. However, the lease allows for easy upgrades to a newer model each year, giving customers flexibility and access to the latest features in Hyundai’s EV lineup. Hyundai stated, “Must take delivery from new retail stock and execute lease contract by 10/31/2024.”
When compared to Tesla’s Model Y RWD lease, which costs $590 per month under similar terms, Hyundai’s offer is significantly more affordable. While the Ioniq 5 SE RWD offers slightly less range and storage, it compensates with faster charging speeds due to its 800V powertrain and superior interior design. The Ioniq 5’s impressive features helped it win Motor Trend’s SUV of the Year award.
With total payments amounting to $5,187 over 13 months, Hyundai’s Ioniq 5 lease deal presents an attractive opportunity for customers seeking to drive one of the top five most popular EVs in the U.S.
