In the ever-growing market for electric vehicles (EVs), automakers are engaged in fierce competition to attract prospective buyers. As a result, consumers seeking brand-new EVs are being presented with increasingly enticing deals as manufacturers introduce new models. The latest contender in this ongoing race is the 2023 Hyundai Ioniq 6, which has recently made significant price reductions for leasing and purchasing.
In an effort to further boost sales, Hyundai is now offering a substantial $5,000 rebate and appealing financing rates as low as 0.99 percent APR on the Ioniq 6. A communication sent to Hyundai dealers, which was obtained by Cars Direct, revealed that the Ioniq 6 SE and SEL trims would feature $5,000 in Retail Bonus Cash starting June 14. This nationwide rebate offer is exclusively available to customers purchasing the Ioniq 6 and cannot be combined with promotional financing options.
This newly introduced rebate represents a noteworthy 33 percent increase in savings compared to the previous discount of $3,750 for the Ioniq 6. It is interesting to note that no rebate was available at all last month. These aggressive incentives from Hyundai make the Ioniq 6 SE even more attractively priced than its rival, the Tesla Model 3, with a starting price of $37,715 compared to the Tesla’s $41,630. However, it is important to consider that these figures are exclusive of potential state and federal tax credits, as well as other rebates and incentives.
While Hyundai makes a compelling case with its new pricing strategy, Tesla is not one to be overlooked. The California-based electric vehicle manufacturer currently offers inventory discounts of up to $3,300 for the Model 3 in select regions. Moreover, states like California provide an additional $2,000 Clean Vehicle Rebate, further reducing the Model 3’s price.
It should be noted that the final price comparison between the Hyundai Ioniq 6 and Tesla Model 3 depends on the buyer’s location. In certain areas, even without qualifying for the $7,500 federal tax credit, the Model 3 may still be available at a lower cost than the Ioniq 6. However, it is worth mentioning that the Hyundai Ioniq 6, like the Model 3, is eligible for the $7,500 federal tax credit. However, this tax credit applies exclusively to lease deals for the Ioniq 6, due to a provision in the Inflation Reduction Act.
For customers in California, there is an additional opportunity to save through the Clean Vehicle Rebate Project (CVRP) rebate, which amounts to $7,500. Eligibility for this rebate depends on income and other requirements. Remarkably, those who qualify for the CVRP rebate can combine it with the $7,500 federal tax credit, resulting in potential savings of up to $15,000 off the price of a Tesla Model 3.
As automakers continue to vie for dominance in the EV market, the competition benefits consumers by providing an expanding range of options and more favorable pricing. With the Hyundai Ioniq 6 joining the fray, offering enticing incentives, and challenging the Tesla Model 3’s position, car buyers can anticipate an even more exciting and competitive landscape in the months to come.
