In a move aimed at attracting more customers to their electric vehicle (EV) lineup, Hyundai has significantly reduced lease prices for two of its popular models, the Ioniq 5 crossover and Ioniq 6 sedan, in the United States. The price cuts come as Hyundai introduces a substantial lease incentive of $7,500 on both models, a considerable increase from the previous discount of $5,200.
According to a national Hyundai dealer incentive bulletin obtained by CarsDirect, the 2023 Ioniq 5 SE is now available for lease at $429 per month for a 36-month contract, requiring an initial payment of $3,999. This offer applies to the 303-mile version of the SE trim, assuming an annual driving mileage of 10,000. It is worth noting that the previous lease payment for the same model stood at $499 per month.
Similarly, the 2023 Hyundai Ioniq 6 SE has also seen a $70 monthly lease payment reduction, bringing it to the same price of $429 per month. However, it is important to consider that the effective cost amounts to $540 per month in both cases, factoring in the initial downpayment as part of the monthly rate.
With these price adjustments, both the Ioniq 5 and Ioniq 6 now offer more affordable lease options compared to the Tesla Model 3. Currently, the Model 3 is being offered at $399 per month for a 36-month lease, requiring $5,594 at signing, resulting in a total cost of $554 per month.
More notably, the Hyundai Ioniq 5 and Ioniq 6, direct competitors to the Model 3, are now $14 per month cheaper to lease than Tesla’s base car. Previously, they were priced $56 higher than the Model 3.
This development brings positive news for consumers, following Hyundai’s recent introduction of a $1,000 Memorial Day Holiday Bonus on both the Ioniq 5 and Ioniq 6 in select regions across the country. It should be noted that this bonus is not applicable to Limited trims or lease offers; it is exclusively available to customers interested in purchasing the vehicles outright.
Regarding the purchase of these models, it is important to mention that the Ioniq 5 and Ioniq 6 do not qualify for the $7,500 federal tax credit when bought outright. However, they do become eligible for the tax credit when leased.
Hyundai, like other automakers, is leveraging an Inflation Reduction Act loophole to protect EVs manufactured outside of North America from losing the federal tax credit. This move allows Hyundai to provide customers with an attractive lease incentive and competitive pricing, fostering increased accessibility to their EV lineup.
Overall, Hyundai’s decision to slash lease prices for the Ioniq 5 and Ioniq 6, combined with the enhanced lease incentives, has made these models more affordable than the Tesla Model 3. This strategic move not only benefits consumers but also positions Hyundai as a compelling choice in the growing market for electric vehicles.
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