In a strategic move to boost the appeal of their electric vehicles, Kia has adjusted its lease prices for the popular EV6 model, now making it available for the same monthly rate as the Hyundai Ioniq 5. Despite having a higher Manufacturer’s Suggested Retail Price (MSRP), the Kia EV6 now presents a compelling value proposition for potential EV buyers, thanks to this pricing alignment.
The Kia EV6 and Hyundai Ioniq 5, built upon the same E-GMP electric vehicle platform, have distinctive designs and pricing structures. In the United States, the Kia EV6 Wind’s starting price stands at $50,025, which is $3,190 more expensive than the Hyundai Ioniq 5 SE model for an outright purchase.
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However, the leasing option for the Kia EV6 now levels the playing field with its Hyundai counterpart. Recently released incentive bulletins sent to dealers revealed that Kia has reduced the lease prices for the 2023 EV6 by $30 per month. As a result, the monthly lease cost for the EV6 matches that of the Ioniq 5, despite the former having a significantly higher MSRP.
For instance, in California, Kia advertises a lease deal for the EV6 Wind at $399 per month for a 36-month contract with $4,999 due at signing for a 10,000-mile per year agreement. This represents a notable $30 reduction in the monthly payment. The Hyundai Ioniq 5 SE is also listed at the same lease rate of $399 per month with $4,999 due at signing. Both vehicles have an effective cost of $538 per month and qualify for incentives such as the $2,000 California Clean Vehicle Rebate.
This competitive move has caught the attention of potential EV buyers who may now view the EV6 as a superior value despite its higher purchase price when compared to the Hyundai Ioniq 5.
Kia’s enticing offer includes the $7,500 lease incentive, capitalizing on a loophole in the Inflation Reduction Act for EVs manufactured outside the US.
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It’s important to note that lease prices for Kia and Hyundai vehicles can vary slightly by region, meaning the EV6 and Ioniq 5 might not have identical lease costs everywhere. However, the $399 monthly payment option for both EVs is currently listed in numerous parts of the country.
As these figures are manufacturer lease examples, customers are advised to contact a local dealer to obtain accurate market pricing. Similar to purchasing, potential lessees can explore negotiation opportunities to secure the best lease deal that suits their preferences and budget.
