The Hyundai Ioniq 5 has earned its reputation as a top favorite among electric vehicles, thanks to its distinctive and stylish design, impressive range, fast charging, and affordable price. However, its affordability becomes even more striking if you choose to lease.
Current Offers
Hyundai has been actively promoting the Ioniq 5, and as of the current writing, you can lease this vehicle for as low as $219 per month for 36 months, with $3,486.45 due at signing. This brings the effective monthly cost to around $315.85 over three years, which is an excellent deal for the entry-level Ioniq 5 SE.
This specific lease offer is set to expire on July 1, the day of writing. Nonetheless, Hyundai has consistently provided the Ioniq 5 at very competitive prices. According to Electrek, this lease deal is even cheaper than the Nissan Versa, America’s most affordable car.
The Ioniq 5 SEL model also comes at an attractive lease price. Hyundai offers it for $229 per month for 24 months, with $3,499 due at signing. Including the initial payment, this equates to $374.80 per month. The SEL model’s extended range and additional premium features might make it worth the extra cost for some.
Should You Lease?
Leasing may not be for everyone, but it has gained popularity in recent years. With the rapid advancement of electric vehicles and the frequent release of new models, leasing can make sense. The average vehicle age in the U.S. is a record 12.6 years, according to S&P Global Mobility data. However, many prefer trading in for newer models every few years, where leasing becomes advantageous with typically lower monthly payments.
While ownership entails higher monthly payments initially, those payments eventually cease, unlike leasing where payments continue indefinitely. Leases also often have mileage limits, and exceeding those can lead to additional costs.
Leasing isn’t for everyone, but if you are considering leasing an EV, the Hyundai Ioniq 5’s current lease prices make it a compelling option.