IONIQ 9 Lease Undercuts Smaller IONIQ 5 Despite $24,000 Higher Sticker

Hyundai's larger electric SUV is undercutting its own smaller model on monthly lease costs, even though the bigger vehicle starts nearly $24,000 higher on the sticker. Through September, the IONIQ 5 ranked as the third top-selling EV in the United States, behind only Tesla's Model Y and Model 3. The IONIQ 9, its three-row companion, is now the cheaper lease.

The shift traces back to the expiration of the $7,500 federal EV tax credit at the end of September last year. Hyundai responded by cutting IONIQ 5 prices by as much as nearly $10,000 on some trims. The 2027 IONIQ 5 SE now starts at $35,250, with an EPA-estimated range up to 245 miles. The extended-range SE RWD begins at $37,750 and offers up to 318 miles. The IONIQ 9 starts at $58,955.

On Hyundai's site, the standard-range IONIQ 5 SE leases from $359 a month on a 24-month term with $4,999 due at signing, an effective cost of $567 a month. The extended-range SE RWD starts at $369 a month on the same terms, or $577 effective. The IONIQ 9 is advertised from $419 a month with $4,999 down over 36 months, which works out to $557 effective.

Hyundai's payment calculator prices a 36-month lease on the 2027 IONIQ 5 SE with the same amount due at signing at about $412 a month, or $550 effective. That is $7 less per month than the IONIQ 9. The IONIQ 9 SE carries an EPA-estimated range up to 335 miles and offers three rows in six- or seven-seat layouts, with up to 163.54 cubic feet of passenger volume. The IONIQ 5 is a midsize SUV with two rows and room for five, at up to 106.5 cubic feet.

Both models are built at Hyundai's Metaplant America outside Savannah, Georgia. During a tour of the facility earlier this year, Hyundai told Electrek that its electric SUVs are drawing new buyers to the brand at a higher rate than its gas or hybrid vehicles. The IONIQ 5 posted a 69.8% conquest rate last year, the IONIQ 9 hit 64.3%, the Elantra N ranked third at 61.9%, the Palisade followed at 61.2%, and the Kona Electric reached 60.9%.