The Hyundai Ioniq 5 has been a favorite among electric vehicle enthusiasts, known for its standout design, good range, fast charging, and reasonable price. But there’s even better news if you’re open to leasing the Ioniq 5, as it can be quite affordable.
Hyundai has been keen on getting the Ioniq 5 to customers, and currently, you could lease it for as little as $219 per month for 36 months, with an initial payment of $3,486.45 at signing. This adds up to around $315.85 per month over the lease term, which is quite appealing for the Ioniq 5 SE, the base model.
Keep in mind, this specific lease deal expires on July 1. Nevertheless, Hyundai often offers similarly attractive deals for the Ioniq 5. As noted by Electrek, this leasing price is lower than that for the Nissan Versa, the cheapest car to buy in America.
Even the Ioniq 5 SEL has been available at a competitive lease price. Hyundai offered it for $229 per month for 24 months, with an upfront payment of $3,499. This totals about $374.80 per month, which could be seen as worthwhile given the SEL model’s longer range and additional features.
Of course, these deals are only for leasing, which isn’t for everyone. However, leasing has gained popularity in recent years, particularly because electric vehicles evolve rapidly, with new models frequently hitting the market. In the U.S., the average vehicle age is 12.6 years, according to S&P Global Mobility— a record high. Yet, not everyone wants to keep a car that long; some prefer a new model every few years. This is where leasing becomes beneficial, often offering lower monthly payments.
There are still advantages to owning a vehicle, such as eventual payoff after higher monthly payments, while leasing means continuous payments. Leases also come with mileage limits, and exceeding those can be costly.
Leasing isn’t for everyone, but if you’re considering leasing an electric vehicle, the Ioniq 5 is a strong option given the favorable leasing prices available now.