Hyundai has slashed lease prices in the US for two of its most popular EVs, the Ioniq 5 crossover and Ioniq 6 sedan, by $70 a month.
According to a national Hyundai dealer incentive bulletin seen by CarsDirect, the 2023 Ioniq 5 SE is now available for $429 a month on a 36-month contract, with $3,999 due at signing. The offer is based on an MSRP of $46,835 for the 303-mile version of the SE trim and 10,000 miles a year of driving. Previously, the same model was offered with a $499 monthly payment.
In similar fashion, the 2023 Hyundai Ioniq 6 SE sees a $70 monthly lease payment cut, which means it's also available for $429 a month. Mind you, the effective cost is $540 a month in both cases when including the initial downpayment in the monthly rate.
The reason for the price cuts is that Hyundai is now offering a $7,500 lease incentive on both models, a significant increase over the previous discount of $5,200.
Gallery: 2023 Hyundai Ioniq 6 US Spec
The price cuts also make the Ioniq 5 and Ioniq 6 cheaper to lease than the Tesla Model 3, which is currently offered for $399 for 36 months with $5,594 at signing, which amounts to a total cost of $554 a month.
More specifically, the Hyundai Ioniq 5 and Ioniq 6 – a direct competitor for the Model 3 – are now $14 per month cheaper to lease than Tesla's base car, whereas before they were $56 more expensive.
This is obviously good news for consumers, and it comes after Hyundai last week also introduced a $1,000 Memorial Day Holiday Bonus on both the Ioniq 5 and Ioniq 6 in some parts of the country.
Mind you, the bonus does not apply to Limited trims and lease offers – it's only for customers who want to purchase the vehicles outright. Speaking of purchasing, the Ioniq 5 and Ioniq 6 don't qualify for the $7,500 federal tax credit when bought but are eligible for it when leased.
As with other automakers, Hyundai is taking advantage of an Inflation Reduction Act loophole that protects EVs built outside of North America from being stripped of the federal tax credit.
Gallery: 2022 Hyundai Ioniq 5 (US)