Hyundai Offers $5,000 Cash Rebate On 2023 Ioniq 6 SE And SEL

The Ioniq 6 SE's base price drops to $37,715, which undercuts the Tesla Model 3's MSRP before tax credits and incentives.

By: Dan Mihalascu

Jun 16, 2023 at 4:59am ET

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Competition among automakers is always good for car buyers, and people who are in the market for a brand-new EV are seeing more better deals as new models are launching.

The 2023 Hyundai Ioniq 6, which last month became cheaper to lease by $70 a month, is now cheaper to buy as well as the automaker is offering a $5,000 rebate and financing rates as low as 0.99 percent APR.

According to a letter sent to Hyundai dealers and picked up by Cars Direct, the Ioniq 6 SE and SEL trims feature $5,000 in Retail Bonus Cash starting June 14. The US-wide rebate deal is available when purchasing the Ioniq 6 and can't be combined with promotional financing.

The new rebate, which isn't being advertised yet on Hyundai's official website, represents a 33 percent increase in savings compared to the previous discount of $3,750 for the Ioniq 6. Mind you, there was no rebate at all last month.

Gallery: 2023 Hyundai Ioniq 6 US Spec

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After the new rebate, the Hyundai Ioniq 6 SE is now effectively cheaper to buy than a Tesla Model 3, with a starting price of $37,715 compared to the Tesla's $41,630. However, that's before state and federal tax credits and other rebates and incentives.

Tesla is currently offering inventory discounts worth up to $3,300 for the Model 3 in some parts of the country, while states like California offer a $2,000 Clean Vehicle Rebate.

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Depending on where you live, you could get the Tesla Model 3 for less money than the Ioniq 6, even if you don't qualify for the $7,500 federal tax credit that all versions of the Model 3 are now eligible for. The Hyundai Ioniq 6 is also eligible for the $7,500 tax credit but only for lease deals thanks to a loophole in the Inflation Reduction Act.

It's worth noting that California also offers a Clean Vehicle Rebate Project (CVRP) rebate of $7,500 that depends on income and other requirements, but those who qualify for it can stack it with the $7,500 federal tax credit, potentially saving a total of $15,000 off the price of a Tesla Model 3.