Hyundai Adds $2,500 Loyalty Discount For Ioniq 5 And Ioniq 6 Buyers

Combined with the $7,500 lease incentive, this leads to a maximum discount of $10,000 for lease deals if you already own a Hyundai.

By: Dan Mihalascu

Jun 30, 2023 at 8:33am ET

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Hyundai continues to offer generous discounts for its Ioniq 5 and Ioniq 6 EVs in the United States.

The latest one targets existing Hyundai owners in the US who are now eligible for a $2,500 discount according to a dealer bulletin seen by Cars Direct. Starting June 28, all versions of the 2023 Hyundai Ioniq 5 and Ioniq 6 feature a $2,500 Valued Owner Coupon.

This is basically a loyalty discount that can be combined with other incentives for buying and leasing. For those interested in leasing an Ioniq 5 or Ioniq 6, the loyalty discount adds to the $7,500 lease incentive, leading to a maximum discount of $10,000.

To benefit from that sizable discount, buyers must already own a Hyundai and qualify for the federal tax credit. For customers who prefer to buy, the $2,500 loyalty discount can be combined with a $5,000 Retail Bonus Cash incentive announced earlier this month, leading to potential savings up to $7,500.

Gallery: 2023 Hyundai Ioniq 6: First Drive

Now, it's worth noting that while the $2,500 loyalty discount is available on all Ioniq 5 and Ioniq 6 trims, the $5,000 purchase incentive is not – it only applies to Ioniq 5 and Ioniq 6 SE and SEL trims. As a result, if you are looking to buy an Ioniq 5 Limited or Ioniq 6 Limited, leasing one will be a far better idea than buying.

The loyalty discount is the third deal announced by Hyundai USA for its Ioniq 5 and Ioniq 6 EVs over the past month amid a growing EV price war.

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The Korean automaker slashed lease prices by $70 a month in late May by taking advantage of a tax credit loophole. In early June, Hyundai also announced a $5,000 rebate for the Ioniq 5, introducing a similar deal for the Ioniq 6 a few days later. Now, the $2,500 loyalty discount is added, marking the largest discounts seen to date on the Ioniq 5 and Ioniq 6.

With so many changes over the course of just one month, one cannot help but wonder what Hyundai has in store for vehicle shoppers ahead of the upcoming July Fourth holiday.