The Kia EV6 and Hyundai Ioniq 5 may utilize the same E-GMP electric vehicle platform, but they feature distinct styling and are priced differently.
In the US, the Kia EV6 Wind starts at $50,025, making it $3,190 more expensive to buy outright than the Hyundai Ioniq 5 SE model.
However, should you decide to lease an EV6 instead of buying it, Kia is now offering its electric crossover for the same monthly lease rate as the Ioniq 5.
According to incentive bulletins sent to dealers earlier this week and seen by Cars Direct, 2023 Kia EV6 lease prices were lowered by $30 per month, which means the EV6 now as the exact same lease price as the Ioniq 5 despite having a significantly higher MSRP.
In California, for example, Kia advertises a lease deal for the EV6 Wind of $399 for 36 months with $4,999 due at signing (10,000-mile per year contract). This represents a $30 cut in monthly payment.
Gallery: Kia EV6
The Hyundai Ioniq 5 SE costs the same to lease this month, being listed at $399 with $4,999 at signing. Both vehicles have an effective cost of $538 per month and are eligible for incentives like the $2,000 California Clean Vehicle Rebate.
With the exact same lease price, some EV buyers may consider the EV6 superior value, seeing as the Kia has a higher purchase price than the Hyundai.
Kia's offer includes the 7,500 lease incentive, which takes advantage of a loophole in the Inflation Reduction Act for EVs assembled outside the US.
Of course, Kia and Hyundai lease prices can vary slightly by region, so the EV6 and Ioniq 5 may not cost the same to lease everywhere. However, the $399 monthly payment for both EVs is currently listed in many parts of the country.
Mind you, these are manufacturer lease examples, so make sure to contact a dealer to get actual market pricing near you. As with buying, you can always try to negotiate the lease to get the best deal.