Hyundai Ioniq 6 Now $44 A Month Cheaper To Lease Than Tesla Model 3

Hyundai has slashed lease prices on the Ioniq 6 sedan and Ioniq 5 crossover by $50 a month to $299 and $349 per month, respectively.

By: Dan Mihalascu

Oct 18, 2023 at 5:55am ET

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Hyundai is one again slashing lease prices on its Ioniq 5 and Ioniq 6 in the United States as the EV price war started by Tesla at the beginning of the year continues.

The South Korean automaker cut Ioniq 5 and Ioniq 6 lease prices by $50 a month, according to a bulletin sent to dealers last weekend and seen by Cars Direct. This means monthly lease rates for the two E-GMP platform-based EVs are now at their lowest so far, starting at just $299 per month.

For example, the 2023 Hyundai Ioniq 6 SE electric sedan can be leased for $299 a month for 36 months, with $4,999 due at signing; it used to be $349 a month. The 2023 Ioniq 5 SE crossover is down $50 as well to $349 a month with $4,999 due at signing. Hyundai had previously lowered Ioniq 5 and Ioniq 6 lease prices in May.

Interestingly, Hyundai's EV lease price cuts came only days after Tesla did the same for its most popular models, the Model 3 sedan and Model Y crossover.

Late last week, Tesla cut lease prices by up to $100 per month to $329 with $5,524 at signing for the base Model 3 RWD and $399 with $5,594 at signing for the Model Y RWD. The sums due at signing include a $4,500 downpayment, the first monthly payment, and a $695 acquisition fee.

Gallery: 2024 Hyundai Ioniq 6

Factoring in Hyundai's latest EV lease price cuts, the Ioniq 6 is now $44 per month cheaper to lease than the Model 3, with an effective cost of $438 per month.

This makes the Ioniq 6 cheaper to lease than a variety of EVs, including the 2023 Kia EV6 Wind ($538 per month) and even economy hybrids like the 2023 Toyota Corolla Hybrid ($452) and 2023 Hyundai Elantra Hybrid ($458).

In addition to the lower lease prices, Hyundai is also offering better purchase incentives on both the Ioniq 5 and Ioniq 6. The rebate on SE and SEL trims is now $7,500 (up from $5,000), and the Limited trims feature a $2,500 rebate for the first time.

Finally, Hyundai is also offering 0.99% financing for 48 months plus $2,500 in Low APR Bonus Cash on all trims through October 31.

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It's worth noting that neither the Ioniq 5 nor the Ioniq 6 is eligible for a federal tax credit, so shoppers need to be aware that they can't qualify for a $7,500 tax credit when purchasing these models.

However, customers can benefit from the $7,500 commercial tax credit as Hyundai continues to use a loophole to pass along savings from the tax credit on leases.