Hyundai has been offering incredible lease deals on the Ioniq 6 SE Standard Range. This month, you can lease one for $189 a month for 36 months with $3,509 due at signing. That's a compelling deal, but the 149-hp, 240-mile-range SE Standard Range isn't the one you want. The best deal is the SE Long Range, with 225 hp and a staggering 361 miles of range. Lucky for us, Hyundai's May lease deal on the SE Long Range makes it even cheaper than the base model.

That's great news, because the Ioniq 6 SE Long Range is one of my favorite EVs on sale. I prefer it to the higher-trim versions of the Ioniq 6, which are nicer but offer less range and higher price tags than the SE Long Range. This deal only makes that model even more compelling. 

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EV Lease Bonanza

Due to a quirk of the Inflation Reduction Act (IRA), vehicles that do not qualify for a $7,500 federal clean vehicle purchase incentive can still benefit from a $7,500 lease credit from the government. So if you're shopping for an EV built outside of the U.S. or that uses battery materials from China, you may save money by leasing rather than purchasing. 

We'll start with the catch: This is a 24-month lease, so if you want to keep your EV for longer it isn't for you. If you're willing to deal with the shorter term, though, you pay the same $189 a month as the Ioniq 6 SE Standard Range but with only $1,999 due at signing. That due-at-signing sum includes your first month's payment, so your total cost of 23 $189 payments and $1,999 at signing adds up to $6,346 total for the 24-month lease.

That's a net effective monthly payment of $264 a month. If you opted for the Standard Range's 36-month lease, you'd pay $6,615 in payments plus $3,509 at signing, for a total cost of $10,124 over 36 months. That's a net rate of $281 a month, so the Standard Range is more expensive than its more powerful, higher-endurance stablemate. Either option is cheaper than a Tesla Model 3 right now. 

It's a good reminder to always calculate the total cost of a lease, as changing down payments and terms quickly muddies the water.

For those that are more interested in an SUV, Hyundai also offers pretty competitive lease rates on the Ioniq 5, too. For the month of May, buyers can lease an SE Standard Range—with 149 hp and a 220-mile range figure—for $242 a month for 36 months with $3,507 due at signing. That'll cost $11,977 over 36 months, equivalent to $333 a month. That's far cheaper than the Ioniq 5 SE Long Range, which Hyundai offers for $297 a month for 24 months with $3,499 due at signing. That will cost $10,330 for two years, giving you a net monthly payment of $430 a month. That's still cheaper than the new Tesla Model Y Long Range RWD, but not nearly as affordable as its sedan sibling. 

Note, however, that Hyundai does not employ fixed pricing; not all of its dealers will honor the advertised lease deal, and many will try to tack on add-ons that drive up the price further. So if you pursue these deals, make sure to pay close attention to the final numbers before signing any paperwork.

Contact the author: Mack.hogan@insideevs.com.

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