IONIQ 9 Lease Hits $557, Beating Smaller IONIQ 5

Hyundai’s IONIQ 9 now costs less to lease than the smaller IONIQ 5, a pricing shift that reverses the expected hierarchy between the two electric vehicles. The three-row SUV offers a lower monthly payment for buyers who need more space, challenging the IONIQ 5’s status as the top non-Tesla EV in the United States.

According to data through September, the IONIQ 5 remained the third best-selling electric vehicle in the country, behind only the Tesla Model Y and Model 3. It outperforms the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The IONIQ 5 starts at $35,250 for the standard-range SE, a price point that helped it capture market share after the federal tax credit expired.

The IONIQ 9 carries a significantly higher starting price of $58,955, nearly $24,000 more than the base IONIQ 5. However, lease terms bridge that gap. The IONIQ 9 is advertised at $419 per month on a 36-month term with $4,999 due at signing. This structure results in an effective cost of $557 per month. By comparison, the IONIQ 5 SE leases for $359 per month on a 24-month term, but that shorter duration pushes the effective cost to $567 per month.

Even when extending the IONIQ 5 lease to 36 months to match the IONIQ 9 timeline, the monthly savings are marginal. Using Hyundai’s payment calculator, a 36-month lease on the IONIQ 5 SE costs about $412 per month, or an effective $550. The IONIQ 9 is only $7 more per month on a direct monthly basis, but the effective cost structure makes the larger vehicle the cheaper option over the standard advertised terms for the smaller car.

The IONIQ 9 provides substantially more utility than the IONIQ 5. The base IONIQ 9 SE offers an EPA-estimated range of up to 335 miles, compared to 245 miles for the standard IONIQ 5 SE. The IONIQ 9 features three rows with six or seven seats and up to 163.54 cubic feet of passenger volume. The IONIQ 5, a midsize SUV similar in size to the Tesla Model Y, seats five and offers up to 106.5 cubic feet of volume.

Hyundai builds both models at its Metaplant America facility outside Savannah, Georgia. The company reported that electric SUVs attract new buyers at a higher rate than its gas and hybrid models. The IONIQ 5 recorded a 69.8% conquest rate last year, while the IONIQ 9 achieved a 64.3% conquest rate. The Elantra N followed at 61.9%, the Palisade at 61.2%, and the Kona Electric at 60.9%.