Hyundai IONIQ 9 Lease Costs Drop Below Smaller IONIQ 5

The pricing structure for Hyundai's electric SUVs has inverted. The IONIQ 9, a three-row vehicle with a starting price of $58,955, now costs less to lease than the IONIQ 5, a midsize SUV that starts at $35,250.

The IONIQ 5 remains the third-best-selling electric vehicle in the United States, trailing only the Tesla Model Y and Model 3. It outsells rivals including the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. Hyundai lowered IONIQ 5 prices by nearly $10,000 on some trims after the federal $7,500 tax credit expired at the end of September last year. The 2027 standard-range SE now starts at $35,250 with a 245-mile EPA-estimated range. The extended-range SE RWD starts at $37,750 and offers up to 318 miles.

Lease terms narrow the gap between the two models. On Hyundai's website, the standard-range IONIQ 5 SE leases for $359 a month on a 24-month term with $4,999 due at signing. This calculates to an effective cost of $567 per month. The extended-range SE RWD starts at $369 a month on the same terms, resulting in an effective cost of $577.

The IONIQ 9 is advertised at $419 a month with $4,999 due at signing over a 36-month term. This equates to an effective monthly cost of $557. That figure is lower than the effective cost of either IONIQ 5 offer. Using Hyundai's payment calculator, the 2027 IONIQ 5 SE leases for approximately $412 a month over 36 months with the same signing payment. The effective cost is $550, which is only $7 less per month than the IONIQ 9.

The larger vehicle provides more interior space and range. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles. The IONIQ 5 is comparable in size to a Tesla Model Y and seats five in two rows. The IONIQ 9 features three rows with six or seven seat options. It offers up to 163.54 cubic feet of interior passenger volume, compared to 106.5 cubic feet in the IONIQ 5.

Both models are manufactured at Hyundai's Metaplant America outside Savannah, Georgia. During a facility tour earlier this year, Hyundai stated that its electric SUVs attract new buyers at a higher rate than its gas or hybrid vehicles. The IONIQ 5 had a 69.8% conquest rate last year, while the IONIQ 9 recorded a 64.3% rate. The Elantra N followed with a 61.9% conquest rate, ahead of the Palisade at 61.2% and the Kona Electric at 60.9%.