Hyundai IONIQ 9 Lease Costs Less Than IONIQ 5 for Working Families

Hyundai’s largest electric SUV currently costs less to lease per month than its smaller sibling, the IONIQ 5.

The IONIQ 5 held the third position in U.S. electric vehicle sales through September, behind only the Tesla Model Y and Model 3. It outsold the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. Following the expiration of the $7,500 federal tax credit at the end of September last year, Hyundai reduced IONIQ 5 prices by nearly $10,000 on specific trims. The 2027 IONIQ 5 SE now starts at $35,250 for the standard-range version, which offers an EPA-estimated range of up to 245 miles.

The IONIQ 9, a three-row vehicle, starts at $58,955. This places the base price nearly $24,000 above the IONIQ 5. Lease terms, however, narrow the gap. Hyundai lists the standard-range IONIQ 5 SE at $359 a month for 24 months, with $4,999 due at signing. The effective monthly cost is $567. The extended-range IONIQ 5 SE RWD starts at $369 a month, or $577 effective, for the same duration.

The IONIQ 9 is advertised at $419 a month for 36 months with the same $4,999 due at signing. This calculates to an effective cost of $557 a month, which is lower than either IONIQ 5 lease option. Using Hyundai’s calculator, leasing the IONIQ 5 SE for 36 months with the same signing cost comes to about $412 a month, or an effective $550. The difference between the two vehicles is only $7 per month over the longer term.

The IONIQ 9 provides more space and range than the midsize IONIQ 5. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles. It features three rows with six- or seven-seat layouts and up to 163.54 cubic feet of interior passenger volume. The IONIQ 5, which is sized similarly to a Tesla Model Y, has two rows, seats five, and offers up to 106.5 cubic feet of passenger volume.

Both models are manufactured at Hyundai’s Metaplant America facility outside Savannah, Georgia. Hyundai reported that its electric SUVs attract new buyers at a higher rate than its gas or hybrid vehicles. The IONIQ 5 recorded a 69.8% conquest rate last year, while the IONIQ 9 recorded 64.3%. The Elantra N ranked third with a 61.9% conquest rate, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.