IONIQ 9 Lease Costs $557, Cheaper Than IONIQ 5

Hyundai’s most popular electric vehicle in the United States, the IONIQ 5, currently costs more to lease than its larger three-row sibling, the IONIQ 9. Through September, the IONIQ 5 was the third top-selling EV in the country, trailing only the Tesla Model Y and Model 3. It outsells the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The vehicle appeals to buyers because it is among the most affordable EVs on the US market, with a starting price near $35,000.

First, the effective cost of leasing the IONIQ 9 is lower than the IONIQ 5. On Hyundai's website, the standard-range IONIQ 5 SE is available for a 24-month lease at $359 per month with $4,999 due at signing. That totals an effective cost of $567 per month. The extended-range SE RWD starts at $369 per month on the same terms, or $577 effective.

Second, the IONIQ 9 lease terms spread the cost over a longer period. The IONIQ 9 is advertised from $419 per month with $4,999 due at signing over 36 months. This works out to an effective cost of $557 per month. This figure is lower than either IONIQ 5 offer. If a buyer uses Hyundai's payment calculator to lease the 2027 IONIQ 5 SE for 36 months with the same down payment, the cost is about $412 per month, or an effective $550. The difference is only $7 per month.

Third, the larger SUV offers more space and range for the similar price. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles. The IONIQ 5 is a midsize SUV with two rows and seating for five. The IONIQ 9 features three rows with six- or seven-seat layouts. It provides up to 163.54 cubic feet of interior passenger volume, compared to up to 106.5 cubic feet in the IONIQ 5.

The price gap between the two models is large at the point of sale. After the $7,500 federal EV tax credit expired at the end of September last year, Hyundai cut IONIQ 5 prices by as much as nearly $10,000 on some trims. The 2027 IONIQ 5 starts at $35,250 for the standard-range SE. The extended-range SE RWD begins at $37,750. The IONIQ 9 starts at $58,955, which is nearly $24,000 above the base IONIQ 5 SE.

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