Hyundai IONIQ 9 Lease Costs Fall Below IONIQ 5

The Hyundai IONIQ 9, a three-row electric SUV, currently costs less to lease per month than the smaller IONIQ 5. This pricing inversion occurs despite the larger vehicle carrying a significantly higher manufacturer suggested retail price.

The IONIQ 5 remains the most popular non-Tesla electric vehicle in the United States. Through September, it ranked as the third best-selling EV in the country behind the Tesla Model Y and Model 3. It outsells competitors such as the Chevrolet Equinox EV, Ford Mustang Mach-E, and Toyota bZ. Its market position relies on affordability, with the 2027 model starting at $35,250 for the standard-range SE trim.

Hyundai cut IONIQ 5 prices by nearly $10,000 on some trims following the expiration of the federal EV tax credit at the end of September last year. The extended-range SE RWD trim starts at $37,750 and offers up to 318 miles of range. The base IONIQ 5 SE provides an EPA-estimated range of up to 245 miles. These price adjustments made the compact SUV one of the most affordable electric options available.

The IONIQ 9 starts at $58,955, which is nearly $24,000 more than the base IONIQ 5. However, lease terms on Hyundai's website narrow this gap. The IONIQ 9 is advertised from $419 per month over a 36-month term with $4,999 due at signing. This structure results in an effective monthly cost of $557.

By comparison, the standard-range IONIQ 5 SE leases for $359 per month on a 24-month term with the same signing payment. That arrangement yields an effective cost of $567 per month. The extended-range IONIQ 5 SE RWD costs $369 per month on the same 24-month terms, resulting in an effective monthly cost of $577. Even when using Hyundai's payment calculator to compare a 36-month lease for the IONIQ 5 SE, the effective cost is approximately $550, only $7 less than the IONIQ 9.

The IONIQ 9 provides more physical space and range to justify the lease value. It features three rows of seats in six or seven-seat configurations. The base model offers an EPA-estimated range of up to 335 miles. Interior passenger volume reaches up to 163.54 cubic feet, compared to 106.5 cubic feet in the IONIQ 5. Both vehicles are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia.

Hyundai noted during a tour of the facility earlier this year 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 achieved a 64.3% conquest rate. The Elantra N followed with a 61.9% conquest rate, and the Palisade and Kona Electric trailed at 61.2% and 60.9% respectively.