Larger Hyundai IONIQ 9 Undercuts IONIQ 5 in Lease Costs

Hyundai's three-row IONIQ 9 costs less to lease each month than its smaller, higher-selling sibling, the IONIQ 5.

Through September, the IONIQ 5 ranked as the third top-selling EV in the United States, behind only Tesla's Model Y and Model 3, outselling the Chevy Equinox EV, Ford Mustang Mach-E and Toyota bZ. It starts near $35,000. The federal $7,500 EV tax credit lapsed at the end of September last year, and Hyundai responded by cutting IONIQ 5 prices by up to nearly $10,000 on certain trims. The 2027 IONIQ 5 SE now opens at $35,250 with an EPA range of up to 245 miles; the extended-range SE RWD starts at $37,750 and is rated up to 318 miles. The IONIQ 9 begins at $58,955, about $24,000 above the base IONIQ 5 SE.

On Hyundai's site, the standard-range IONIQ 5 SE leases from $359 a month on a 24-month term with $4,999 due at signing, an effective $567 monthly. The extended-range SE RWD lists at $369 a month on the same terms, or $577 effective. The IONIQ 9 is offered at $419 a month with $4,999 due at signing across 36 months, which works out to an effective $557. Running the IONIQ 5 SE through Hyundai's payment calculator for 36 months with the same due at signing returns about $412 a month, or $550 effective, $7 below the IONIQ 9.

The IONIQ 9 base SE carries an EPA-estimated range up to 335 miles. The IONIQ 5 is a two-row midsize SUV seating five with up to 106.5 cubic feet of passenger volume; the IONIQ 9 offers six or seven seats and up to 163.54 cubic feet.

Both are assembled at Hyundai's Metaplant America near Savannah, Georgia. Hyundai told Electrek during a facility tour earlier this year that its electric SUVs pull new buyers to the brand at higher rates than its gas or hybrid vehicles: the IONIQ 5 recorded a 69.8% conquest rate last year, the IONIQ 64.3%, the Elantra N 61.9%, the Palisade 61.2% and the Kona Electric 60.9%.