The big Hyundai EV is actually cheaper to lease than the smaller one

The Hyundai IONIQ 9 currently offers a lower effective monthly lease cost than the smaller IONIQ 5, despite the larger vehicle carrying a higher sticker price. On Hyundai's website, the IONIQ 9 is advertised from $419 per month with $4,999 due at signing over 36 months. That structure results in an effective cost of $557 per month. By comparison, the standard-range IONIQ 5 SE leases from $359 per month with the same down payment, but on a 24-month term. This configuration yields an effective cost of $567 per month, which is $10 higher than the IONIQ 9 offer.

The pricing gap exists even though the IONIQ 9 starts at $58,955, nearly $24,000 more than the base IONIQ 5 SE at $35,250. The IONIQ 5 has been the third most popular electric vehicle in the United States through September, trailing only the Tesla Model Y and Model 3. It outsells competitors such as the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The model's appeal is partly driven by its affordability and recent price cuts.

Hyundai reduced IONIQ 5 prices by as much as $10,000 on certain trims after the $7,500 federal EV tax credit expired at the end of September 2025. The 2027 IONIQ 5 standard-range SE now starts at $35,250 and offers an EPA-estimated range of up to 245 miles. The extended-range SE RWD begins at $37,750 and provides up to 318 miles of range. On a 36-month lease with $4,999 due at signing, the IONIQ 5 SE costs about $412 per month, or $550 effectively. That is only $7 less per month than the IONIQ 9.

The IONIQ 9 provides more physical space and range. Its base model offers an EPA-estimated range of up to 335 miles. The vehicle features three rows and comes in six- or seven-seat layouts. It has up to 163.54 cubic feet of interior passenger volume, compared to up to 106.5 cubic feet in the midsize, two-row IONIQ 5.

Both models are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia. During a tour of the plant 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, meaning nearly 70% of buyers were new to the brand. The IONIQ 9 recorded a 64.3% conquest rate.

The Elantra N ranked third among Hyundai models for conquest rate at 61.9%. The Palisade followed at 61.2%, and the Kona Electric came in at 60.9%.