The Hyundai Ioniq 5 has been a staple of the electric vehicle market for several years now. Thanks to the Inflation Reduction Act (IRA) changes, it has consistently been one of the best leasing offers in the U.S., electric or otherwise.
We’ve now had six months of amazing Ioniq 5 deals, which culminated in a new sales record for Q2 2024. But with the car’s demand climbing, many observers expected lease deals to be significantly higher this month.
So now that July has arrived, what is the best deal you can expect to get on a new Ioniq 5? The Ioniq 5 SEL easily takes the cake with leasing terms of $3,999 down and $259 a month for 33 months. Previously, the SEL was available at $229 a month for 24 months with $3,499 down. Both offers allot for 10,000 miles a year.
While technically a price increase, the effective lease costs have barely changed at all. For July, an SEL lease comes to $380 per month after factoring in the downpayment. This is up a whopping $5 from June when total costs came to $375 per month.
Why is this the case? The extended 33-month terms spread your downpayment across an additional 9 months compared to the previous 24-month terms. This almost entirely offsets the $30 lease and $500 downpayment increases.
The new offer also means the SEL is easily the best value for the Ioniq 5. The lower trim Ioniq 5 SE is being advertised at $289 a month with $3,999 down for 33 months at an effective cost of $410 a month.
So why is the SEL cheaper than the SE? For the 2024 model year, Hyundai nerfed the SEL trim by removing features like synthetic leather seats. So if you’re the kind of person who can’t stand cloth seats, you’ll need to opt for the Limited which is being offered at $415 a month with the same downpayment and lease terms as the other trim levels.
As a result, there was very little value added to the SEL over the SE trim, and buyers quickly caught on. SEL inventories have likely been rising, leading to improved incentives. With July offers now positioning the SEL trim at $30 below the SE, it becomes a no-brainer.
What are your thoughts on the latest offers from Hyundai? Have you jumped on any other great lease deals in July? Let us know your thoughts in the comments below.
