Hyundai's biggest electric SUV costs less to lease than the smaller IONIQ 5

Hyundai's new three-row electric SUV is currently cheaper to lease than its smaller, two-row sibling, reversing the traditional pricing hierarchy for the brand's EV lineup. The IONIQ 9, which seats up to seven passengers, carries a base sticker price of $58,955. That is nearly $24,000 more than the base IONIQ 5 SE, which starts at $35,250. However, the monthly lease costs for the larger vehicle are lower when factoring in term length and due-at-signing fees.

According to Hyundai's online calculator, the IONIQ 9 is available for $419 a month on a 36-month lease 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 a month on a 24-month term with the same $4,999 down payment. That shorter commitment yields an effective cost of $567 per month. Even when aligning the IONIQ 5 lease to the same 36-month duration and payment terms, the effective cost is $550, only $7 less than the IONIQ 9.

The IONIQ 5 remains the third most popular electric vehicle in the United States, 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 IONIQ 5's market position is supported by aggressive pricing. After the $7,500 federal EV tax credit expired at the end of September last year, Hyundai reduced IONIQ 5 prices by as much as $10,000 on certain trims. The 2027 model year base SE offers an EPA-estimated range of up to 245 miles.

The IONIQ 9 offers substantially more physical space and range. Its base model provides an EPA-estimated range of up to 335 miles. The vehicle features six- or seven-seat configurations with up to 163.54 cubic feet of passenger volume. The IONIQ 5, a midsize SUV comparable in size to the Tesla Model Y, seats five and provides up to 106.5 cubic feet of passenger volume. Both vehicles are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia.

Hyundai reported that its electric SUVs attract new customers at a higher rate than its gasoline or hybrid models. During a facility tour earlier this year, the company noted that the IONIQ 5 had a 69.8% conquest rate last year, meaning nearly 70% of buyers were switching from another brand. The IONIQ 9 recorded a 64.3% conquest rate. These figures surpass those of the Elantra N, Palisade, and Kona Electric, which ranked lower in the brand's internal metrics.

The 2027 IONIQ 5 is available in two primary configurations. The standard-range SE starts at $35,250. The extended-range SE RWD begins at $37,750, a $2,500 increase that adds up to 318 miles of EPA-estimated range. The extended-range model is also available for lease, starting at $369 a month on a 24-month term with $4,999 due at signing, for an effective cost of $577 per month.