IONIQ 9 Lease Costs $557 Per Month, Undercutting Smaller IONIQ 5

A three-row Hyundai IONIQ 9 costs $557 per month to lease, a figure that is lower than the effective monthly cost of the smaller, two-row IONIQ 5. The price inversion occurs because the larger vehicle is offered on a 36-month term, while the base IONIQ 5 is typically advertised on a 24-month term.

The IONIQ 5 is the third most popular electric vehicle in the United States, trailing only the Tesla Model Y and Model 3. It leads sales over the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The IONIQ 5’s market position is supported by its affordability, with the 2027 standard-range SE starting at $35,250. In contrast, the base IONIQ 9 starts at $58,955, a difference of nearly $24,000 on the purchase price.

Hyundai’s lease structures create the value disparity. The IONIQ 9 is listed from $419 per month with $4,999 due at signing over 36 months. This structure results in the $557 effective monthly cost. The IONIQ 5 SE is listed from $359 per month over 24 months with the same $4,999 due at signing, yielding an effective cost of $567 per month. The extended-range IONIQ 5 SE RWD costs $577 effectively.

When the IONIQ 5 is leased for 36 months to match the IONIQ 9’s term, the monthly costs become nearly identical. Using Hyundai’s payment calculator, a 36-month lease for the IONIQ 5 SE costs approximately $412 per month, or $550 effectively. That is only $7 less than the IONIQ 9’s effective rate.

The IONIQ 9 provides more physical space and range than the IONIQ 5. The base IONIQ 9 offers an EPA-estimated range of up to 335 miles. It features three rows of seating with six or seven seats and up to 163.54 cubic feet of interior passenger volume. The IONIQ 5 is a midsize SUV with two rows, room for five, and up to 106.5 cubic feet of passenger volume. The standard-range IONIQ 5 SE has a range of up to 245 miles, while the extended-range version offers up to 318 miles.

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 recorded a 69.8% conquest rate last year. The IONIQ 9 followed with a 64.3% conquest rate.

The Elantra N ranked third in conquest rate at 61.9%, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.