Hyundai's Larger IONIQ 9 Emerges as Strong Lease Value Next to Popular IONIQ 5

The Hyundai IONIQ 5 is the most popular electric vehicle in the United States outside of Tesla, but its larger three-row sibling, the IONIQ 9, may currently offer the better deal for those looking to lease.

Through September, the IONIQ 5 ranked as the third top-selling EV in the country, trailing only the Tesla Model Y and Model 3. It is outselling competitors including the Chevy Equinox EV, the Ford Mustang Mach-E and the Toyota bZ. Its appeal rests partly on price: it is among the most affordable EVs on the US market, starting at roughly $35,000, and Hyundai has run some of the more attractive lease offers around.

After the $7,500 federal EV tax credit expired at the end of September last year, Hyundai responded by cutting IONIQ 5 prices by as much as nearly $10,000 on some trims. The 2027 IONIQ 5 now starts at $35,250 for the standard-range SE, which has an EPA-estimated range of up to 245 miles. The extended-range SE RWD begins at $37,750, adding $2,500, and offers up to 318 miles. The IONIQ 9 starts at $58,955, nearly $24,000 above the base IONIQ 5 SE.

Lease pricing narrows that gap considerably. On Hyundai's website, the standard-range IONIQ 5 SE can be leased from $359 a month on a 24-month term with $4,999 due at signing, for an effective cost of $567 a month. The extended-range SE RWD starts at $369 a month on the same terms, or $577 effective.

The IONIQ 9 is advertised from $419 a month, also with $4,999 due at signing, but over 36 months. That works out to an effective $557 a month, which is lower than either IONIQ 5 offer. Using Hyundai's payment calculator, leasing the 2027 IONIQ 5 SE for 36 months with the same amount due at signing costs about $412 a month, or an effective $550. That is only $7 less per month than the IONIQ 9.

The larger vehicle also brings more range and space. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles. The IONIQ 5 is a midsize SUV about the size of a Tesla Model Y, with two rows and room for five. The IONIQ 9 has three rows and comes in six- or seven-seat layouts, with up to 163.54 cubic feet of interior passenger volume versus up to 106.5 cubic feet in the IONIQ 5.

Even so, the IONIQ 5 remains a sound choice for drivers who want a smaller, more efficient SUV and do not need the extra room.

Both models are built at Hyundai's Metaplant America outside Savannah, Georgia. During a tour of the facility earlier this year, Hyundai told Electrek that its electric SUVs are drawing new buyers to the brand at a higher rate than its gas or hybrid vehicles. The IONIQ 5 had a 69.8% conquest rate last year and the IONIQ 9 had 64.3%. The Elantra N ranked third at 61.9%, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.