Hyundai's IONIQ 9 lease costs less than its compact sibling

For shoppers comparing Hyundai's electric vehicles this autumn, the monthly payment for a larger SUV is now lower than the cost of its smaller counterpart. The IONIQ 9, a three-row vehicle, has a lower effective lease price than the IONIQ 5, which is the third-best-selling electric vehicle in the United States behind the Tesla Model Y and Model 3.

Hyundai lists the 2027 IONIQ 5 SE standard range at $35,250. The lease starts at $359 per month on a 24-month contract with $4,999 due at signing. This structure results in an effective cost of $567 per month. The extended-range version, priced at $37,750, carries a $369 monthly sticker price and an effective cost of $577.

The IONIQ 9, which begins at $58,955, is advertised at $419 per month. Although this term spans 36 months rather than 24, the $4,999 due at signing remains the same. This calculation yields an effective monthly cost of $557. That figure is $10 less than the standard IONIQ 5 and $20 less than the extended-range model.

Using Hyundai's own payment calculator for a 36-month term on the IONIQ 5 SE, the effective cost drops to $550. This narrows the gap to just $7 per month in favor of the smaller vehicle. However, the IONIQ 9 offers 335 miles of EPA-estimated range compared to 245 miles for the base IONIQ 5. It also provides up to 163.54 cubic feet of passenger volume, exceeding the IONIQ 5's 106.5 cubic feet.

The price adjustments followed the expiration of the $7,500 federal EV tax credit at the end of September 2025. Hyundai cut prices on the IONIQ 5 by nearly $10,000 on some trims in response. The IONIQ 9 and IONIQ 5 are both manufactured at the Metaplant America facility outside Savannah, Georgia.

Hyundai reported that its electric SUVs attract new customers at a higher rate than its gas or hybrid models. The IONIQ 5 recorded a 69.8% conquest rate last year, meaning nearly 70% of buyers were new to the brand. The IONIQ 9 followed with a 64.3% conquest rate, placing it ahead of the Elantra N, Palisade, and Kona Electric in that metric.