Leasing the three-row IONIQ 9 now costs less than the midsize IONIQ 5

Hyundai has flipped the value proposition on its two electric SUVs. The company's larger three-row IONIQ 9 currently offers a lower effective monthly lease cost than the midsize IONIQ 5, which is the best-selling non-Tesla electric vehicle in the United States.

The pricing data reveals a narrow margin between the two models. On Hyundai's website, the standard-range IONIQ 5 SE leases for $359 per month on a 24-month term with $4,999 due at signing. This calculates to an effective cost of $567 per month. The extended-range SE RWD costs $369 per month over the same period, resulting in an effective cost of $577.

The IONIQ 9, starting at $58,955, is advertised at $419 per month on a 36-month term with the same $4,999 down payment. This works out to an effective cost of $557 per month. That figure is lower than either IONIQ 5 offer. When using Hyundai's payment calculator to match the 36-month term for the IONIQ 5 SE, the monthly payment drops to approximately $412, or an effective $550. The difference between the two vehicles shrinks to just $7 per month on identical terms.

The price gap at the point of purchase remains substantial. After Hyundai cut IONIQ 5 prices by nearly $10,000 on some trims following the expiration of the federal EV tax credit at the end of September last year, the 2027 IONIQ 5 SE now starts at $35,250. The IONIQ 9 begins at $58,955, a difference of nearly $24,000.

The IONIQ 9 provides significantly more physical space and battery range. It features three rows with six- or seven-seat layouts and up to 163.54 cubic feet of interior passenger volume. The IONIQ 5, comparable in size to a Tesla Model Y, offers two rows for five passengers and up to 106.5 cubic feet of volume. In terms of distance, the base IONIQ 9 has an EPA-estimated range of up to 335 miles, compared to up to 245 miles for the standard IONIQ 5 SE.

Both vehicles are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia. During a tour of the plant earlier this year, Hyundai officials noted that their electric SUVs attract new customers at a higher rate than their gasoline or hybrid models. The IONIQ 5 recorded a 69.8% conquest rate last year, while the IONIQ 9 achieved a 64.3% rate.