Hyundai Ioniq 6 Now Cheaper To Lease Than Sonata, Toyota Camry

S E E D E D   C O N T E N T

Hyundai's sleek electric sedan now costs just $249 a month and $3,499 down to lease. That's the same price as a Honda Accord lease.

Mar 5, 2024 at 9:00am ET Andrew Lambrecht By: Andrew Lambrecht

A recurring argument against purchasing an electric car is that they have a substantially higher upfront cost. As we progress into the era of mass electric vehicle adoption, this argument is holding less weight as more EV models with lower prices are hitting the market. In fact, some electric options are now priced in-line or even less than their gasoline-powered counterparts. One notable example of this is the Hyundai Ioniq 6.

Today, the 2024 Hyundai Ioniq 6 has lease offers starting at just $249 monthly for 36 months with $3,499 down. The total three-year lease price comes out to $12,463, or $346 monthly, factoring in the downpayment. This is similar to and even lower than the prices of many competitive vehicles featuring an ICE powertrain.

The 2024 non-hybrid Toyota Camry LE runs $289 per month for 39 months, with $2,999 due at signing. At 39 months, leasing the Camry LE costs $14,270 all-in, or $366 a month. If the lease was 36 months and the downpayment remained constant, the Camry lease price would be $13,403— $372 monthly. Both situations yield a higher monthly payment than the electric Ioniq 6.

Pitted against Hyundai's own offerings, the Ioniq 6 is still the clear winner in terms of pricing. The 2024 Sonata SEL (SE is not available yet) currently runs $289 monthly for 36 months with $2,999 down. That results in a total lease price of $13,903, or $386 a month. The similarly equipped Ioniq 6 SEL has a total lease price of $12,975—effectively $360 monthly.

Hyundai Ioniq 6: The Overview

The 2024 Hyundai Ioniq 6 has three trim levels: SE, SEL, and Limited. These versions all come with a 77.4-kilowatt-hour battery pack and an option for rear- or all-wheel drive drivetrains. The rear-wheel drive version weighs between 4,222 and 4,376 pounds, making 225 horsepower and 258 pound-feet of torque. The all-wheel drive variant kicks things up a notch with 320 horsepower and 446 pound-feet of torque. Depending on trim level, that version carries a little more heft— it weighs between 4,462 and 4,616.

The SE version can travel 361 miles in single motor guise, or 316 miles with two motors, according to the EPA. The SEL and Limited trims have reduced ranges of 305 and 270 miles, depending on motor count, due to larger wheels and more weight. Nevertheless, complementing the impressive range are even more remarkable charging capabilities. Thanks to an 800V system, the Ioniq 6 can charge from 10 to 80 percent in just 18 minutes. In 10 minutes, it can add up to 130 miles of range.

March 2024 Incentivized Pricing:

• 2024 Hyundai Ioniq 6 SE RWD: $36,065
• 2024 Hyundai Ioniq 6 SE AWD: $39,565
• 2024 Hyundai Ioniq 6 SEL RWD: $38,865
• 2024 Hyundai Ioniq 6 SEL AWD: $42,365
• 2024 Hyundai Ioniq 6 Limited RWD: $43,765
• 2024 Hyundai Ioniq 6 Limited AWD: $47,265

The Ioniq 6 doesn't have as many standard features as a 2024 Model 3, per se, but it shouldn't matter too much for the attractive lease prices. The SE model has heated cloth seats, a power-opening trunk, adaptive cruise control, and lane centering. The SEL comes with phone-as-a-key functionality, wireless phone charging, leatherette seating, ambient lighting and automatic lane change functionality. The Limited version features V2L charging, Bose audio, ventilated front seats, a memory driver seat, and a sunroof. The Limited also comes with HMG's famous "Smaht Pahk" feature.

Leasing Costs

Thanks to the IRA-enacted "Commercial Clean Vehicle Credit," leased electric cars can get up to a $7,500 credit. However, it doesn't function like a regular tax credit. Rather, the lessor receives the credit and can "pass it on" to the consumer. This makes leasing a particularly attractive option for vehicles that don't qualify for the $7,500 point-of-sale credit due to manufacturing locations and critical mineral requirements.

This credit allows one to lease the Hyundai Ioniq 6 for less than options with much lower MSRPs. The 2024 Sonata SEL starts at $28,650 and is effectively $386 a month on lease. The similarly-equipped Ioniq 6 SEL has an undiscounted MSRP of $46,400, costing $360 a month when leased. In other words, the Ioniq 6 costs 62 percent more than the Sonata, yet can be leased for 6.7 percent less. Not even factoring in gasoline savings, leasing certain EVs is a financially advantageous route.

Hyundai Ioniq 6 Lease Offers:

• 2024 Hyundai Ioniq 6 SE RWD: $249 per month for 36 months with $3,499 due at signing
• 2024 Hyundai Ioniq 6 SEL RWD: $263 per month for 36 months with $3,507 due at signing
• 2024 Hyundai Ioniq 6 Limited RWD: $361 per month for 36 months with $3,505 due at signing

Hyundai Sonata Lease Offers:

• 2024 Hyundai Sonata SEL: $289 per month for 36 months with $3,499 due at signing
• 2024 Hyundai Sonata N-Line: $389 per month for 36 months with $3,509 due at signing
• 2023 Hyundai Sonata Hybrid Blue: $408 per month for 36 months with $3,499 due at signing
• 2023 Hyundai Sonata Hybrid SEL: $494 per month for 36 months with $3,510 due at signing
• 2023 Hyundai Sonata Hybrid Blue: $570 per month for 36 months with $3,509 due at signing

ICE Vehicle Lease Offers:

• 2024 Honda Accord LX: $249 per month for 36 months with $3,499 due at signing
• 2024 Honda Accord EX: $259 per month for 36 months with $3,999 due at signing
• 2024 Toyota Camry LE: $289 per month for 39 months with $2,999 due at signing
• 2024 Toyota Camry XLE: $419 per month for 39 months with $2,999 due at signing
• 2024 Toyota Camry XSE: $459 per month for 39 months with $2,999 due at signing

Verdict: 361 Miles Of Range For $346 A Month

Electric cars are increasingly becoming more affordable, and the Ioniq 6 is just one example. The Hyundai Ioniq 5, Tesla Model 3, VinFast VF8, and Volkswagen ID.4 are just a few options with captivating lease deals. Buying an EV has always had its perks, but the choice is clear when securing a more technologically advanced car for less money is possible. In 2024, leasing can be a solid way to get behind the wheel of an EV affordably. This is partly due to reduced manufacturing costs and a strengthening EV supply chain, but the $7,500 incentive cannot go without receiving credit. In the case of these cars, it can dramatic.