Hyundai IONIQ 9 Lease Effective Cost Hits $557, Undercutting Smaller IONIQ 5

Hyundai’s largest electric vehicle now costs less to lease than the brand’s best-selling model.

According to current offers on Hyundai’s website, the three-row IONIQ 9 carries an effective monthly cost of $557. That figure is lower than the effective rates for both versions of the two-row IONIQ 5. The IONIQ 5 SE starts at $567 per month effectively, while the extended-range SE RWD costs $577.

The price inversion occurs because the IONIQ 9 lease is structured over 36 months with $4,999 due at signing. The IONIQ 5 offers listed on the same site use a 24-month term. On the 24-month term, the IONIQ 5 SE requires a $359 monthly payment. The extended-range model requires $369 monthly. When the IONIQ 5 is leased for 36 months with the same signing fee, the effective cost drops to approximately $550, a difference of only $7 from the IONIQ 9 rate.

The IONIQ 9 starts at a higher purchase price of $58,955. The base IONIQ 5 SE is priced at $35,250 for the 2027 model year. Hyundai lowered IONIQ 5 prices by nearly $10,000 on some trims after the $7,500 federal electric vehicle tax credit expired at the end of September 2025. The IONIQ 9 provides more space and range, with an EPA-estimated 335 miles on the base model. The IONIQ 5 offers up to 245 miles on the standard range and 318 miles on the extended range.

Interior volume favors the larger SUV. The IONIQ 9 offers up to 163.54 cubic feet of passenger space in a six or seven-seat layout. The IONIQ 5 is a midsize, five-seat vehicle with up to 106.5 cubic feet of passenger volume. Both models are manufactured at the Metaplant America facility outside Savannah, Georgia.

Hyundai reported that electric SUVs attract new buyers to the brand at a higher rate than gas or hybrid models. The IONIQ 5 recorded a conquest rate of 69.8% last year. The IONIQ 9 had a 64.3% conquest rate. The Elantra N ranked third with a 61.9% rate, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.

The IONIQ 5 remains the third-best-selling electric vehicle in the United States outside of Tesla brands. It trails only the Tesla Model Y and Model 3 in sales volume. It outsells competitors including the Chevy Equinox EV, the Ford Mustang Mach-E, and the Toyota bZ.