IONIQ 9 lease costs $557 a month, undercutting the IONIQ 5

The three-row Hyundai IONIQ 9 now carries a lower effective monthly lease cost than the compact IONIQ 5.

The IONIQ 5 held the top spot among non-Tesla electric vehicles in the United States through September. It ranked third overall behind the Tesla Model Y and Model 3. The Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ all trailed it in sales. The compact SUV started at roughly $35,000 before recent price adjustments.

Hyundai cut IONIQ 5 prices by nearly $10,000 on some trims after the $7,500 federal EV tax credit expired at the end of September 2025. The 2027 IONIQ 5 standard-range SE now starts at $35,250. That trim offers an EPA-estimated range of up to 245 miles. The extended-range SE RWD begins at $37,750 and provides up to 318 miles of range. The larger IONIQ 9 starts at $58,955, a difference of nearly $24,000 at the base level.

Lease terms narrow that price gap. The standard-range IONIQ 5 SE is available for $359 a month on a 24-month term. With $4,999 due at signing, the effective cost reaches $567 a month. The extended-range SE RWD starts at $369 a month, resulting in an effective cost of $577. The IONIQ 9 advertises a rate of $419 a month over 36 months. With the same $4,999 due at signing, the effective monthly cost drops to $557.

Using Hyundai’s payment calculator, a 36-month lease on the 2027 IONIQ 5 SE costs about $412 a month. That translates to an effective cost of $550 a month. This is only $7 less per month than the IONIQ 9. The larger vehicle provides an EPA-estimated range of up to 335 miles. It seats six or seven people and offers up to 163.54 cubic feet of interior passenger volume. The IONIQ 5 seats five and provides up to 106.5 cubic feet of space.

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

The IONIQ 9 currently offers more range and seating capacity for a lower effective lease payment than the IONIQ 5. The compact model remains the top-selling non-Tesla EV in the country.