If you’ve been on the fence for buying an EV car and don’t want to drive a Tesla Model Y, now is a great time to give Hyundai’s IONIQ 5, a top-selling electric SUV (selling like crazy, despite what the news tells you about market slumps) a whirl. The IONIQ 5 is now available for lease at an attractive price. It’s even more affordable than the cheapest car in the US, the 2024 Nissan Versa (which starts at $17,820). With over 34,000 models sold last year and strong sales in 2024, the IONIQ 5 offers impressive incentives.

The 2024 Nissan Versa can be leased for an estimated $381 per month. However, the IONIQ 5 SEL RWD, with up to 303 miles of range, is a better deal at $229 per month for 24 months (with $3,499 due at signing). That’s $6 less than the Versa. Considering the IONIQ 5’s $48,775 MSRP, this lease offer is hard to beat—it’s even more affordable than the cheapest US car.
*The SE IONIQ 5 is even cheaper at 199/month when financed

Hyundai achieves this by factoring in $10,000 in lease cash. Hyundai aims to distance itself from the competition by providing confidence to customers with long-range, fast-charging EVs at an affordable price. Additionally, Hyundai EV drivers will soon have access to over 12,000 Tesla Superchargers by Q1 2025. Feel free to explore deals on the 2024 Hyundai IONIQ 5 at a dealer near you.

Let’s also compare the Hyundai Ioniq 5 and the Tesla Model Y in terms of their pros and cons:

1. Price: You get what you pay for.
   • Hyundai Ioniq 5: Starts at $41,800 for the base SE Standard Range trim with rear-wheel drive. The top Limited trim starts at $53,350.
   • Tesla Model Y: The single motor, rear-wheel-drive Model Y starts at $44,990.
2. Reliability:
   • Hyundai Ioniq 5: Scores 70 out of 100 for reliability from J.D. Power.
   • Tesla Model Y: Scores 73 out of 100 for reliability from J.D. Power.
3. Range and Charging:
   • Hyundai Ioniq 5: Impressive range and fast-charging capabilities (800-volt architecture).
   • Tesla Model Y: Offers more cargo space and greater ease of DC fast charging.
4. Build Quality:
   • Hyundai Ioniq 5: Known for its attractive design and build quality.
   • Tesla Model Y: Some reports of build quality issues and inconsistencies.
5. Warranty:
   • Hyundai Ioniq 5: Comes with a five-year/60,000-mile limited warranty and a 10-year/100,000-mile battery and EV components warranty.
   • Tesla Model Y: Offers a four-year/50,000-mile limited warranty and an eight-year/120,000-mile warranty for the battery and drive unit.

In summary, the Ioniq 5 sets a new standard for a compact electric SUV (aka large hatchback), while the Model Y still impresses but falls short in matching its EPA range figures and build quality.