Hyundai IONIQ 9 Lease Costs Fall Below IONIQ 5 Rivals

Shoppers seeking a new electric vehicle may find lower monthly payments in Hyundai's larger IONIQ 9 than in the more popular IONIQ 5. While the IONIQ 5 holds the top spot among non-Tesla EVs in the US market, the IONIQ 9 offers a competitive lease rate that effectively undercuts the smaller model on a per-month basis.

The IONIQ 5 ranked as the third best-selling EV in the country through September, trailing only the Tesla Model Y and Model 3. It outpaces competitors including the Chevy Equinox EV, Ford Mustang Mach-E, and Toyota bZ. The model's popularity stems from its affordability, with the 2027 standard-range SE starting at $35,250. Hyundai lowered prices on some trims by nearly $10,000 following the expiration of the federal tax credit at the end of September 2025. The extended-range SE RWD begins at $37,750, adding $2,500 to the base price.

Lease terms on Hyundai's website show the standard-range IONIQ 5 SE available for $359 per month on a 24-month term with $4,999 due at signing. This structure results in an effective cost of $567 per month. The extended-range SE RWD costs $369 per month on identical terms, or $577 effective. In contrast, the IONIQ 9 is advertised from $419 per month over a 36-month term with the same $4,999 signing fee. That arrangement yields an effective monthly cost of $557, which is lower than either IONIQ 5 offer.

Using Hyundai's payment calculator, a 36-month lease for the 2027 IONIQ 5 SE with the same signing fee costs approximately $412 per month. This equates to an effective rate of $550, only $7 less than the IONIQ 9. Despite the similar effective costs, the IONIQ 9 provides significantly more interior space. It features a three-row layout with six or seven seats and up to 163.54 cubic feet of passenger volume. The midsize IONIQ 5, comparable in size to the Tesla Model Y, offers two rows for five passengers and up to 106.5 cubic feet of volume.

Range estimates also favor the larger vehicle. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles. The IONIQ 5 standard-range SE offers up to 245 miles, while the extended-range SE RWD reaches up to 318 miles. Both models are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia.

During a tour of the plant earlier this year, Hyundai reported that its electric SUVs are attracting new brand buyers at a higher rate than its gas or hybrid vehicles. The IONIQ 5 recorded a 69.8% conquest rate last year, defined as sales to buyers who did not previously own a Hyundai. The IONIQ 9 followed with a 64.3% conquest 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 starts at a sticker price of $58,955, which is nearly $24,000 higher than the base IONIQ 5 SE. However, the lease structure narrows this gap for consumers focused on monthly budgeting rather than upfront purchase price.