EV Lease Prices: Hyundai's Big SUV Costs Less Than Its Compact Rival

Shoppers who lease a Hyundai electric vehicle may pay less for a larger SUV than for a compact one. The IONIQ 9, a three-row model, currently offers a lower effective monthly cost than the IONIQ 5 on comparable terms. This price inversion occurs despite the IONIQ 9 having a much higher starting sticker price.

The effective monthly cost for the base IONIQ 9 is $557. This figure includes $4,999 due at signing over a 36-month term with monthly payments of $419. The effective cost for the standard-range IONIQ 5 SE is $567 on a 24-month term with the same signing amount. Extending the IONIQ 5 lease to 36 months drops the effective cost to approximately $550, a difference of only $7 per month compared to the IONIQ 9.

The IONIQ 9 starts at $58,955, nearly $24,000 more than the $35,250 base price of the 2027 IONIQ 5 SE. The IONIQ 5 remains the third best-selling electric vehicle in the United States through September, trailing only the Tesla Model Y and Model 3. Hyundai reduced IONIQ 5 prices by as much as $10,000 on some trims after the $7,500 federal EV tax credit expired in September 2025.

The IONIQ 9 provides more space than its compact sibling. It features three rows of seats with six or seven passenger options. EPA estimates put its range at up to 335 miles. The IONIQ 5 is a two-row midsize SUV with a maximum range of 245 miles for the standard model and 318 miles for the extended-range version. Interior passenger volume in the IONIQ 9 reaches 163.54 cubic feet, while the IONIQ 5 maxes out at 106.5 cubic feet.

Both vehicles are manufactured at Hyundai's Metaplant America facility outside Savannah, Georgia. Hyundai stated earlier this year that its electric SUVs attract new buyers at a higher rate than its gasoline or hybrid models. The IONIQ 5 recorded a 69.8% conquest rate last year, meaning nearly 70% of buyers were new to the brand. The IONIQ 9 achieved a 64.3% conquest rate, ranking second only to the IONIQ 5 in that category among Hyundai models.