Hyundai IONIQ 9 lease costs fall below IONIQ 5 effective monthly payments

The effective monthly cost of leasing a Hyundai IONIQ 9 now sits below that of the smaller IONIQ 5, reversing the traditional pricing hierarchy for the brand’s electric lineup. Current offers on Hyundai’s website list the IONIQ 9 at $419 a month for 36 months with $4,999 due at signing. When that down payment is amortized over the lease term, the effective cost drops to $557 per month.

This figure is lower than the effective cost of leasing either version of the IONIQ 5 on comparable 24-month terms. The standard-range IONIQ 5 SE leases for $359 a month with $4,999 due at signing, resulting in an effective cost of $567. The extended-range SE RWD costs $369 a month under the same conditions, or $577 effective. Even when stretched over a 36-month term, the IONIQ 5 SE only reaches an effective cost of $550, a difference of just $7 per month from the larger three-row SUV.

The price gap between the two vehicles is wider on the purchase side. The 2027 IONIQ 5 SE starts at $35,250, while the IONIQ 9 starts at $58,955. That is a difference of nearly $24,000 before incentives. Hyundai cut IONIQ 5 prices by as much as $10,000 on some trims after the federal EV tax credit expired in late 2025. The IONIQ 5 remains the third-best-selling EV in the United States, trailing only the Tesla Model Y and Model 3.

Despite the lower lease cost, the IONIQ 9 offers more space and range. The base IONIQ 9 SE has an EPA-estimated range of up to 335 miles, compared to 245 miles for the IONIQ 5 SE. The IONIQ 5 is a midsize, two-row SUV that seats five. The IONIQ 9 is a three-row vehicle available in six- or seven-seat configurations. It provides up to 163.54 cubic feet of interior passenger volume, whereas the IONIQ 5 offers up to 106.5 cubic feet.

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 buyers to the brand at a higher rate than its gasoline or hybrid models. The IONIQ 5 had a conquest rate of 69.8% last year, while the IONIQ 9 recorded a 64.3% rate. The Elantra N ranked third on that list at 61.9%, followed by the Palisade at 61.2% and the Kona Electric at 60.9%.