Hyundai counters Model Y 0% APR deal with rolling Ioniq 5 lease at $399/month with zero down payment
Hyundai has introduced a close-end lease deal for its popular Ioniq 5 that makes it one of the best electric vehicle offers currently on the market, beating the current Tesla Model Y 0% APR financing offer.
Not that Hyundai doesn't offer 0% APR loan rate for the Ioniq 5, too, but it also now brings a rolling 13-month lease that allows yearly upgrades similar to what carriers do with phones.
The best part is that there is no down payment, so one can start paying $399/month for a Hyundai Ioniq 5 and drive off the lot with an SE RWD trim that offers 303 miles of range immediately.
The lease will last 13 months with zero security deposit and $399 due at signing. There are caveats, of course, such as an annual mileage restriction of 12,000 miles after which Hyundai will charge $0.20/mile, and the initial lease payment excludes "registration, tax, title, license, processing or documentation fees, insurance and any emission charge."
Still, the cheapest lease on a Tesla Model Y RWD for the shortest period with no down payment and the same mileage allowance will run $590/month.
Granted, the Ioniq 5 SE RWD offers a tad shorter range on a charge and less storage space, but it charges faster thanks to the 800V powertrain and its interior appointment is superior to that of Tesla's bestseller to the extent that it got Motor Trend's SUV of the Year award.
The total monthly payments for this Hyundai Ioniq 5 offer that allows the lessee to upgrade to a newer model each year comes out to $5,187. That is not a bad price to pay for a year worth of driving one of the top 5 most popular EVs in the US.
"Must take delivery from new retail stock and execute lease contract by 10/31/2024," informs Hyundai, putting a timer on the close-end Ioniq 5 lease deal.
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